Increasing cost of living - how can we cope?

[L E G E N D A R Y]

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.

Debt are good, if one uses it for a better purpose as you have earlier stated, but repaying it can be a tough thing, which can delay their plans, because as it has its own advantage, so does it also have its disadvantage but it necessary for one to repay back, because that's your obligation which you are to entitled to obey it.

[Lida93]

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.

Debt are good, if one uses it for a better purpose as you have earlier stated, but repaying it can be a tough thing, which can delay their plans, because as it has its own advantage, so does it also have its disadvantage but it necessary for one to repay back, because that's your obligation which you are to entitled to obey it.

Taking a debt for the right reason is never a bad move except for when you're doing it to spend on what doesn't have the potential to generate returns and with a high risk of nuking the investment in which you offloaded the loan funds into. Before you uses a loan funds to do a business or make an investment you must have to critically assess what you're about to launch onto, because if what you used the loan funds for can't generate returns to be used in repaying off your debt gradually then that's a bad debt.

[POPOLUV]

These cost of living, is the major problem that the society is facing right now and yet the cost of living keep increasing day by day and due to this increase of cost living i do ask myself this question, were are we actually heading to in this world, because people that can't afford the increase of cost living end up giving up themselves of pushing forward and why some them end committing crimes just to up the same cost living, my advise always remain on how to cope and survive in this world, is that we should never ford our hands and seat down to wait for change to come to us, should always acquire skills and invest with the little we have and push consistently for a better future.

[Muba20]

In such a situation, if someone is restless and agitated, then it is difficult for him to survive. If he has to survive in this situation, then a person has to work with prudence. It will not be possible to solve any problem by getting excited, rather the problem will become more complicated.

Generally, when the amount of expenditure is high, a person must earn his expenses. Except for something that is very necessary for life, one has to stop spending. It may not be possible to survive in that situation by just reducing the expenditure. And for this, if one has to change his position, then the person must definitely find a new job, that is, increase the source of income. If the source of income increases, it is possible to change his position from that situation.

[GiftedMAN]

Taking a debt for the right reason is never a bad move except for when you're doing it to spend on what doesn't have the potential to generate returns and with a high risk of nuking the investment in which you offloaded the loan funds into. Before you uses a loan funds to do a business or make an investment you must have to critically assess what you're about to launch onto, because if what you used the loan funds for can't generate returns to be used in repaying off your debt gradually then that's a bad debt.

Firstly I do support running any business with borrowed funds or loans because in business you either succeed (make profit) or you loss. If you fund your business with loans you are going to be scared of taking certain decisions cause you wouldn't want to lose the money because you have no guarantee of what you are investing in. But if you have a business that has been in existence and making good profit if you need to execute a deal you can take a loan since your business can bring the amount you need to pay back your loan.

[Agbamoni]

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.

Sure, debt is not a financial mistake, it is a good strategy to cope during times when your income cannot fill in. But debt can in turn become a regret if you do not use the money for the right purpose. And again, if you do not have a partocular amount you are expecting that will immmediately pay the debt for you, it will become a problem as interest will keep adding if you dont clear the debt.

[free-bit.co.in]

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.

Sure, debt is not a financial mistake, it is a good strategy to cope during times when your income cannot fill in. But debt can in turn become a regret if you do not use the money for the right purpose. And again, if you do not have a partocular amount you are expecting that will immmediately pay the debt for you, it will become a problem as interest will keep adding if you dont clear the debt.

Debt is seen as a strategy, a financial leverage tool that many businesses use. However, it is a double-edged sword, and whether it brings benefits or risks will depend on the strategy and plans of each individual or business.

You need to have clear plan and goal, as well as backup solution in case of failure, before borrowing money to start a business. Do not borrow money just because you see other businesses or individuals doing so.

[Queen uloma]

Reduce unnecessary spending. Don’t rely too much on the idea of permanence. The job you have right now may not be the one you’ll still have months or years from now. And with the added risk of prices of goods rising, it’s not the best time to take expensive vacations or buy luxuries items.

One thing I have understand about life is that life isn’t stable, so spending money like everything about life is guaranteed is unwise. Whatever job you’re doing today might not last forever, things may likely happen in the company whereby the company need to remove some workers or situation can just turn around and you’re left with nothing. Reducing unnecessary spending is a very wise decision to make, because it will help you save more for bad days. I have friends who like going to expensive places, buying expensive clothes and all the rest, meanwhile they have zero savings, which is very bad. I’m not saying it’s bad to enjoy but learning how to save more and spend less is better for the sake of the future. Especially now that things are costly, it’s better we live with our means and save for our future. Don’t depend on today’s comfort like it can’t change, because life can surprise anybody anytime.

[Dunamisx]

There's nothing we can do about this incidence of inflation over the economy because it has always been the same over the years, every one of us should know what is ahead of us and also prepare another not to be grounded in disappointment because they won't be anyone to be responsible for us when we are unable to afford a living, therefore we should think outside the box and ensure that we are self-dependent when it comes to what we do to earn a living.

[Franklyn-wood]

Honestly, the best thing to do is try to cut down on unnecessary expenses and focus more on saving. Because as it stands now, prices are going up everywhere and it is affecting almost everything, so we just have to be more careful with how we spend. It also helps to prioritize important needs and avoid spending on things that are not really necessary. If possible, finding small ways to earn extra income can also help. But overall, managing what you have wisely is key, because we don’t really know when things will get better.

All you have said is true.
With the way things a going now it begin to down to everyone that the increase in the prices of good and service are becoming a global experience and it is not just on one country, but a becoming  a global warming experience.
Like you have rightly said, what everyone should do is to cultivate the habit of living within there income, as this will go a long way to start pursuing shadows. This current economic status also will help to increase intellectual abilities in people to think above there comfort zone, to make sure that extra income is achieved.

[Abdulzuruku01]

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.
 

This Is important aspect to be much concerned on, because we never know when this hardship will end. And my problem with some people is that we too like fake and expensive life which is among the reason why it will be very hard for some people to manage themselves and adapt with this situation.

Though it depends on the responsibility and the location you are, but as a civil servant that earn some money in a month ideally you should be investing some percentages to other businesses, that will help a lot to cope with this high inflation.
In addition, even if you are not a civil servant you can't beg and wait for any body to put food on your plate, search for a job or hand work that will easily earn you money in other to survive the current situations.

[passwordnow]

Debt is seen as a strategy, a financial leverage tool that many businesses use. However, it is a double-edged sword, and whether it brings benefits or risks will depend on the strategy and plans of each individual or business.

It is a double edged sword when not used properly. Those businesses that are using debt to leverage and scale, they've got good cash flow and they can afford to do it. But people think plainly about asking for a loan and then using it to do business. They're wrong in that thinking because they thought that it's simply as that. But, little did they know that's not how it goes for using debt to do business. Usually, these borrowers have already an established business and they're taking advantage of it and the banks are the volunteers offering them to take a loan because they've seen financial capital on them.

[Iranus]

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.

Debt are good, if one uses it for a better purpose as you have earlier stated, but repaying it can be a tough thing, which can delay their plans, because as it has its own advantage, so does it also have its disadvantage but it necessary for one to repay back, because that's your obligation which you are to entitled to obey it.

Debt is never a good thing, even if you use it for good and legitimate purposes like starting a new business or expanding an existing one.

It is only a temporary acceptable solution and should only be considered if you do not have enough capital or if there are no better options. Because there is no guarantee that your plan will succeed. And once you fail, that debt immediately becomes a burden that can drag you down into the abyss.

Debt is not necessarily a bad thing, but it should not be abused and should only be used as a last resort.

[Joy- maker]

In some countries there is increase in cost of living, but salaries remain the same, example of such country is my country. in the country where i came from the cost of goods and services keep on increasing, but civil servants' salary never gets increased in other for it to get balanced. I know some people will say go get more source of income, guys even if you have multiple sources of income, it won't change anything because the cost of goods and services keep on increasing. And what marvel me the most, is the fact that whenever price of goods goes up it never comes down, and the government expect us, the citizens to cope with it like that.

[Mr Reporter]

Taking a debt for the right reason is never a bad move except for when you're doing it to spend on what doesn't have the potential to generate returns and with a high risk of nuking the investment in which you offloaded the loan funds into. Before you uses a loan funds to do a business or make an investment you must have to critically assess what you're about to launch onto, because if what you used the loan funds for can't generate returns to be used in repaying off your debt gradually then that's a bad debt.

Firstly I do support running any business with borrowed funds or loans because in business you either succeed (make profit) or you loss. If you fund your business with loans you are going to be scared of taking certain decisions cause you wouldn't want to lose the money because you have no guarantee of what you are investing in. But if you have a business that has been in existence and making good profit if you need to execute a deal you can take a loan since your business can bring the amount you need to pay back your loan.

Honestly speaking why would someone ever think of such to happen by using borrowed funds to start a business like what hard earned risk is that already…firstly the person most be sick in the head to think of such investment having to use borrowed capital to start a business put you at a disadvantage well even though in business it not good to calculate failure it always good to have positive mindset about your investment well thing can really go upside down sometimes that just the rules of life thing are not always might to go right all the time…the disadvantage are higher talking about the interest of the loan that still an upside down issues…

[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.

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.

If expenses are made according to our daily desires of life it can never be easy to meet up based on the constant increase in the cost of commodity, so to balance the situation i think the need to introduce the cost cutting procedures that helps to balance once expenses in accordance to the level of income one receives.  But honestly speaking i think it is the best time for this constant inflation to be controlled and cost of living brought back to normal

[AVE5]

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.

Debt are good, if one uses it for a better purpose as you have earlier stated, but repaying it can be a tough thing, which can delay their plans, because as it has its own advantage, so does it also have its disadvantage but it necessary for one to repay back, because that's your obligation which you are to entitled to obey it.

Taking a debt for the right reason is never a bad move except for when you're doing it to spend on what doesn't have the potential to generate returns and with a high risk of nuking the investment in which you offloaded the loan funds into. Before you uses a loan funds to do a business or make an investment you must have to critically assess what you're about to launch onto, because if what you used the loan funds for can't generate returns to be used in repaying off your debt gradually then that's a bad debt.

Loaning is proportional to empowerment because, you can take a loan for invest with it in with the goal of making incomes while the obligations to repay is certained.
While we're also borrowing to invest, let the consciousness that we embark on that investment with borrowed funds be a steady ring tones on the head so that we can be more extra careful as we undertake the investment risks because it's of no doubt if I say that every investments has it own potential risk even though it may be or seem profitable.
Don't forget that there's also a level of potential risks in borrowing and to invest because when you don't have backup plans it feels very awkward to undertake.

[Rabata]

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.

Debt are good, if one uses it for a better purpose as you have earlier stated, but repaying it can be a tough thing, which can delay their plans, because as it has its own advantage, so does it also have its disadvantage but it necessary for one to repay back, because that's your obligation which you are to entitled to obey it.

Taking a debt for the right reason is never a bad move except for when you're doing it to spend on what doesn't have the potential to generate returns and with a high risk of nuking the investment in which you offloaded the loan funds into. Before you uses a loan funds to do a business or make an investment you must have to critically assess what you're about to launch onto, because if what you used the loan funds for can't generate returns to be used in repaying off your debt gradually then that's a bad debt.

Loaning is proportional to empowerment because, you can take a loan for invest with it in with the goal of making incomes while the obligations to repay is certained.
While we're also borrowing to invest, let the consciousness that we embark on that investment with borrowed funds be a steady ring tones on the head so that we can be more extra careful as we undertake the investment risks because it's of no doubt if I say that every investments has it own potential risk even though it may be or seem profitable.
Don't forget that there's also a level of potential risks in borrowing and to invest because when you don't have backup plans it feels very awkward to undertake.

Certainly, taking a loan for a profitable investment is acceptable. When people do not have enough money to invest, taking a loan can certainly be a profitable project for them. Although there is a risk for the investor after taking a loan, if someone takes a loan considering the possible risks, that loan can bring profit for him.

Loans have a negative impact on those who invest the loan money in a project from which there is no possibility of making profit. Especially if someone buys luxury goods with a loan or if someone gambles with a loan in the hope of profit. Naturally, any investment has risks, but if someone spends the loan money on profitable and reliable projects, loans can bring benefits for him.

[Queen uloma]

These cost of living, is the major problem that the society is facing right now and yet the cost of living keep increasing day by day and due to this increase of cost living i do ask myself this question, were are we actually heading to in this world, because people that can't afford the increase of cost living end up giving up themselves of pushing forward and why some them end committing crimes just to up the same cost living, my advise always remain on how to cope and survive in this world, is that we should never ford our hands and seat down to wait for change to come to us, should always acquire skills and invest with the little we have and push consistently for a better future.

It’s true that things are more difficult than before. Transportation, rent, food etc, has now become too expensive, making people to be frustrated.  just like you said, some people are even losing hope or entering into illegal activity just to survive. I feel pity for those who engage on illegal activity just to survive because it will surely lead them to more bigger problem later. The truth is that, this situation is testing everybody’s patience and strength. I really love your advice, because for me I don’t believe if change will come, with how things are going, young and vibrant youth, should acquire skills and invest with the little they have to secure their future, it’s better than doing nothing.  Also people need to learn how to manage, spending unwisely is very bad, plan ahead and try to save if possible. We should also try to help one another, whether your friends, and family it will help reduce pressure.

[Lida93]

Snip

Firstly I do support running any business with borrowed funds or loans because in business you either succeed (make profit) or you loss. If you fund your business with loans you are going to be scared of taking certain decisions cause you wouldn't want to lose the money because you have no guarantee of what you are investing in. But if you have a business that has been in existence and making good profit if you need to execute a deal you can take a loan since your business can bring the amount you need to pay back your loan.

Honestly speaking why would someone ever think of such to happen by using borrowed funds to start a business like what hard earned risk is that already…firstly the person most be sick in the head to think of such investment having to use borrowed capital to start a business put you at a disadvantage well even though in business it not good to calculate failure it always good to have positive mindset about your investment well thing can really go upside down sometimes that just the rules of life thing are not always might to go right all the time…the disadvantage are higher talking about the interest of the loan that still an upside down issues…

Preferably, a lot of people would rather prefer to invest borrowed funds in order to secure some profits that would aid in the repayment of the funds borrowed, actually it seems like a sick idea but it's somehow safer in all ramification, think about it, what else could someone do with a borrowed fund if not investing it judiciously, individuals do approach financial institutions for loans, nations approach other nations for loans to invest in critical sectors of their economy in order to create jobs and further boost the economy, in my opinion borrowing to invest isn't as bad as it seems if you know what you doing.