The global economy is suffering the aftereffects of the pandemic. The covid-19 pandemic took a huge toll on our mental, physical, and financial health. People lost jobs and sufferedfinancially. According to statistics, nearly114 million people wererendered jobless because of lockdowns last year. Furthermore, inflation is at a 40-year high in the US.What can one do to make it in these hyperinflation times?
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These are troubling times and finances are a little tricky to manage. If you feel like you keep running out of money and are saving nothing, this post is for you. Follow these tips to learn how to manage your money better to survive in hyperinflation.
Stop Frivolous Expenditure
The economy is bad right now, but the reality is it is going to get worse before it gets better. Financial experts say that a global recession is just around the corner. Spending money on things you do not need, is not a wise decision in such times. Frivolous expenditure is anyways bad, but with suchhigh inflation, it can completely derail your financial stability.
If you have a phone that works fine, do not jump to get the latest iPhone. Instead,use yours as long as it functions fine. Similarly, instead of investing in fast fashion, buy classic staple pieces of clothing that you styledifferently to get different outfit looks. These small frivolous purchases can add up over time and cost you a lot of money.
Set a Budget
You may think that you have a good idea of where you are spending your money but you will be surprised at the small costs that add up if you look at a monthly roundup of your expenditures.To avoid the surprise and manage your money better, set a budget and make a financial planner. This should be the complete breakdown of what your expenses are and how much money you make.
From electricity bills and phone bills to eating out with friends, set a budget for all your expenses. The budget you decide on should be practical. If you set an unrealistic budget, you will simply be demotivated and end up overspending. Therefore, figure out the right amount of money to spend on your needs and wants and save some amount for later.
Sales and Loyalty Programs
Try to find good sales while shopping. This will help you save money on groceries, clothing, and shoes. You can shop at stores that have good loyalty programs and coupons so you can redeem your points and get good discounts.
Look for the Best Value in Products
Do not buy the cheapest product. This may seem like odd advice. Surely, if you are trying to save money buying the cheapest product/service is the best option, right? No, this is often not the case. The cheapest product does not offer the best value at times and you end up wasting money.
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Get a Second Job
Getting a secondary source of income is a great way to improve your finances. If you already have a 9-5 office job, this may seem highly inconvenient. However, in this digital age, you can make money at the convenience of your home. If you have a skill like graphic designing or writing, you can freelance part-time and generate an additional flow of cash. You can tutor people online, teach a foreign language, fill out surveys and enter data to make a good amount of money.
Times may be challenging financially but by taking the right decisions, you will make it through them unscathed. Follow the tricks and tips mentioned in this post to survive the high inflation. Happy saving!