My greatest realization after this is that inflation all round is destroying my budget. It's been five months now. I am torn between using my emergency funds or selling some of my assets to cushion the effect of this economic situation. What do you suggest I do?
The simple suggestion is don't sell your assets, make use of your emergency fund. It is called emergency because of some reason and that is what it is for. Your assets depend on what it is, if land or physical properties it should appreciate high with the inflation, land is not affected by inflation depending if not in swamp area or flooding area. If you are having asset in cryptocurrency be patient for the halving next year but fiat is going to be taken out by inflation you can use it as emergency fund also for your resolving of your emergency problem. Inflation in every country and affect average people more than rich people.