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?
It is really to create a budget and tracking expenses if there is an economic crisis. With the inflation happening all over the world the prices of necessities increase drastically and it is really hard to adjust in that kind of situation. With that crisis our budget is suffering and even our normal salary cannot sustain our daily needs because of that price increases. If you will use your emergency fund make sure that you will replenish it or return back what you had used. Or you can find other source of income to be able not to use your emergency funds. For selling assets i will not agree with it unless you really cannot sustain your daily needs.