Topic: As an Economist how do you tackle inflation? (Read 143 times)

Well, about the price I really don't think there is anything we can do about it because we are obviously not the sellers or the ones determining the price of goods or food items in the market. I know that some years ago, when money had more value than now and inflation was not really so high, people hardly made budgets because they always had their needs met, still had quite a lot to keep, and also invested some if they had any investment plans. But due to the high inflation rate and fiat devaluation, it is prompting people to be more conscious of how they spend (creating their spending plans) and also endeavoring to make budgets before can begin to fulfill their primary needs.

For me, the way I think I am managing the inflation rate is by making budgets for how I spend. Unlike before, when I would just think I could attend to all needs at once without even picking out the most pressing ones which sometimes lands me into borrowing. Now I usually go for the most demanding needs, and there are some tertiary needs I don't pay attention to because, without them, life still goes on and I still leave comfortably.

Other ways are that I am not only relying on one source of income; I have a business, not only one, and I have some Bitcoin fractions and a few altcoins (yeah, altcoins, but just few). To combat the situation you're taking about, @OP, I don't rely only on one income source; I am always visionary about creating more wealth for myself, so I always look out for anything that can legitimately replenish my account.

I also have a small garden for some vegetables that I cultivated; I planted some potatoes in sacks, some tomatoes, cabbage, pepper, and other vegetables (this is no joke). It has helped save me some money.

Not that I don't still lament about the economic situation, but just that I have identified a few means to manage the situation to not really have a worst impact on footing 👣 my bills.

the answer is investing. you have think long term use leverage properly and wisely and let the compound effect do the heavy lifting. However it is a challenge if you're still starting because you need to make ends meet and consistently invest. You can invest in crypto and put it on yield with great returns. Or in any company that would give you dividends. That way' when you're established, your asset will give you money on yearly or quarterly basis plus its value rising compare to original price when you bought it.


You actually have 2 choices, live the way you want but you have to work double hard to meet your life standards, or live below your means for the time being until you can truly afford the life that you want. In any case, it will always lie down to what philosophy of money and living you are buying into.

Investing is important but it must be critical to make your money work for you. You've worked hard for your money and now your money has to work hard for you. Whether it's investing in gold or bitcoin because both are good for dealing with inflation.

Investing in gold and bitcoin can indeed be considered as a good alternative to deal with inflation. Gold is known as a stable asset and can survive difficult times such as inflation. Meanwhile, bitcoin is a type of cryptocurrency that can also be used as an alternative to deal with inflation, even though the risk is higher due to its high volatility. Regardless of your statement that gold is better than bitcoin, it is important to deal with inflation, we must be smart in taking advantage of opportunities to earn income, namely by investing.

use money for sufficient needs don't look rich with money. storing it in digital assets or with items that will go up in a few years like land, property or gold is the best option to fight inflation. money will continue to be eroded by inflation. we can only think how to make more money with the valuables we currently have.

I try not to keep a lot of savings in fiat, especially local fiat, which is devaluating a lot more than EUR or USD. I also pay attention to prices, trying to substitute the foods that got really costly with some others and exploring new products that I'd normally ignore. For example, veggies used to be very cheap in my country but became a lot more expensive lately, so I started buying frozen veggies more often, even though they weren't a part of my diet before at all. Also, surprisingly, we have cheap ripe avocados quite often now, which was never a thing before, so I buy them more often than I used to.
So to me, it's all about thinking broader, trying new products and dishes and exploring the transformations like that. It won't completely undo the effects of inflation, but it does help to reduce the effects.

Coping with inflation requires discipline, planning, and sometimes sacrifice. It's crucial to realize that inflation is a natural component of any economy and that it's not always feasible to foresee or manage it. Consider options to improve your income, including taking on a part-time work, freelancing, or launching a side business, and rank your costs in order of priority. For individualized guidance on how to handle your money during periods of inflation and economic instability, speak with a financial counselor or accountant. They may provide you more detailed advice that is catered to your particular financial position.

Sit down with yourself honestly and set your spending priorities. Do you really need all these spending? Start cutting out all unnecessary spending, such as parties, trips with friends, eating out at restaurants, and more. Select a healthy food pattern, cook at home, and reduce your expenditure to a reasonable extent. Then you will have a surplus, if you do not have a surplus, breakfast yourself, look for a new job and try as much as possible to avoid having more than one basic job for more than 8 hours. After the surplus is generated, learn how to invest wisely, buy gold, dollars, stocks and bitcoins, and when your money is doubled, buy residential land. And then start your own project as soon as you finish the headache of your daily bills and have a balance of investments sufficient for you for two years.

Inflation is indeed worsening, and it's really noticeable how commodities are getting more expensive day by day. I believe it's not really the individual's duty but the government's duty to find ways on how to deal with high inflation. However, we have no choice but to find different alternatives to lessen our expenses. The only thing I can think of on how I am meeting my everyday expenses is saving. When it comes to buying products, I tend to find the best alternative where it's cheaper yet still has great quality. Also, lessen the expenses especially when it's about buying unnecessary things. Find sidelines so I can earn extra income.

I just realized this while typing this... The things I listed are my sacrifices just to allocate my budget to the rising cost of everything. Also based on others' replies, a lot of us here are talking about reducing their expenses in order to save. Sometimes we even have to be content with lower-quality products just so we can fit everything within the budget.

the effect of inflation could be due to the war politics of government policies, but inflation is only natural, every month, week, it can change, maybe another solution is to increase income. For example investing in bitcoin, becoming a YouTuber, trading online, etc. because we really need to take advantage of increasingly advanced technological developments like today.  In essence, investments must use money management, as simple as that. When you have $ 100, don't invest all $ 100, from $ 100 only 30% is for investment.

Another way might be helped by starting to instill a minimalist life. so no longer buying things you don't need and money that is usually used for shopping doesn't need to be allocated for extra money for daily needs.

I think it's better to save investment with gold. Inflation in the form of money is inevitable. although bitcoin cannot experience inflation but do not know when the technological era will end. just hope that everything will be fine, and the safest is gold in the face of inflation in the future.

Things are becoming too expensive and I had to look for another job to take care of myself and my baby girl. I thought I could sort things out with my main job and my side hustle but I still couldn't handle all my bills. Working double shifts made things a lot easier as I could get extra income to handle things at home. My side hustle is also growing.

Anybody that's been affected by the increase of price of things should get a side job, do doubles shifts or start a business like I have done. It would be very stressful when you start but with time your body will get used to the extra stress and it'll look like a piece of cake.

Generate more source of revenue than now if you want to survive, this modern era is also gave opportunity to make in easy way like take an YouTube kid who is making in millions by simply gaming on his PC so we have to adapt the revolution change and never stuck with the salary alone because its never going to be enough unless you are already having excess of money in your bank account.

1. Don't be too dependent on your government to make the change you so desire in the financial economy system begin by taking a step for your own good first.

2. Investment on assets and not liability, set target and plan adequately in what you're investing

3. Invest in bitcoin which is a profitable asset and currency that can not be affected by the level of inflation ongoing in the world because it's a decentralized digital currency.

4. Adopt the use of DCA dollar cost averaging technique in getting your sats accumulated in other to avoid huge lost on investment

5. Diversify your investment on other profitable assets you know well about

You will habe to maintain a constant and consistent study of the economy and market trends on the investment you've made abd also consider the natural factors that could affect your physical investments.

I simply would go for cheaper alternatives or even used stuff. Plus I would avoid buying things unnecessarily, only buy things according to their priorities.

If foreign rice has gone up so much probably due to exchange rate then buy locally made ones. Or replace it completely with corn, wheat, etc.

If you need a particular new phone due to its quality, go for the used one which could be up to 50% cheaper than the new. Buy used car instead of new etc.

There was a time I wanted to buy an office chair that has exactly what I need, I found some with very limited features and they were quite expensive... I latter got different parts together and gave someone to construct one with the exact features I'm looking for. I ended up paying way less (probably about 85% less) for a near perfect office chair.

As an economic actor, I think that it only needs to continue the work and increase additional income through side jobs, we know that the inflation situation cannot be completed by a group of people, because it is necessary policies that must suppress inflation from the government.
The unimportant cost must be removed for a while, if you find it difficult you can reduce it, if your wife is unemployed, it is better for your wife to find part -time jobs to help you in finance in the family, it will run effectively if husband and wife can work together and both of them generate income to cover their daily needs, and it's the most effective key for the current economic situation.

Currency devaluation is a funny one really, because countries like America and China aim for this all the time. America in particular has sold a lot of debt, so it they're able to make their money cheaper that debt is worth less and becomes easier to pay back later on. However for other countries, who are unable to sell debt in their own currency, having their currency devalue can be devastating especially if they import a lot from other countries and have to pay much more. It's a tricky game.

Tackling inflation comes with a lot of risks and sacrifices. One of the mistakes people make during inflation is to keep money in the bank. The money will gradually depreciate until it becomes worthless.

One of the ways to survive in this challenging time filled with instability is to cut your expenses. Identify areas that you can do without and stop spending on them. Invest in quality and not in luxury. Make sure you buy durable things that will help you save money.

Devising other means of income will also help. Get more skills or qualifications that will enable you to diversify your work and get more income. This will help to handle the high prices of goods.

Investing your income instead of saving in fiat is also important. Investing in real estate or Bitcoin could also be good. Ensure you keep your money in sectors that will stand as a hedge to cushion inflation.

• Save in bitcoin
• Spend on only the things that are absolutely necessary
• Buy in bulk for lesser price and discounts
• Invest more than you save
• Consider to relocate where the rate of living is not very high
• Diversify and have more than one source of income
• Practice contentment

The first thing I will think about is searching for the reasons for the rise of the commodity. Some commodities rise for reasons that cannot be avoided, such as the occurrence of a disaster or floods, poor storage, the failure of the agricultural season and other factors that affect the final product of the commodity, which can be avoided with a little patience.

There are economic reasons, and those reasons can be solved or reduce their impact without the need to wait, such as low purchasing power, taxes, some logistical obstacles, which you can solve by preserving the purchasing power of your currency, either by converting it into dollars or gold, or searching for another state with cheaper prices, or transferring products personally.

Generally, there is no single, perfect solution and you have to research on your own.

You could try and buy in bulk whatever you would need cause todays price would probably not be tomorrows price with the slow but steady rise in prices. Also, I think if you would really want to cut on your spending, then you should do away with luxury goods and items. There are always substitute options to choose from that way less expensive. Do away with widely known brands of items and source for locally produced products which would be cheaper and perhaps has the same quality and standard as the widely known brands.

Even with a college degree, jobs may not be readily available or accessible so the urgent need for skills acquisition. If an individual is armed with the right skills and also knows his onions, that individual would probably have jobs more than he could possibly handle.