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.
That's great and when you sheet a cash inflow and outflow sheet at your disposal it's easy to track the in the money we spend each month on non-productive activities.
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.
In conditions like this, saving the incoming budget and saving the outgoing budget is an effort that must be made. A balance between income and expenses is needed in conditions like this, because many people will find it very difficult to make money and it can also destroy our unstable income budget.
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?
For me if faced with this condition, I would use an emergency fund instead of having to for sale my assets. Emergency funds are used in conditions like this, while assets are used to be sold when prices rise, that's how I deal with unfavorable economic conditions. When in difficult economic conditions, selling the assets that we have does not necessarily mean that the price can match the expectations we want, so that the accuracy of the assets that we have cannot generate the profit in accordance.