How to Manage Your Money During Inflation

[Nomad]

When there is an inflation, the purchasing capacity of the money reduces, which means you cannot buy the same thing with the same amount of money that you used to previously. Since companies are also making less money during inflation, there will be job insecurity, you are likely to lose the job or get salary cut, so the average person's buying power is also reduces. In a situation like this, how do you manage your money?

 

[Suba]

When inflation occurs, the price of basic necessities will skyrocket, so the first thing you have to do is reduce unnecessary expenses, when inflation occurs, secure your savings in hedge assets such as gold, property, etc.,

 

[Starmix]

Inflation is with us for many years however it's getting scarier at this time. This affects global crises plus the war that seems forever. So each of us must change the usual route like overspending by making adjustments. Cutting the unnecessary things is one strategy to avoid wastage, thus money will not be wasted wrongly. Self control is vital.

 

[Springtime]

When the inflation rate is high, you should not just keep your money in savings account. You should identify investment opportunities with returns higher than the inflation rate.

 

[Augusta]

Keep the money you set aside for the future in an account that earns interest. Identify expenses that can be trimmed by tracking your spending.

 

[Fidelia]

For me, I would just convert my savings into tangible assets like gold and hold during inflation.

 

[Augusta]

Identify expenses that can be trimmed by tracking your spending. Focus on paying down variable rate loans.