Post
Topic
Board Economics
Re: how to survive inflation and economy hardship
by
sekalitas
on 03/04/2024, 06:34:13 UTC
Sometimes looking towards increment in salary wouldn't solve our problems.Over the years there has been hardship in the economy all over the world, and people complain on how to increase there salary or have other alternatives of getting more funds, and even when they get what they desire, they still complain that since their source of income has increased, there expenses has also increased. But I think that people needs to control the way they spend, in other to be able to save more. If paraventure we decided to spend according to how we earn without reducing the level of spending, we may end up not being productive.

For me cutting down expenses would be another way of adding value to our money. Like cutting down the rate we eat, for those that spend alot on food, you can do better without over eating. the way we buy unnecessary items that has no value, when we have other useful things to do with money. So  lets focus on the top priorities, expecially things that will bring more Money.

What do you guys think about this? Would this be helpful? And what do you think will help us in this time of economic hardship?

Am sorry I have to change the topic of discussion from how to reduce inflation to how to survive inflation and economic hardship sudjested by sokani.

I think your suggestions are very helpful! In addition to cutting expenses and focusing on priorities, there are several other things we can do to weather economic hardship. Building an emergency fund, even with small contributions, offers a vital safety net for unexpected situations. We should also look for ways to increase income, whether through side hustles that leverage our talents or confidently negotiating a raise at our current job.  Tackling high-interest debt is essential, as it can significantly drain our resources; strategies like the "debt snowball" or "debt avalanche" can guide us toward becoming debt-free.  Shopping smart by comparing prices, using coupons, and considering secondhand options saves money. Finally, reaching out to our community provides support, access to low-cost events, and potential resources from family and friends during difficult times.