how to survive inflation and economy hardship

[topbitcoin]

What do you guys think about this? Would this be helpful? And what do you think will help us in this time of economic hardship?

Am sorry I have to change the topic of discussion from how to reduce inflation to how to survive inflation and economic hardship sudjested by sokani.

Apart from starting to control our expenses, one way is to increase our income, improve our skills so that we can look for additional jobs or also do double jobs, but the second is only available in many rich countries, while in developing and even poor countries it is difficult to get even one job, let alone two.
I tried to check that food costs consume the most of our money, and this happened to me not only because food ingredients increased significantly but in some moments we often bought excess food so that it ended up not being eaten and thrown away and that was a form of waste.
Another way to survive inflation is to start investing with discipline. Investing will later help us overcome inflation which makes the cost of living increasingly high and not commensurate with the salary received.

I agree with this that we must continue to improve the skills and abilities that we have, because this is the best way for us to continue to develop or simply maintain our position, both in the career world and the business world that we are currently involved in. because if we are too lazy to hone the skills and abilities we have, then be prepared to lose the job and business you are working on. In the world of careers, so that our careers can continue to develop, try to become someone who is irreplaceable and needed by the company where you work.

Food is a necessity, and we spend a lot of money on it every day. And buying enough food according to our needs is one way we can minimize our expenses every day. But I think, so that our expenses for daily needs can be minimized better, and live more economically, we not only have to pay attention to what items we buy, but also where we buy them. Because quite a few people, just because they follow their own prestige, are willing to spend a lot of money to shop at supermarkets, even though if they are able to lower their ego a little and decide to buy their necessities at traditional markets, they can get these purchases at a reasonable price. which is cheaper.

And talking about investment, many people think that one way to survive inflation is to invest.

[dothebeats]

Cutting down on expenses and looking to increase the flow of money towards you is something that should go hand in hand. You will have a chance to increase your wealth when you get a high-paying job and effectively cut costs on your day to day expenses. Of course, it's easier said than done due to the recent changes in the job market plus the continuing effect of inflation towards goods.

What I did is I tried to expand my skillset given that I'm in an industry wherein the progression is linear. You will literally have to wait for years in order to be promoted or to become senior in what you do. It's a tough industry, and one that I thankfully managed to climb some ladders on, but I still think that due to the very narrow skillset that I have and the very few available jobs in the market looking for the skills that I have, should my company decide to close down for some reason or I get fired, I wouldn't have that many places to go.

I tried studying online and working on side projects to enhance my skill. Luckily, this somewhat paid off and I have a few gigs here and there to support my income. Now I'm not broke by any means, I just think it's not wise for a person to just be contained in one single skill that he knows for the rest of his life due to the amount of people being released in the job market with equal or even more experience than I do.

[Zoomic]

For me cutting down expenses would be another way of adding value to our money. Like cutting down the rate we eat, for those that spend alot on food, you can do better without over eating. the way we buy unnecessary items that has no value, when we have other useful things to do with money. So  lets focus on the top priorities, expecially things that will bring more Money.

Cutting down on food will solve no problem, it is simply a case of suffering and smiling or enduring in the midst of hardship. Food is a basic necessity, therefore cutting down on it is not a solution.

During inflation,  salary earners with no significant increase in their salaries suffer due to over dependence on their meagre earnings. During this period, people tend to cut down on so many things that are not necessary, but this is not just enough.  The period of inflation and economic hardship is the time to diversify and look for means of increasing your income instead of relying on one source of income alone. There are so many means of earning more income legally without stressing yourself out physically, emotionally and financially,  all that is needed is the right information. To survive this period,  you must be smart and creative.

[Text]

What you said, OP, about cutting expenses, especially those that aren't necessary, is correct. Basic needs should still be the top priorities, but in today's time, things we used to consider as wants have become needs as well. For people like us who aren't wealthy, it's really necessary to be practical. Having multiple sources of income is also becoming popular nowadays. Having a regular job and a business, as long as you can manage them, is important, and of course, work-life balance should not be neglected.

What's happening is that the prices and expenses are increasing rapidly, but the salaries of employees are taking a long time to increase.

[Mame89]

For me cutting down expenses would be another way of adding value to our money. Like cutting down the rate we eat, for those that spend alot on food, you can do better without over eating. the way we buy unnecessary items that has no value, when we have other useful things to do with money. So  lets focus on the top priorities, expecially things that will bring more Money.

Cutting down on food will solve no problem, it is simply a case of suffering and smiling or enduring in the midst of hardship. Food is a basic necessity, therefore cutting down on it is not a solution.

During inflation,  salary earners with no significant increase in their salaries suffer due to over dependence on their meagre earnings. During this period, people tend to cut down on so many things that are not necessary, but this is not just enough.  The period of inflation and economic hardship is the time to diversify and look for means of increasing your income instead of relying on one source of income alone. There are so many means of earning more income legally without stressing yourself out physically, emotionally and financially,  all that is needed is the right information. To survive this period,  you must be smart and creative.

Agree with you. Reducing food is not a solution to overcome inflation because food is a basic human need. With food we have energy and can think critically, giving birth to creative ideas and innovation. So it is very appropriate to overcome finances during inflation by reducing spending on basic needs. During inflation, consumption continues as usual, then inflation will pass. If we hold onto money and don't consume, the economy will slow down. Don't be too frugal and don't be too wasteful, consume as usual.

Inflation is indeed difficult to overcome because of course when inflation occurs the prices of basic necessities and other goods rise, even though salaries also increase, this cannot overcome the problem of inflation. We must learn from this pandemic. When a crisis occurs, new opportunities open up. So let's be smart and look for opportunities to earn extra income. Because if we are good at reading situations and quick to take opportunities, we can profit when inflation comes. Perhaps one example of fighting inflation is to start investing in bitcoin and gold.

[Peanutswar]

Price goes up every time and because of inflation, some people save money is every time they get their salary, deposit to the savings and let the banks hold for a while but that amount will be the same for months or years just increase possibly but small percentage of the APY, once you withdraw and the price increase the value of your money needs more just to cater the things you want, instead having an investment than staying your money in the bank might save you to the inflation.

What's happening is that the prices and expenses are increasing rapidly, but the salaries of employees are taking a long time to increase.

One of the common happening right now the inflation continuously rising but the salary still the same the people's needs now can't cater at all for their salary. Which is the economy must need to balance but having a poor government seems too far from reality for now.

[junder]

Cutting down on food will solve no problem, it is simply a case of suffering and smiling or enduring in the midst of hardship. Food is a basic necessity, therefore cutting down on it is not a solution.

During inflation,  salary earners with no significant increase in their salaries suffer due to over dependence on their meagre earnings. During this period, people tend to cut down on so many things that are not necessary, but this is not just enough.  The period of inflation and economic hardship is the time to diversify and look for means of increasing your income instead of relying on one source of income alone. There are so many means of earning more income legally without stressing yourself out physically, emotionally and financially,  all that is needed is the right information. To survive this period,  you must be smart and creative.

I agree with you, food is a basic need for us to survive, then we must be able to fulfill it anyway, if we reduce the portion then it will be the same as we will be difficult, but of course the basic needs depend on our income, if our opinion is sufficient then the needs must be prioritized. Because there are only people who have enough income but they always have difficulty when in the middle of the month including their food, in my opinion it is because they are not good in managing their finances so that they occasionally experience problems when they cannot manage their finances well.

Instead of reducing the portion of food needs, we better reduce our curiosity with what we want such as wanting to have an asset or property that has a fairly high price. True what you say, there are still many ways to be able to make money, especially with the current development of technology including social media that can be utilized, and if we can use it it can make money.

[Mpamaegbu]

For me cutting down expenses would be another way of adding value to our money. Like cutting down the rate we eat, for those that spend alot on food, you can do better without over eating. the way we buy unnecessary items that has no value, when we have other useful things to do with money. So  lets focus on the top priorities, expecially things that will bring more Money.

Nah! All that won't do anything. In fact, it will bring more stress and unhappiness to anyone practicing it. What's the essence of working when you can't feed well? People move from their work place to another so they can be paid better to enable them afford the basic necessities of life. The remedy to the issue at hand should be for one to get another source of income and expand one's frontiers. Limiting or restraining oneself from eating well won't save one any more. It will endanger one's health, if anything. Get extra digs. That's the way to go.

[wxa7115]

For me cutting down expenses would be another way of adding value to our money. Like cutting down the rate we eat, for those that spend alot on food, you can do better without over eating. the way we buy unnecessary items that has no value, when we have other useful things to do with money. So  lets focus on the top priorities, expecially things that will bring more Money.

Nah! All that won't do anything. In fact, it will bring more stress and unhappiness to anyone practicing it. What's the essence of working when you can't feed well? People move from their work place to another so they can be paid better to enable them afford the basic necessities of life. The remedy to the issue at hand should be for one to get another source of income and expand one's frontiers. Limiting or restraining oneself from eating well won't save one any more. It will endanger one's health, if anything. Get extra digs. That's the way to go.

There are expenses that can be reduced or cut down in the case we have to economize, however when it comes to food there are limits, otherwise you could begin to starve and face some health issues because of your actions.

But even then, inflation grew so fast that even those measures are probably not going to be enough, so people will have to find a way to increase the amount of money they are taking home each month, but this is not easy to do, especially when there are still many countries around the world that are suffering the side-effects of the pandemic.

[eightdots]

For me cutting down expenses would be another way of adding value to our money. Like cutting down the rate we eat, for those that spend alot on food, you can do better without over eating. the way we buy unnecessary items that has no value, when we have other useful things to do with money. So  lets focus on the top priorities, expecially things that will bring more Money.

Nah! All that won't do anything. In fact, it will bring more stress and unhappiness to anyone practicing it. What's the essence of working when you can't feed well? People move from their work place to another so they can be paid better to enable them afford the basic necessities of life. The remedy to the issue at hand should be for one to get another source of income and expand one's frontiers. Limiting or restraining oneself from eating well won't save one any more. It will endanger one's health, if anything. Get extra digs. That's the way to go.

There are expenses that can be reduced or cut down in the case we have to economize, however when it comes to food there are limits, otherwise you could begin to starve and face some health issues because of your actions.

But even then, inflation grew so fast that even those measures are probably not going to be enough, so people will have to find a way to increase the amount of money they are taking home each month, but this is not easy to do, especially when there are still many countries around the world that are suffering the side-effects of the pandemic.

It may not be easy to find new resources and get out of your current situation, but sometimes new sources of income may come your way. You need to stay away from anything that will affect your health. You may find a source of income and your circumstances may change, your health is more important than many other things and you should be careful about it.

As things get more expensive economically, the quality of life goes down. And a lower quality of life leads people to give up many things. Remember that you need to eat in a way that does not harm your health. Cutting back on your basic food needs may not be the right decision.

[el kaka22]

In theory, if you could lower your life cost, you should be able to do it. But, there are two situations where you cannot, and that makes it even harder, first of all if you are already at bare bottom, like the cheapest rent you can find or the cheapest food you can or not even buying anything new, just living at a bad home with bad food and not spend a dime, and yet still not in profit due to some economical issues you have, then yeah there is nothing you can do about that.

Secondly, there is nothing that you can do if the expenses appears on their own, maybe some back taxes thing that suddenly government asks, or some medical bill, or some part of house breaks down like laundry or dishwasher or fridge etc, and you gotta pay.

[3kpk3]

Personally, the present matters the most to me when compared to the past and the future which is why I always try to enjoy as much as possible without thinking too much about savings etc.

It's definitely a risky way of living for sure, but the rewards are absolutely worth it if everything goes your way. This is one way of living life op. Just my 2 cents.

[Sebas.tian]

Whenever inflation begin to flow in a country, all you need to do is to reduce your expenses so that you will be able to survive through out the years the inflation will going to flow, because if you fail to work on your expenses during the inflation, there is no way you can escape the inflation and the hardship in the country. If you want to survive in this hardship that is affecting people globally, look for business you have idea to invest your capital so that you will not be depending on your salary alone, because salary will not help you to survive in this inflation. Disconnect yourself from people that spend their income anyhow without thinking about tomorrow, and if you continue associate with such people in your environment you will never survive in this inflation.

[knowngunman]

So, poor stays poor because they have urgent needs and can't work on themselves, they do not have the time for it or the capital for it neither. This is why it's quite important to get better at things with time.

This is just sad reality that we need to address. Poor people are getting more poorer while the riches are getting more richer day by day. This poverty of a thing is a self perpetuating that is very difficult to break out from once you're in the circle. We tend to blame the poors for not making plans without realizing that you need money to start making more money. Wealthy people have access to every resources that help them to make the most of their money. People struggling to meet their basic needs don't have resources to focus long term goals because their situation is just like that of chicken and egg. They need to improve their situation in order to improve their financial literacy but that's not possible without improving their financial literacy. You can see how confusing the scenario looks like. There is a need to address the root causes of poverty in our society to maintain balance and control inflation growth.

Whenever inflation begin to flow in a country, all you need to do is to reduce your expenses so that you will be able to survive through out the years the inflation will going to flow, because if you fail to work on your expenses during the inflation, there is no way you can escape the inflation and the hardship in the country.

Do you think reducing your expenses is an option here? When inflation strike, your income will barely get you half of what usually get with it before and by reducing the expenses, you mean reducing your daily consumption. It's like attempting to starve yourself which is not ideal. The best thing to do is to increase your means of income through other alternatives. At this current era we live in, I don't think people still rely completely on salary to survive unless you intend to be in debt until your retirement. Salary is not longer sustainable and that's why people are now turning down on salary jobs and prefer to be self employed.

[DabsPoorVersion]

Whenever inflation begin to flow in a country, all you need to do is to reduce your expenses so that you will be able to survive through out the years the inflation will going to flow, because if you fail to work on your expenses during the inflation, there is no way you can escape the inflation and the hardship in the country.

Do you think reducing your expenses is an option here? When inflation strike, your income will barely get you half of what usually get with it before and by reducing the expenses, you mean reducing your daily consumption. It's like attempting to starve yourself which is not ideal. The best thing to do is to increase your means of income through other alternatives. At this current era we live in, I don't think people still rely completely on salary to survive unless you intend to be in debt until your retirement. Salary is not longer sustainable and that's why people are now turning down on salary jobs and prefer to be self employed.

I agree with you. By reducing our daily or monthly expenses is indeed one of the possible options, however, this will not be a long-term solution to overcome inflation. In the long run, the more inflation rate we have face, the more we need to reduce our expenses until we are no longer be able to purchase the same quantity of products or foods sooner or later.

The best thing to do is to find another source of income, a job with a much higher pay rate, or at least find a way to have a stable source of income that can help to pay for the daily expenses we have.

[Fara Chan]

Personally, the present matters the most to me when compared to the past and the future which is why I always try to enjoy as much as possible without thinking too much about savings etc.

For some people, what you say may be considered strange because you don't really think about savings and other important things for the future. Because of the many people I know in my life, many of them are currently continuing to prepare their own savings and investments for a better life in the future. This means that most people now forget their past more often than their future, which still needs to be well prepared through various things that can have a good influence on the future.

It's definitely a risky way of living for sure, but the rewards are absolutely worth it if everything goes your way. This is one way of living life op. Just my 2 cents.

It is not impossible to live life as you say, because whenever there is income from any job you can enjoy it immediately without thinking about saving some of it to be used at another time. But in terms of living a life like that, everyone must have a regular income every day so that when someone doesn't want to save to achieve something else in the future, he will not face difficulties in his life because there is still regular income that can be used and relied on by himself.

[Fatunad]

Whenever inflation begin to flow in a country, all you need to do is to reduce your expenses so that you will be able to survive through out the years the inflation will going to flow, because if you fail to work on your expenses during the inflation, there is no way you can escape the inflation and the hardship in the country.

Do you think reducing your expenses is an option here? When inflation strike, your income will barely get you half of what usually get with it before and by reducing the expenses, you mean reducing your daily consumption. It's like attempting to starve yourself which is not ideal. The best thing to do is to increase your means of income through other alternatives. At this current era we live in, I don't think people still rely completely on salary to survive unless you intend to be in debt until your retirement. Salary is not longer sustainable and that's why people are now turning down on salary jobs and prefer to be self employed.

I agree with you. By reducing our daily or monthly expenses is indeed one of the possible options, however, this will not be a long-term solution to overcome inflation. In the long run, the more inflation rate we have face, the more we need to reduce our expenses until we are no longer be able to purchase the same quantity of products or foods sooner or later.

The best thing to do is to find another source of income, a job with a much higher pay rate, or at least find a way to have a stable source of income that can help to pay for the daily expenses we have.

Proper management about  your finances and with having that control with your expenses on which this is something that would really be needed if you are someone who do mind about those economical problems
that we are really that facing specially now that we are living in a world where these type of problems is something which is really that inevitable. This is where people would really be able to think up
on getting more another source of income so that they could really be able to patch up on the things on what they should really be gonna be needing to patch up rather than on making yourself that
be sticking or minding about with a single job on which sooner or later you would really be finding yourself on having that struggle on making yourself a living because it isnt
really that enough anymore on supporting your needs or whatever you do really need for you to live.

[GeorgeJohn]

From my own Theory inflation is caused by lack of government handling the situation of the country economy so I believe that that is one of the thing that causes a hardship in the country so to handle it or to control it in a country even the increment of salary cannot make the equation to be balanced or to be on the statistic equilibrium can of balance so the only thing that they can solve the problem of hardship or inflation in a country is when there is employment opportunity and there is also a regulation of commodities by the government so if that can happen that country will you survive from inflation.. secondly a creativity and innovation can be also be a pathways of surviving of inflation in a country because being creative can also be a means of income generate

[Rockstarguy]

Whenever inflation begin to flow in a country, all you need to do is to reduce your expenses so that you will be able to survive through out the years the inflation will going to flow, because if you fail to work on your expenses during the inflation, there is no way you can escape the inflation and the hardship in the country. If you want to survive in this hardship that is affecting people globally, look for business you have idea to invest your capital so that you will not be depending on your salary alone, because salary will not help you to survive in this inflation. Disconnect yourself from people that spend their income anyhow without thinking about tomorrow, and if you continue associate with such people in your environment you will never survive in this inflation.

Do you know during inflation it is not easy to start up business, inflation it is difficult to manage business to stand well. It is even Inflation that most business collapse. Wel, if you have a good capital to start up business it is not a bad idea. In inflation aside business plans their are other things to learn that can generate incomes, things that you don't have to start up with your capital  . There are so many skills people can go for without putting a capital.

To survive in inflation is just to increase your incomes and reduce the manner at which money is been spent. If people can get more source of income it will help in the time of inflation.

[batang_bitcoin]

I agree about having more side hustles. And if this side hustle that you've found can make more money than your day job then test until a few months if it becomes stably earning more than your day job then that's the time for you to decide whether to keep it and leave your day job and turn this side hustle into full time. And with that, you can find another side hustle and the cycle repeats and you get more people to trust for that side hustle but that's the hardest part.