There are two types of consequences: if you have money on your bank account they lose their purchasing power because you are subjected to an "implicit tax" because your saving are cut by the increasing in the price level. So you should be able to invest your money in bond or in the Capital market in order to close the gap with the inflation rate.
Obviously investing you can achieve more profits but losses at the same time, due the equation more yield and more risks.
If you want an advice you can just think to invest your money in bond because Central Banks will decrease interest rates in the long run because inflation is falling sharply.
When you save money somewhere, you do it with a purpose. But when inflation occurs, the prices of all goods rise, which is why saving for a long period of time has both pros and cons. So my suggestion is that if you have money to do homework, you can start homework, not finish it but still do as much as you can.
Inflation can affects the majority of our savings and budgeting skills because the amount that we need to spend to buy our needs in life is changing. It is difficult to suddenly change the price of products and services especially if there is no increase in wages, what is happening now is that all values are increasing but there is no increase in wages, how can people save if all income goes to expenses? Imagine those people who's always in their survival mode because of the inflation.