Everyone is talking about inflation even prior to the start of 2023. The real question is – how to survive through inflation, where most of the tech giants are cutting off on their employment. We are not sure if our jobs are secured. In this situation what are the steps we need to take to secure ourselves and our families.
Currently, the inflation is rate is going above 8% (and varying) which is also a 40-year high. This means that what you bought at $100 last year will now cost you over $108. Well, that sounds terrifying! Also, this isn’t something which anyone would like to face with their families and children.
How to Survive Through Inflation – Overcome the Fear of Inflation
The effect of inflation can be easily seen on gas prices, groceries and many more.
First of all, we need to accept that fact that inflation has come through and that we need to prepare ourselves and our family for this. Just remember, the sooner you accept, the better you can handle it.
In this article will be discussing how to survive through inflation in day-to-day life. Hence, Let’s start!
1. How to Survive Through Inflation – Plan Your Daily/ Monthly Budget
Do not be an impulsive spender, which means you spend without thinking or keeping a plan. It’s difficult to keep a track of your expenses but yet important step towards planning your budget.
A very good old school idea is to note down all the expenses at the end of the day (even smallest of the spending). This helps you to know at the end of every week or month the extra or unnecessary expenses and then eventually you can cut down those to save a few bucks every month.
But even though you plan a lot, at times the extra expenses come out of nowhere and it ends up as a necessity to spend on such occasions. However, a little bit of planning can help you save money for such unfortunate occasions.
2. Reduce Unnecessary Expenses
Once, you note down all your expenses, it helps you recognize the unnecessary spendings and hence, you go ahead of the planning. Check your priorities and create a notepad where in it can mention the important things, such as groceries, school fees (if you have kids), gas and house bills and so on.
Also, you need to sit and make a list carefully. Later, you can keep the money aside which is meant to be spend on these important things and save the rest.
There are so many people who can cut down on major expenses and still live a happy life if they just follow these simple methods. Afterall, we all pay for many things which we don’t really require.
Also Read: Small Business Ideas From Home In India For Complete Beginners
3. Try to Increase Salary/ Change your Job!
There is no better excuse to negotiate your salary than at the time of inflation, where everything is getting costlier. Don’t you think your salary should increase too?
All you need to do is talk to your senior/HR and ask for a hike in the salary. If it goes as per the plan, very good, else you might just think to switch for a better PayScale.
A large percentage of people who negotiate for their salary do get what they are looking for and hence, you can too.
Investment might not be a very good choice at the time of inflation as all the prices may be up but why should you always wait for inflation to think of investment.
A better investment can always fetch you a good life and can fulfill all your requirements. Hence, always keep looking for better investment opportunities. It can keep you at a better place where others might be suffering for not taking a good decision in past.
There are numerous short- and long-term investment opportunities including, real estate, stocks, precious metals, Fixed Deposits, Recuring Deposits, SIPs and so many others.
Consider going for these at the right times.
You can check for few good investment plans Here.
5. Boost Income Sources
Warren Buffet said that it’s always a good choice to keep more than one income source. Hence, keep looking for other sources that you can do in your free time or things that won’t take much of your time but can still generate you a good income.
For example, you can opt for stock market, teach online in your free time, write blogs or even start a new startup if you have a little money with good ideas.
Inflation is a tough period for all, including individuals and companies but its up to us how we deal with it.
This period will pass but whether it will be a good period for you or not will depend on how you plan things.
As You can see above, there are various ways you can deal with it and keep yourself and your family safe from these unfortunate and unexpected periods.