how to survive inflation and economy hardship

[Kelward]

It's true that inorder to increase savings from a fixed income, the person has to spend bellow his income, otherwise there's no other way to be able to save for investment or rainy days. Another way to increase savings is to get a second job or learn a skill that'll add to your income, by that you can have money to invest in a valuable asset like Bitcoin, and save for emergency expenses that can occur without giving notice. The government has it's own part to play by providing basic amenities and making sure that the macro economics of the country is stable, but they won't put food on everybody's table, so people are responsible for their micro economics, to plan their finances to avoid poverty.

[1715117510]

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[KupaCrypto]

Sometimes looking towards increment in salary wouldn't solve our problems.Over the years there has been hardship in the economy all over the world, and people complain on how to increase there salary or have other alternatives of getting more funds, and even when they get what they desire, they still complain that since their source of income has increased, there expenses has also increased. But I think that people needs to control the way they spend, in other to be able to save more. If paraventure we decided to spend according to how we earn without reducing the level of spending, we may end up not being productive.

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.

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?

There are many strategies a government can use to tackle inflation, as you have said let me add to it,  in other to reduce unnecessary inflation the government should first of all make sure that the country export more than they import, they should depend on imported goods as this is the major reasons for inflation, secondly the government need to set up a regulatory body that will oversee retail and wholesale outlets there should be a fixed price for a particular goods all over the country or a particular region after putting every factor into consideration especially transportation of the goods,  thirdly the government should work with other governments within the region in other to build an economic and commercial partnership in other to enhance economic and commercial situations of their respective countries.

[ancafe]

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.

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?

If we talk about individuals, the only way to reduce the impact of inflation is by saving expenses and we can look at other sources of work to make money. But if you look in general, it is the government that can reduce the impact of inflation because they have a much bigger responsibility. Each individual must prioritize spending that is much more controlled by cutting unnecessary purchases so that when inflation occurs they can balance income and expenses.

Inflation will make things complicated, for example the price of goods will rise uncontrollably and people's income will remain the same as usual, so in these conditions people must be able to make adjustments. If people are unable to balance money on buying things they need, their income and expenses will become unstable, which will affect the financial resources they get to meet their living needs.

[Briankimp1]

Even if you do all that shit (given that they're good and logical thing to do) if you're country constantly prints money so they can spend more for their overpriced projects, you will still be experiencing inflation and the things that you'd get would always be the same, you might be able to survive even just a little but you got to understand that your money will never be worth more since it's value keeps reducing while the price of goods and services keep going up, combating inflation without the initiative of the government or even aid from them, it's going to be useless, unless of course everyone does those stuff but that's being dreamy and too much of an optimist, we all know not everyone will be able to do that and commit to it to make sure that they're making any difference, some people will have a hard time.

Absolutely spot on dear my question to you now, So what do you think could be the best step to take if you’ve realized you’re from a certain country that constantly prints money so they can spend on overpriced projects.
Personally I’ll say migrating to another country will be best just so one can get the best results of the inputs he/she puts into their work life.

[bitzizzix]

All levels of society need to be aware of the impact of inflation, because inflation does not respect anyone, even if they are poor people. So if people remain silent then difficulties will continue to occur, and in situations like this we are required to be independent in overcoming them, by minimizing expenses and increasing income by having a job or side income to be able to overcome these problems. And take advantage of technology to make money because nowadays many people use smartphones or other technology to make money.
And in my opinion, the habit of eating healthy food does not need to be reduced, because we really need healthy and nutritious food and the best solution is to prepare or cook it ourselves and eliminate the habit of eating fast food or going to restaurants.
And if we already have more income, it's a good idea for us to invest and not save money in the bank because over time the value of our wealth will decrease because its real value will be eroded by inflation.
And one of the best ways to fight inflation is to invest and investments also have varying returns, but the most important thing is that we need to choose investments that provide returns that are far above the inflation rate. And my suggestion is that investing in Bitcoin is a good choice as a hedge against inflation and bank collapse.

[knowngunman]

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.

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?

To me, your first suggestion about limiting the rate of eating is no a valid way to reduce inflation. In other aspects, I can compromise to cut expenses if necessary but if I can not increase my budget on food, I will definitely not going to reduce it because that's first basic of human need.

Governments create their loops and repeat it many times. Printing money and providing new money supply to their citizens and society to increase purchasing power in their economy. Later when inflation shows bad impacts, they tighten their financial policy by increasing interest rate and force their citizens to deposit money back to central banks, commercial banks.

Problems are it is more easily to print new money and dump it to society than retrieve it back to central bank. So the net effect from government and central bank is always increase inflation.

The truth is there is no perfect solution to control inflation but I think this very one is among the ways for government to control it. I do agree with you that it's much easier for government to create money in circulation than to take it back which is responsible for monetary inflation. The only way to overcome this is by moving away from a system that allows central banks to control money supply to a system of free banking. We can see how unrealistic it can be using that approach. For now, price stability is what they should look into to curtail further economic downturn.

[YOSHIE]

Indeed, inflation has become the biggest problem in the world, almost all countries have a negative impact on inflation, both cash values, buying risk and what is worse is that people's purchasing power for products/goods is reduced, this will have negative effects in all sectors, government and society.

Here you are right, salaries are not the only solution to overcome inflation.

Sometimes looking towards increment in salary wouldn't solve our problems.

Other policies need to be implemented by the government.
For example:

Apart from fiscal and monetary policies, the government's way of overcoming inflation is by increasing production output, making it easier to import goods, stabilizing people's income (wage levels), setting maximum prices, and monitoring and distributing goods.

Maybe by implementing several policies like those above, at least inflation can be controlled by a few percent. Apart from increasing salaries, goods are also an important point in overcoming inflation.

[kentrolla]

Will keep is short the primary reason for inflation is the deficit in export and import, if the export of nation is lesser than import then it's obvious that there would be inflation and there are countries like some rich gulf nations who import most of their consumables but still they are able to balance it out due to exporting oils. Government should work in increasing its export in order to keep inflation under control.

[sokani]

~

Your topic title and your discussion are a bit different and does not aligned together. I think it should be worth noting that at the individual level you cannot do anything to control or reduce inflation. It is the federal reserves and government that can combat inflation. So you may want to change your title to something else to fit your discussion like how to survive inflation and economy hardship. Having said that, buying foodstuffs in bulk will also help to save money than buying items individually.

[Pi-network314159]

But I think that people needs to control the way they spend, in other to be able to save more.

Save your money through spending less is good but not enough.

Savings can not make your richer and can not help you to deal with inflation created by your government, central banks and national inflation then global inflation.

First of all savings can no make you richer but will add value to your income. Let's say out of %100 of your income generation, if you spend roughly %70 and save %30 before, after cutting down your expenses you may spend 60 and save %40. If you multiply %30 by 12 it will give you %360 but after cutting down your expenses you may save %40*12 =%480 so saving or cutting down expenses may not make you richer but will Increase your fund expecially when you put the money to work.

You have to use your savings to invest smartly to deal with inflation. It is a way but investment is risky and by saying invest smartly, I mean you must manage risk and benefit for your investment very wisely.

Thanks for that, when I talk about saving or cutting down expenses, It does not necessarily mean we must save in the bank but can be used to invest. Sorry I didn't include that part . Because saving in the bank will not add anything rather inflation of the economy will still reduce the value in the bank.

[airbin]

Inflation is a poorly focused problem, low salaries, or an income not in line with your consumption, does not mean inflation, it is a phenomenon that, like the climate, affects everyone, there are no social characteristics or economic that are immune to inflation.

Therefore, the first thing to understand is the percentage of inflation that affects your country, there are "normal" percentages, others fluctuate, and the worst of all is the one where you live with an inflationary economy. In any of them, as a citizen you cannot do anything to change these situations, governments and private companies must do them, that is a priority, since that is where you can begin to take basic ideas to face price changes.

[angrybirdy]

Side hustle can always help, can even evolve into your main job.
You life work balance will suffer. But that balance won't feed you.
 

cost cutting expense while having a side hustle really works but not to everyone because not everyone has a capability to save due to insufficient salary income but for those who really wants to save money, cost cutting and limit the expenses is the key, It's difficult if you think about it but once you start it will continue until you manage the budgeting. One of the things that happens to us now is that when there is a slight increase in our salary, we immediately increase our expenses, which is wrong because you can't really save if you always do that.

[Fara Chan]

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.

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?

As for how to survive in inflationary conditions, actually everyone has their own way because everyone can pressure themselves to get more money income and also pressure themselves not to spend more money on things they don't need. Except only for things that can bring in more money, such as through business and others, because in conditions of inflation, almost the average person with a low and middle income will find it difficult if they cannot plan how to spend their money every month.

Meanwhile, people who have large incomes or in other words are rich people, they will not be so affected by this even though they can also feel the same way as other people. This is because their income level can cover any difficulties they face themselves, although an increase in the prices of goods that are often used by everyone will also affect the level of sales for business people. Because they will also feel how people's purchasing power is starting to decline due to ongoing inflation, so we will all make our own way of dealing with it.

[Hamphser]

Side hustle can always help, can even evolve into your main job.
You life work balance will suffer. But that balance won't feed you.
 

cost cutting expense while having a side hustle really works but not to everyone because not everyone has a capability to save due to insufficient salary income but for those who really wants to save money, cost cutting and limit the expenses is the key, It's difficult if you think about it but once you start it will continue until you manage the budgeting. One of the things that happens to us now is that when there is a slight increase in our salary, we immediately increase our expenses, which is wrong because you can't really save if you always do that.

It does really works, it is really just that people are really that too lazy when doing things. They wouldnt really be taking any actions when they are still on a good situation on which its a normal approach but
we do know that when it comes to things such as inflation and other economic downturns or conditions then for sure it would really be gradually affecting people specially into those who are on middle to lower class.
When good and services becomes even more expensive compared before and you are still earning on the same paycheck and doesnt improve then you would really be definitely be able to feel up those changes.

This is why it would really be that sensible that you should really be finding up some side hustle before anything would really be that becomes too hard for you to make money. People wont
act out before its too late or they are already on the actual situation or condition.

[Fortify]

Sometimes looking towards increment in salary wouldn't solve our problems.Over the years there has been hardship in the economy all over the world, and people complain on how to increase there salary or have other alternatives of getting more funds, and even when they get what they desire, they still complain that since their source of income has increased, there expenses has also increased. But I think that people needs to control the way they spend, in other to be able to save more. If paraventure we decided to spend according to how we earn without reducing the level of spending, we may end up not being productive.

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.

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.

Some people will unfortunately never be able to break out of the societal trap that they've had constructed around them, as often being born into poorer families can trap people in the same cycle that takes a massive hurdle to overcome. As some youngsters will be starting out in school, others will be forced to "earn their keep" - bypassing education in order to start working for money to help support the family. A lack of education at the right point can really stunt the potential of anyone. If you have education then the most powerful thing you can do it keep learning more, which can piece by piece break you free of the shackles - but you may ultimately need to move around, change jobs and find the right balance depending on your situation.

[oktana]

Cutting down expenses isn’t the solution when we talk about inflation. It definitely helps but there’s need for increased salary because the value of fiat drops over time. So, you have to pay more money to get something during inflation, and it is only right that your salary is increased because everything generally gets expensive during such periods. You can’t keep cutting down expenses forever because in the next 5 years, it is possible you may need to double the usual amount to purchase certain things.

[Dr.Bitcoin_Strange]

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.

I understand that humans usually have three kinds of needs, which include primary, secondary, and tertiary needs. The primary needs are the most important, and secondary needs are also quite important, but tertiary needs are usually less important, and we can do without settling them urgently. The mistake that some people make is that they usually abandon very important needs (primary needs) and solve secondary or tertiary needs, and at the end, they become depressed with the most important needs that were abandoned from the beginning.

Cutting down on expenses doesn't add value to the money but reduces the level at which one spends it. For example, if you would have spent $20 to have brake fast and you decided to go for a cheap meal that cost you $14, that means you have saved $6. 

[Adbitco]

At first I am against those people who says limit food or don't eat much, the reason why we are living is food and, good food gives us good life and sound health. Now this are things to limit or reduce to save cost; don't buy expensive cars or spend money on clubbing, such as consuming more alcohol, dealing on high drugs or throwing money around party house. Wearing expensive shoes and clothes, this is only subjected to those who are earning below what they spent per week or month. You can't be receiving 200$ per month and you keep spending 1000$ per month, this calls for urgent corrections.

[AmoreJaz]

At first I am against those people who says limit food or don't eat much, the reason why we are living is food and, good food gives us good life and sound health. Now this are things to limit or reduce to save cost; don't buy expensive cars or spend money on clubbing, such as consuming more alcohol, dealing on high drugs or throwing money around party house. Wearing expensive shoes and clothes, this is only subjected to those who are earning below what they spent per week or month. You can't be receiving 200$ per month and you keep spending 1000$ per month, this calls for urgent corrections.

Aside from reducing the cost of some unnecessary expenses, you can practice other things also to curb down your expenses or augment your income such as -
> de-clutter, sell unused items/gadgets that you think you don't need
> tend your own garden, even a terrace-type garden so you don't need to buy some of these in the market
> remove some of your subscriptions that you believe you are not really using much
> use public transport or walk if you can
> don't be tempted to buy luxury things, think before you buy one

[|MINER|]

Inflation is a curse for the country.  It increases the price of goods but does not increase the amount of people's income.  That is, there is no correlation between income and capital.  Yes people spend a lot of unnecessary things.  Everyone should spend wisely in times of financial crunch and live on a very limited budget.  But eating less is unusual.  Because every human being has a specific dietary requirement.  That is, a family has a fixed food requirement.  It is very inconsistent and unusual to control.  Maybe it can't be controlled.  Because people have to eat food to survive, there is no substitute for food.  So no matter how much inflation and commodity prices rise, people have to eat food and survive.