As an Economist how do you tackle inflation?

[Zilon]

The price of commodities are becoming more scary by the day. As an economist with lots of bills to settle how do you deal with the price hikes, the expensive cost of living, The fluctuation in volatile assets and the demand to meet our every day needs.

Most nations are facing currency devaluation, economic downturn, Static GDP and slow revenue generation. What are your secrets for meeting the day to day expenses regardless of the inflation.

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[Ojima-ojo]

The price of commodities are becoming more scary by the day. As an economist with lots of bills to settle how do you deal with the price hikes, the expensive cost of living,

In this situation the best practice os to set your scale of preferences and only buy what you need, and not what you desired in other not to eat up your entire savings trying to get goods or bills settle,  avoid unnecessary bills and minimize consumption.

What we need in this critical time is proper management of our little resource, i call it little because despite the rise in inflation rate and hike in the price of goods and services, wages have not been increased and the last time the minimum wage of most countries were adjusted is pre covid-19 time and from then to now alot of things have changed and the price of good have skyrocketed.

Most nations are facing currency devaluation, economic downturn, Static GDP and slow revenue generation. What are your secrets for meeting the day to day expenses regardless of the inflation.

Best practice is to spend less and hold only the amount you budget at a time, on the issues of devaluation of currencies, i think that is as a result of the global meltdown that started long before covid-19 and the best possible solution is for countries to look inward for domestic products and boost their internal revenue that will help the value of their currency.

The fluctuation in volatile assets and the demand to meet our every day needs.

Volatile assets such as Bitcoin?

[mindrust]

The price of commodities are becoming more scary by the day. As an economist with lots of bills to settle how do you deal with the price hikes, the expensive cost of living, The fluctuation in volatile assets and the demand to meet our every day needs.

Most nations are facing currency devaluation, economic downturn, Static GDP and slow revenue generation. What are your secrets for meeting the day to day expenses regardless of the inflation.

I simply don't hold much FIAT around. In this inflationary environment, you should buy goods because if you don't , tomorrow you will pay more for the same goods. So the most sensible thing to do is to buy every good you can while you have the money. In other words I am dumping FIAT for anything I will need in the future. FIAT is created out of thin air without any effort but we need to work to create goods and the central banks created so much FIAT in the past.

[EarnOnVictor]

Inflation is bad, and when it's biting so hard in your country, that means it's time you double your hustle. You don't rely on a single income source when there is inflation unless you have a high-paying job in which you might only want to "cut your cloth according to the cloth' by planning your spending more prudently.

In the absence of that, it will be difficult to cut your spending when you earn little and will not affect you and your loved ones, so you need another source(s) of income. It might be through business, investment and Gig solving etc.

Just make sure that the much spare time you have during the day is converted to useful moments that earn for you.

[Frankolala]

The price of commodities are becoming more scary by the day. As an economist with lots of bills to settle how do you deal with the price hikes, the expensive cost of living, The fluctuation in volatile assets and the demand to meet our every day needs.

Most nations are facing currency devaluation, economic downturn, Static GDP and slow revenue generation. What are your secrets for meeting the day to day expenses regardless of the inflation.

Cut out all unnecessary expenses and buy only important things which you need. Don't go to places where you will always be spending most times,and buy your foodstuffs in bulk,to avoid everyday increase in price of commodities.

If you have a land,you can go into farming of crops that produces within three months,in order for you to have something you can always depend on to feed. If you are the type that loves show off,you don't need it anymore because it will lead you to spending extravagantly. Write a budget base on your income,and also invest into volatile assets like bitcoin and gold  to make profit in the very near future or to use it as a store of value to avoid devaluation of your savings in fiat.

[Ayers]

The price of commodities are becoming more scary by the day. As an economist with lots of bills to settle how do you deal with the price hikes, the expensive cost of living, The fluctuation in volatile assets and the demand to meet our every day needs.

Most nations are facing currency devaluation, economic downturn, Static GDP and slow revenue generation. What are your secrets for meeting the day to day expenses regardless of the inflation.

The general solution that I see most people using is to save, not spend on things that are not worth it, find additional sources of income, and accumulate inflation-resistant assets like gold or bitcoin. Those are the things that I am also applying to myself. I'm doing more work now than before the covid pandemic, and I'm not spending as much on unnecessary things as before the inflation hit. In this way, I find myself quite okay with the inflation going on.
I think inflation will pass soon, but it will repeat in the future, so we should not only prepare for the present but also prepare for the future.

[Iroh]

The price of commodities are becoming more scary by the day. As an economist with lots of bills to settle how do you deal with the price hikes, the expensive cost of living, The fluctuation in volatile assets and the demand to meet our every day needs.

Most nations are facing currency devaluation, economic downturn, Static GDP and slow revenue generation. What are your secrets for meeting the day to day expenses regardless of the inflation.

You could try and buy in bulk whatever you would need cause todays price would probably not be tomorrows price with the slow but steady rise in prices. Also, I think if you would really want to cut on your spending, then you should do away with luxury goods and items. There are always substitute options to choose from that way less expensive. Do away with widely known brands of items and source for locally produced products which would be cheaper and perhaps has the same quality and standard as the widely known brands.

Even with a college degree, jobs may not be readily available or accessible so the urgent need for skills acquisition. If an individual is armed with the right skills and also knows his onions, that individual would probably have jobs more than he could possibly handle.

[hugeblack]

The first thing I will think about is searching for the reasons for the rise of the commodity. Some commodities rise for reasons that cannot be avoided, such as the occurrence of a disaster or floods, poor storage, the failure of the agricultural season and other factors that affect the final product of the commodity, which can be avoided with a little patience.

There are economic reasons, and those reasons can be solved or reduce their impact without the need to wait, such as low purchasing power, taxes, some logistical obstacles, which you can solve by preserving the purchasing power of your currency, either by converting it into dollars or gold, or searching for another state with cheaper prices, or transferring products personally.

Generally, there is no single, perfect solution and you have to research on your own.

[uchegod-21]

The price of commodities are becoming more scary by the day. As an economist with lots of bills to settle how do you deal with the price hikes, the expensive cost of living, The fluctuation in volatile assets and the demand to meet our every day needs.

Most nations are facing currency devaluation, economic downturn, Static GDP and slow revenue generation. What are your secrets for meeting the day to day expenses regardless of the inflation.

• Save in bitcoin
• Spend on only the things that are absolutely necessary
• Buy in bulk for lesser price and discounts
• Invest more than you save
• Consider to relocate where the rate of living is not very high
• Diversify and have more than one source of income
• Practice contentment

[Fiatless]

The price of commodities are becoming more scary by the day. As an economist with lots of bills to settle how do you deal with the price hikes, the expensive cost of living, The fluctuation in volatile assets and the demand to meet our every day needs.

Most nations are facing currency devaluation, economic downturn, Static GDP and slow revenue generation. What are your secrets for meeting the day to day expenses regardless of the inflation.

Tackling inflation comes with a lot of risks and sacrifices. One of the mistakes people make during inflation is to keep money in the bank. The money will gradually depreciate until it becomes worthless.

One of the ways to survive in this challenging time filled with instability is to cut your expenses. Identify areas that you can do without and stop spending on them. Invest in quality and not in luxury. Make sure you buy durable things that will help you save money.

Devising other means of income will also help. Get more skills or qualifications that will enable you to diversify your work and get more income. This will help to handle the high prices of goods.

Investing your income instead of saving in fiat is also important. Investing in real estate or Bitcoin could also be good. Ensure you keep your money in sectors that will stand as a hedge to cushion inflation.

[Fortify]

The price of commodities are becoming more scary by the day. As an economist with lots of bills to settle how do you deal with the price hikes, the expensive cost of living, The fluctuation in volatile assets and the demand to meet our every day needs.

Most nations are facing currency devaluation, economic downturn, Static GDP and slow revenue generation. What are your secrets for meeting the day to day expenses regardless of the inflation.

Currency devaluation is a funny one really, because countries like America and China aim for this all the time. America in particular has sold a lot of debt, so it they're able to make their money cheaper that debt is worth less and becomes easier to pay back later on. However for other countries, who are unable to sell debt in their own currency, having their currency devalue can be devastating especially if they import a lot from other countries and have to pay much more. It's a tricky game.

[bangjoe]

The price of commodities are becoming more scary by the day. As an economist with lots of bills to settle how do you deal with the price hikes, the expensive cost of living, The fluctuation in volatile assets and the demand to meet our every day needs.

Most nations are facing currency devaluation, economic downturn, Static GDP and slow revenue generation. What are your secrets for meeting the day to day expenses regardless of the inflation.

As an economic actor, I think that it only needs to continue the work and increase additional income through side jobs, we know that the inflation situation cannot be completed by a group of people, because it is necessary policies that must suppress inflation from the government.
The unimportant cost must be removed for a while, if you find it difficult you can reduce it, if your wife is unemployed, it is better for your wife to find part -time jobs to help you in finance in the family, it will run effectively if husband and wife can work together and both of them generate income to cover their daily needs, and it's the most effective key for the current economic situation.

[Ucy]

I simply would go for cheaper alternatives or even used stuff. Plus I would avoid buying things unnecessarily, only buy things according to their priorities.

If foreign rice has gone up so much probably due to exchange rate then buy locally made ones. Or replace it completely with corn, wheat, etc.

If you need a particular new phone due to its quality, go for the used one which could be up to 50% cheaper than the new. Buy used car instead of new etc.

There was a time I wanted to buy an office chair that has exactly what I need, I found some with very limited features and they were quite expensive... I latter got different parts together and gave someone to construct one with the exact features I'm looking for. I ended up paying way less (probably about 85% less) for a near perfect office chair.

[348Judah]

Most nations are facing currency devaluation, economic downturn, Static GDP and slow revenue generation. What are your secrets for meeting the day to day expenses regardless of the inflation.

1. Don't be too dependent on your government to make the change you so desire in the financial economy system begin by taking a step for your own good first.

2. Investment on assets and not liability, set target and plan adequately in what you're investing

3. Invest in bitcoin which is a profitable asset and currency that can not be affected by the level of inflation ongoing in the world because it's a decentralized digital currency.

4. Adopt the use of DCA dollar cost averaging technique in getting your sats accumulated in other to avoid huge lost on investment

5. Diversify your investment on other profitable assets you know well about

You will habe to maintain a constant and consistent study of the economy and market trends on the investment you've made abd also consider the natural factors that could affect your physical investments.

[jrrsparkles]

The price of commodities are becoming more scary by the day. As an economist with lots of bills to settle how do you deal with the price hikes, the expensive cost of living, The fluctuation in volatile assets and the demand to meet our every day needs.

Most nations are facing currency devaluation, economic downturn, Static GDP and slow revenue generation. What are your secrets for meeting the day to day expenses regardless of the inflation.

Generate more source of revenue than now if you want to survive, this modern era is also gave opportunity to make in easy way like take an YouTube kid who is making in millions by simply gaming on his PC so we have to adapt the revolution change and never stuck with the salary alone because its never going to be enough unless you are already having excess of money in your bank account.

[irhact]

The price of commodities are becoming more scary by the day. As an economist with lots of bills to settle how do you deal with the price hikes, the expensive cost of living, The fluctuation in volatile assets and the demand to meet our every day needs.

Things are becoming too expensive and I had to look for another job to take care of myself and my baby girl. I thought I could sort things out with my main job and my side hustle but I still couldn't handle all my bills. Working double shifts made things a lot easier as I could get extra income to handle things at home. My side hustle is also growing.

Anybody that's been affected by the increase of price of things should get a side job, do doubles shifts or start a business like I have done. It would be very stressful when you start but with time your body will get used to the extra stress and it'll look like a piece of cake.

[vanesha]

I think it's better to save investment with gold. Inflation in the form of money is inevitable. although bitcoin cannot experience inflation but do not know when the technological era will end. just hope that everything will be fine, and the safest is gold in the face of inflation in the future.

[puloweh555]

The price of commodities are becoming more scary by the day. As an economist with lots of bills to settle how do you deal with the price hikes, the expensive cost of living, The fluctuation in volatile assets and the demand to meet our every day needs.

Most nations are facing currency devaluation, economic downturn, Static GDP and slow revenue generation. What are your secrets for meeting the day to day expenses regardless of the inflation.

the effect of inflation could be due to the war politics of government policies, but inflation is only natural, every month, week, it can change, maybe another solution is to increase income. For example investing in bitcoin, becoming a YouTuber, trading online, etc. because we really need to take advantage of increasingly advanced technological developments like today.  In essence, investments must use money management, as simple as that. When you have $ 100, don't invest all $ 100, from $ 100 only 30% is for investment.

Another way might be helped by starting to instill a minimalist life. so no longer buying things you don't need and money that is usually used for shopping doesn't need to be allocated for extra money for daily needs.

[demonica]

Inflation is indeed worsening, and it's really noticeable how commodities are getting more expensive day by day. I believe it's not really the individual's duty but the government's duty to find ways on how to deal with high inflation. However, we have no choice but to find different alternatives to lessen our expenses. The only thing I can think of on how I am meeting my everyday expenses is saving. When it comes to buying products, I tend to find the best alternative where it's cheaper yet still has great quality. Also, lessen the expenses especially when it's about buying unnecessary things. Find sidelines so I can earn extra income.

I just realized this while typing this... The things I listed are my sacrifices just to allocate my budget to the rising cost of everything. Also based on others' replies, a lot of us here are talking about reducing their expenses in order to save. Sometimes we even have to be content with lower-quality products just so we can fit everything within the budget.

[Yamane_Keto]

Sit down with yourself honestly and set your spending priorities. Do you really need all these spending? Start cutting out all unnecessary spending, such as parties, trips with friends, eating out at restaurants, and more. Select a healthy food pattern, cook at home, and reduce your expenditure to a reasonable extent. Then you will have a surplus, if you do not have a surplus, breakfast yourself, look for a new job and try as much as possible to avoid having more than one basic job for more than 8 hours. After the surplus is generated, learn how to invest wisely, buy gold, dollars, stocks and bitcoins, and when your money is doubled, buy residential land. And then start your own project as soon as you finish the headache of your daily bills and have a balance of investments sufficient for you for two years.