As an Economist how do you tackle inflation?

[wajik-tempe]

Coping with inflation requires discipline, planning, and sometimes sacrifice. It's crucial to realize that inflation is a natural component of any economy and that it's not always feasible to foresee or manage it. Consider options to improve your income, including taking on a part-time work, freelancing, or launching a side business, and rank your costs in order of priority. For individualized guidance on how to handle your money during periods of inflation and economic instability, speak with a financial counselor or accountant. They may provide you more detailed advice that is catered to your particular financial position.

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[kryptqnick]

I try not to keep a lot of savings in fiat, especially local fiat, which is devaluating a lot more than EUR or USD. I also pay attention to prices, trying to substitute the foods that got really costly with some others and exploring new products that I'd normally ignore. For example, veggies used to be very cheap in my country but became a lot more expensive lately, so I started buying frozen veggies more often, even though they weren't a part of my diet before at all. Also, surprisingly, we have cheap ripe avocados quite often now, which was never a thing before, so I buy them more often than I used to.
So to me, it's all about thinking broader, trying new products and dishes and exploring the transformations like that. It won't completely undo the effects of inflation, but it does help to reduce the effects.

[eXtremal]

use money for sufficient needs don't look rich with money. storing it in digital assets or with items that will go up in a few years like land, property or gold is the best option to fight inflation. money will continue to be eroded by inflation. we can only think how to make more money with the valuables we currently have.

[Mame89]

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.

Investing is important but it must be critical to make your money work for you. You've worked hard for your money and now your money has to work hard for you. Whether it's investing in gold or bitcoin because both are good for dealing with inflation.

Investing in gold and bitcoin can indeed be considered as a good alternative to deal with inflation. Gold is known as a stable asset and can survive difficult times such as inflation. Meanwhile, bitcoin is a type of cryptocurrency that can also be used as an alternative to deal with inflation, even though the risk is higher due to its high volatility. Regardless of your statement that gold is better than bitcoin, it is important to deal with inflation, we must be smart in taking advantage of opportunities to earn income, namely by investing.

[CarnagexD]

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 answer is investing. you have think long term use leverage properly and wisely and let the compound effect do the heavy lifting. However it is a challenge if you're still starting because you need to make ends meet and consistently invest. You can invest in crypto and put it on yield with great returns. Or in any company that would give you dividends. That way' when you're established, your asset will give you money on yearly or quarterly basis plus its value rising compare to original price when you bought it.

use money for sufficient needs don't look rich with money. storing it in digital assets or with items that will go up in a few years like land, property or gold is the best option to fight inflation. money will continue to be eroded by inflation. we can only think how to make more money with the valuables we currently have.

You actually have 2 choices, live the way you want but you have to work double hard to meet your life standards, or live below your means for the time being until you can truly afford the life that you want. In any case, it will always lie down to what philosophy of money and living you are buying into.

[Dr.Bitcoin_Strange]

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.

Well, about the price I really don't think there is anything we can do about it because we are obviously not the sellers or the ones determining the price of goods or food items in the market. I know that some years ago, when money had more value than now and inflation was not really so high, people hardly made budgets because they always had their needs met, still had quite a lot to keep, and also invested some if they had any investment plans. But due to the high inflation rate and fiat devaluation, it is prompting people to be more conscious of how they spend (creating their spending plans) and also endeavoring to make budgets before can begin to fulfill their primary needs.

For me, the way I think I am managing the inflation rate is by making budgets for how I spend. Unlike before, when I would just think I could attend to all needs at once without even picking out the most pressing ones which sometimes lands me into borrowing. Now I usually go for the most demanding needs, and there are some tertiary needs I don't pay attention to because, without them, life still goes on and I still leave comfortably.

Other ways are that I am not only relying on one source of income; I have a business, not only one, and I have some Bitcoin fractions and a few altcoins (yeah, altcoins, but just few). To combat the situation you're taking about, @OP, I don't rely only on one income source; I am always visionary about creating more wealth for myself, so I always look out for anything that can legitimately replenish my account.

I also have a small garden for some vegetables that I cultivated; I planted some potatoes in sacks, some tomatoes, cabbage, pepper, and other vegetables (this is no joke). It has helped save me some money.

Not that I don't still lament about the economic situation, but just that I have identified a few means to manage the situation to not really have a worst impact on footing 👣 my bills.