I reluctantly followed the counsel of a financial advisor to fix my finances in order by creating a budget and tracking my expenses, inflow and outflow of cash using an excel sheet. The economy has been crazy in my country so I needed to do something urgently. 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?
Well I guess it is not advisable to use emergency funds or neither sell your assets to sustain your financial needs unless it is absolutely necessary and you don't have other options. Emergency funds should be used in case of unforeseen circumstances such as medical emergencies or job loss. Selling assets can also have long term consequences on your financial stability. If you really have no other option maybe you can use it but of course you need to find solution to be able to replace the money you borrowed from your emergency funds, while for the asset if you sell it would be harder to replenish it. Better yet find a side job or a job that would sustain your needs or create a profitable business if you will sell your asset so that you can earn better and save to be able to buy another asset.