Increasing cost of living - how can we cope?

[HelliumZ]

The prices of daily necessities are increasing day by day, but it has become very difficult to manage a family with that income by working a fixed salary job. The prices of things increase every day but the income does not increase, in this case, how will it be possible to manage the expenses of a family. Moreover, if there are no multiple sources of income, then maintaining a family with a fixed salary of one income becomes a difficult matter. Earlier, nutritious food could be provided for family members, but now due to the increase in the prices of daily necessities, it is not possible to provide nutritious food to family members, as a result, family members are suffering from various malnutrition-related diseases. The standard of living is getting so bad day by day that now we are getting thinner than before. In short, adapting to the current situation of life is becoming a difficult challenge.

[Marvelockg]

.The first step is by accepting the reality which will help you to be calm and when you are calm, you think clearly enabling you to make the right decisions on how to cope with the changes which may include having multiple sources of income, adjusting our priorities.
 

I think that almost everyone has come to the realisation that the cost of living is not going down any time soon and rather than a reduction, we might even experience a worse case scenario things gets really bad and the only way out is to invest in ourselves so we can increase on our earning capacity.

For someone that's already struggling with the current economy, it's actually a lot when it comes to properly dealing with the prevalent reality but accepting the bad situation without planning for ways to come out from it makes it even worse.

[Oluwa-btc]

When prices increases and our income remains the same, we tend to be anxious and stressed especially if we have a family to care for. As individuals, we cannot curb the rising cost of living but we can actually cope with it.The first step is by accepting the reality which will help you to be calm and when you are calm, you think clearly enabling you to make the right decisions on how to cope with the changes which may include having multiple sources of income, adjusting our priorities and spending habits such as    avoiding          extravagant spending. Also being contented and living within our means may go along way as it helps us to avoid unnecessary debt and stress, also we do well to save for unforseen event such as health issues, lost of job etc.
 

Debt?! I have no issue with debt but make sure it serves you for a better purpose.

I mean, taking debt so you can get three plots of land to grow crops you can sell and also export should be a smart move for anyone. And on this time with increased cost of living, growing your own food and owning a garden will most definitely be helpful.

[KingsDen]

Every one of us should not rely on a single source of income, therefore we should try as much as possible to ensure that we have other alternative sources to what we do so that we will not be stranded at any point, the economy is not stable and things keep changing each time, we have to plan more and ahead before such time, we can't afford to be caught unexpectedly in situation to find it difficult in affording a living because inflation is affecting the entire economy and things are becoming more unaffordable.

This is also country based. While some countries are filled with abundance and many opportunities that people might decide to take up more than one job, but in some other countries, even to find one job is very difficult.

Having multiple streams of income is the key out of increasing cost of living, but then, it is not very easy to achieve but we must have to work towards it, explore in order to develop God's given talents in us

In addition, we should also try to spend less. Avoiding impulse buying is a way to cut down on expenses.

[Judith87403]

This is the first step to failure. I reject taking this step, hoping for financial freedom.
For me, the first step is to take the bull by the horns. Engage in the recent happenings of the world, and interact with those who can help your life get better. Find a new job or start a new skill that pays well yearly.

Adjusting to the current situation of the world will make you stagnant in life. There will be no progress, and gradually you will be adjusting towards poverty.

While it’s true that increasing one’s income can really help to improve their lives, we need to understand that sometimes, that’s not usually the best solution. Yes, because some people even if they are doing more then 5 shifts have 7 different sources of income, they’ll still remain in financial insufficiency, not because they’re not generating enough income to make them survive very well an inflationary situation or economy, but because they lack a good financial management, so even if they acquire more skills and get more streams of income, it’ll only take a moment before they land themselves back to financial insufficiency, so the solution here isn’t to get more streams but go learn a good financial management skill.

[Nothingtodo]

When prices increases and our income remains the same, we tend to be anxious and stressed especially if we have a family to care for. As individuals, we cannot curb the rising cost of living but we can actually cope with it.The first step is by accepting the reality which will help you to be calm and when you are calm, you think clearly enabling you to make the right decisions on how to cope with the changes which may include having multiple sources of income, adjusting our priorities and spending habits such as    avoiding          extravagant spending. Also being contented and living within our means may go along way as it helps us to avoid unnecessary debt and stress, also we do well to save for unforseen event such as health issues, lost of job etc.
 

In the current situation, it will not be possible to support the family by working alone, so it is necessary to start a small business on your own initiative along with your job, where if you do that business as much as you have time after working, it will certainly be possible to run your family well with the income from the business along with your job. But how can a private employee earn extra income after finishing his daily work?
But it is quite difficult for a private sector employee to utilize the time he gets after duty. This may not be a problem for government employees, but for those working in private sector jobs with fixed salaries, adapting to the current situation is becoming quite difficult.

[Silikiem]

When prices increases and our income remains the same, we tend to be anxious and stressed especially if we have a family to care for. As individuals, we cannot curb the rising cost of living but we can actually cope with it.The first step is by accepting the reality which will help you to be calm and when you are calm, you think clearly enabling you to make the right decisions on how to cope with the changes which may include having multiple sources of income, adjusting our priorities and spending habits such as    avoiding          extravagant spending. Also being contented and living within our means may go along way as it helps us to avoid unnecessary debt and stress, also we do well to save for unforseen event such as health issues, lost of job etc.

The rate at which things are increasing in prices is really alarming. The crisis in the Middle East seems to have a hand as to the reason for an increase in price of goods and services. Most leaders seem to have capitalized on this crisis so as they will be using it as an excuse why their is an increase in the cost of goods and services within their region. The people are used to coping rather than holding the appropriate government responsible to enable them fix this issue and that’s why the government don’t seem to be doing anything reasonable to get use out of this situation. One doesn’t even need to spend extravagantly this days before running out of cash.

[SirMac3]

When prices increases and our income remains the same, we tend to be anxious and stressed especially if we have a family to care for. As individuals, we cannot curb the rising cost of living but we can actually cope with it.The first step is by accepting the reality which will help you to be calm and when you are calm, you think clearly enabling you to make the right decisions on how to cope with the changes which may include having multiple sources of income, adjusting our priorities and spending habits such as    avoiding          extravagant spending. Also being contented and living within our means may go along way as it helps us to avoid unnecessary debt and stress, also we do well to save for unforseen event such as health issues, lost of job etc.

The rate at which things are increasing in prices is really alarming. The crisis in the Middle East seems to have a hand as to the reason for an increase in price of goods and services. Most leaders seem to have capitalized on this crisis so as they will be using it as an excuse why their is an increase in the cost of goods and services within their region. The people are used to coping rather than holding the appropriate government responsible to enable them fix this issue and that’s why the government don’t seem to be doing anything reasonable to get use out of this situation. One doesn’t even need to spend extravagantly this days before running out of cash.

The times we live in, is very tough indeed; but God is always making a way for His people!
Families can approach the times we live in, with utmost care, by making efforts to tracking their daily expenses for at least the first month or two.
Naija people will be astonished at how much is spent regularly on basic necessities in our homes. With this, we would be properly guided, and will also help us negotiate effectively for other days and necessities.

[Kelward]

The best way to cope about the rising cost if living is by trying as much as possible to increase your income or reduce your expenses, those are the two most feasible ways that I believe for somebody with responsibilities to survive in a harsh economy. For people that are managing their income to make ends meet it wouldn't be easy for them to reduce their expenses to be able to cope with the increasing cost of living. The best option is to try and increase your income if you're not able to cope with the inflation in your country, ordinarily you won't easily see a side hustle to argument your salary but you just have to think outside your comfort zone to find financial solutions to your financial lacks. Learn a new skill, work overtime which can be tiring or change your location to look for better opportunities to survive.

[DYOR+BTC]

The best way to cope about the rising cost if living is by trying as much as possible to increase your income or reduce your expenses, those are the two most feasible ways that I believe for somebody with responsibilities to survive in a harsh economy. For people that are managing their income to make ends meet it wouldn't be easy for them to reduce their expenses to be able to cope with the increasing cost of living. The best option is to try and increase your income if you're not able to cope with the inflation in your country, ordinarily you won't easily see a side hustle to argument your salary but you just have to think outside your comfort zone to find financial solutions to your financial lacks. Learn a new skill, work overtime which can be tiring or change your location to look for better opportunities to survive.

Cutting down expense and Increasing income is a perfect idea to bit the economy's unfortunate circumstances but where the problem lays is how to get the income increasing opportunity because the same hash economic situation have reduced job creation and increased unemployment rate subjecting all to manage the little they have.
Unemployment is a general problem we encounter in this current situation at hand as all government are channeling all attentions on nonsense instead of creating a room that will balance citizens cost of living and make job creation paramount all for no other reasons but just to prove unnecessary points.

[Swordsoffreedom]

The best way to cope about the rising cost if living is by trying as much as possible to increase your income or reduce your expenses, those are the two most feasible ways that I believe for somebody with responsibilities to survive in a harsh economy. For people that are managing their income to make ends meet it wouldn't be easy for them to reduce their expenses to be able to cope with the increasing cost of living. The best option is to try and increase your income if you're not able to cope with the inflation in your country, ordinarily you won't easily see a side hustle to argument your salary but you just have to think outside your comfort zone to find financial solutions to your financial lacks. Learn a new skill, work overtime which can be tiring or change your location to look for better opportunities to survive.

Cutting down expense and Increasing income is a perfect idea to bit the economy's unfortunate circumstances but where the problem lays is how to get the income increasing opportunity because the same hash economic situation have reduced job creation and increased unemployment rate subjecting all to manage the little they have.
Unemployment is a general problem we encounter in this current situation at hand as all government are channeling all attentions on nonsense instead of creating a room that will balance citizens cost of living and make job creation paramount all for no other reasons but just to prove unnecessary points.

Cutting expense and increasing income is not only a good idea, but also the only way to cope with the rising cost of living. Beside these two solution, as citizens and consumer, we basically have no other choice.

But you are right. Increasing your income sounds simple, but in reality, it is much more difficult. I believe everyone know that increasing income is the solution, but it is easier said than done.

[Findingnemo]

If you are feeling the pressure on your finances means you need to make more money, by doing multiple jobs or creating your own meth empire, but bringing in more money is the real solution.

Most of the middle class feels this all the time, and they will keep complaining while nothing really changes; the rat race just keeps on going forever.

To tackle the medical emergency or even death, take the right kind of medical insurance, which many people choose to ignore to save a few more bucks, but when they meet with an unfortunate event, this can be really helpful.

[Felicity_Tide]

If you are feeling the pressure on your finances means you need to make more money, by doing multiple jobs or creating your own meth empire, but bringing in more money is the real solution.

Of course, finding ways to make more money is definitely going to solve a lot of problems rather than trying to adjust spending at all times. For how long do people have to adjust their spending before it dawn's on them that such approach doesn't solve much. I think people just needs to understand that things are not getting better by the day as far as world economy is concerned.

Though, the idea of multiple Jobs isn't easy as well because of high unemployment rates. But for those who can find their way, by either creating the multiple jobs for themselves, or by being lucky, are certainly going to make their lives a bit easier than others that aren't thinking the same. Living a decent average life in times like this, is not a bad choice at all.

[BADecker]

You can find people with machine shops in their garage, who will make parts for your car in trade for something other than money.

[knowngunman]

Apart from trying to have multiple source of income which is also difficult during hard times, the best thing to do is to cut down on expenses. There are expenses we do that are extravagant and unnecessary, which means without them we can still survive. For instance when it comes to feeding, there are some food items that have substitude or alternative which are cheaper. The reality of such times is that you have to adjust but not to eat what won't give your body the necessary vitamins, minerals and other nutrients but at a lower cost. Also in shelter, we have to cut down on luxurious lifestyle and take lesser risky endeavours so that we don't incur further debts.

This is why it's important to have multiple means of income before the hard period comes. When hard time already hit, it's difficult to think straight talk more of getting another source of income at that critical time. Don't wait for that time to get extra source of income, do it when there's opportunity.

Aside getting extra source of income, the best way to cope during economic crisis periods is by setting your priorities straight. Once you know what your priorities are, you'll automatically know how to control your spending. Less important things can be attended to when the economy stabilised. Things that you can not do without always come first. Unfortunately, some people can not even differentiate between what they need and what they want. Consequently, they can not talk about prioritising their needs.

[Doan9269]

Inflation is everywhere and almost every part of the world is being affected currently as we speak, considering the incidence of the ongoing war between Israel and Iran and how the oil price has skyrocketed, many market commodities have increased in their prices as well and some are complaining of finding it difficult to cope because of the inflation.

I know that some country will be seriously affected while some May not see a significant effect despite the challenges around the world, that is why each country have to control and build their economy to a normal standard that can withstand any economic challenges that may cause fluctuations leading to inflation, now you can see that the cost of living is getting more higher as house rent and other daily expenses are increasing.

[HyperCodexV]

When prices increases and our income remains the same, we tend to be anxious and stressed especially if we have a family to care for. As individuals, we cannot curb the rising cost of living but we can actually cope with it.The first step is by accepting the reality which will help you to be calm and when you are calm, you think clearly enabling you to make the right decisions on how to cope with the changes which may include having multiple sources of income, adjusting our priorities and spending habits such as    avoiding          extravagant spending. Also being contented and living within our means may go along way as it helps us to avoid unnecessary debt and stress, also we do well to save for unforseen event such as health issues, lost of job etc.
 

When things get expensive and income stays the same, it’s really stressful.The best way to cope is to adjust and be smart with money. Cut down unnecessary spending, focus only on what is important, and try to have extra sources of income if possible.

Also, saving little by little really helps for emergencies. It may not be easy, but being disciplined and living within your means can make a big difference over time.

[Janette014]

Master adjustment, as long as you can do that, your problem will be reduced by some percentage. The reason is you complain less and accept the change while looking for something else to add up.
Some people might find it very difficult to adjust and cut down how they spend, which might not really be unnecessary expenses but those expenses can also be managed. While others have problems managing finances, this will disturb them more because the economic system is not getting any better.
Multi taxing is another method that will save us in this economy. Don't rely only on your salary no matter how big the pay is. 9-5 workers can still be multitax. Like myself, I have adjusted and am active for business I can handle outside my field and in my field, and this is the only way I am surviving the economy.
In a couple situation non should be idle, if you like your wife to be a house wife, let her be industrious one. Every little income adds up, and nothing goes for nothing. These are some positive methods to survive this economy.

[AVE5]

It has become norms that inflation must come that those depending on salaries or one source of income will suffers it doubling your hustles such as diversifying your source of incomes will give you hedges of earning more profits to balance your expenditures.
You can be able to cope under the condition without a weight down that hurts if you can cut costs of your expenses in other to be sustainable in the long term if only you're an average of less privilege because those who had bought shares on the stocks and techs and real estate business don't feel the shaking instead, the values of their assets increases against the cost of the living.
Life's not for at all

[Bitcoin Maxi]

Human wants are always insatiable but in a situation of increasing cost of living we should learn to prioritize the most necessary or basic needs/wants. Contentment is the life saver here, because with it you will learn to cut down expenses or needs that are not necessary at all. Another is having multiple sources of income and knowing how to manage your funds properly. Also saving even if it small really help most especially for emergencies or unforeseen happenings in the future, above all we should learn to spend widely.