Topic: how to survive inflation and economy hardship - page 3. (Read 1115 times)

Cutting down on food will solve no problem, it is simply a case of suffering and smiling or enduring in the midst of hardship. Food is a basic necessity, therefore cutting down on it is not a solution.

During inflation,  salary earners with no significant increase in their salaries suffer due to over dependence on their meagre earnings. During this period, people tend to cut down on so many things that are not necessary, but this is not just enough.  The period of inflation and economic hardship is the time to diversify and look for means of increasing your income instead of relying on one source of income alone. There are so many means of earning more income legally without stressing yourself out physically, emotionally and financially,  all that is needed is the right information. To survive this period,  you must be smart and creative.

Cutting down on expenses and looking to increase the flow of money towards you is something that should go hand in hand. You will have a chance to increase your wealth when you get a high-paying job and effectively cut costs on your day to day expenses. Of course, it's easier said than done due to the recent changes in the job market plus the continuing effect of inflation towards goods.

What I did is I tried to expand my skillset given that I'm in an industry wherein the progression is linear. You will literally have to wait for years in order to be promoted or to become senior in what you do. It's a tough industry, and one that I thankfully managed to climb some ladders on, but I still think that due to the very narrow skillset that I have and the very few available jobs in the market looking for the skills that I have, should my company decide to close down for some reason or I get fired, I wouldn't have that many places to go.

I tried studying online and working on side projects to enhance my skill. Luckily, this somewhat paid off and I have a few gigs here and there to support my income. Now I'm not broke by any means, I just think it's not wise for a person to just be contained in one single skill that he knows for the rest of his life due to the amount of people being released in the job market with equal or even more experience than I do.

I agree with this that we must continue to improve the skills and abilities that we have, because this is the best way for us to continue to develop or simply maintain our position, both in the career world and the business world that we are currently involved in. because if we are too lazy to hone the skills and abilities we have, then be prepared to lose the job and business you are working on. In the world of careers, so that our careers can continue to develop, try to become someone who is irreplaceable and needed by the company where you work.

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Food is a necessity, and we spend a lot of money on it every day. And buying enough food according to our needs is one way we can minimize our expenses every day. But I think, so that our expenses for daily needs can be minimized better, and live more economically, we not only have to pay attention to what items we buy, but also where we buy them. Because quite a few people, just because they follow their own prestige, are willing to spend a lot of money to shop at supermarkets, even though if they are able to lower their ego a little and decide to buy their necessities at traditional markets, they can get these purchases at a reasonable price. which is cheaper.

And talking about investment, many people think that one way to survive inflation is to invest.

Frugality is the only solution in situations like this where, as mentioned, the mismatch between income and expenditure is always a major problem. As you said, reducing expenses is the main way that is quite effective and not too difficult to do but not by reducing the portion of food, because obviously when you make this idea as a way to save then there is a possibility that in the end you will even cause new problems such as falling ill because of reducing the portion of food you need, This means that the problem of food consumption should still be prioritized but not too much too, or the point is not to get used to consuming luxury foods such as going to restaurants just to eliminate hunger because there are still other ways, namely buying groceries at the market and then cooking it yourself at home where the idea can save you more money than going to a restaurant.

There are still other things such as buying something like clothes or other things that are in accordance with your needs without any excessive or wasteful elements in it, and another thing is that it would be much better if you try to build a place that has the potential to make money such as starting a small trade that does not require too much capital, so balance will always be obtained when you are smart enough to handle it.

Just as pooya87 nail it, that cutting down ones expenses generally is the only solution not only food in particular as used by OP, but perhaps I will always  agree with the fact that whatever hardship a state and/or country faces is the result of poor governance or poor governmental policies.

A lot of countries battle this same act of intentional printing of money just to fill up the gaps in the system hence for the people not to put all blames on the government for not taking good care of the citizens, so the tend to increase the number of paper money (fiat) thereby causing more inflation indirectly.

It takes only a philosophical government (critical thinking government) to put a countries monetary policies to a favourable condition towards the citizens, a lot of money goes into unnecessary things while the real problems of the people remains unsolved, using my country as an example; some times I do notice that a new governments agenda is always geared towards building new roads (infrastructure) mean while the have other basic infrastructures that sre necessary than renewing an already existing road, hence must uses such opportunities to launder a lot of money to their own pockets.

In conclusion, since a one man decision can not change the entire system (government) then it's will best for one to look for alternatives to live a better life like, have another source of income adding to the already existing one or better make investments that can be yielding extra money to ones life in order to cope with the inflations.

If there is inflation, there is going to be high cost of items and that means you have to improvise as a person and you have listed some of the best ways but I think your solutions are a bit awful and harsh. You don't cut down the rate at which you eat but you can go for alternative of some food that you know are expensive. If you eat meat very well and it's expensive, you can go for alternative like fish or even chicken. If you used a particular type of oil, there would be alternative that will b less cheaper and very quality but maybe the brand might no be popular like the one you use often.

When there is high cost of things, you also need to cut down on things that makes your bills expensive, if you the kind of person that do plenty of give aways and spend money recklessly, this is the time you close those typebpf lifestyles until everything becomes normal and also learn to invest for times like this.

Having several sources of income will of course be able to help us to survive inflation, but we also have to be able to manage the income we have well so as not to use the income we have uncontrolledly so this will still make it difficult for us to face inflation because No matter how much income we get, if we cannot manage it well, of course we will still have difficulties in various situations.

That's right, if we have skills that can give us income, of course this will be very useful for us to be able to increase our income, but if we don't have skills that can give us income, of course we have to be able to try to find a field that we like. and study it well so that we can survive in an inflationary situation.

Being a father who has big responsibilities towards the family is much more difficult because currently earning more income from the work they do seems much more difficult. People experience layoffs at work and it is difficult for them to find new jobs in bad economic conditions, which will affect sources of income resulting in difficulty in making ends meet.

If we don't have a life map in planning our lives then in conditions like this it will be difficult, workers' wages will also not be able to cover the large expenses because many commodities are increasing so rapidly. If the source of income is unstable it will make life more complicated and we will be faced with much bigger problems. Large responsibilities to the family that we are unable to fulfill will create much greater pressure and responsible men must have a solution to deal with this condition.

We have been dealing with inflation for several decades, but by God's mercy, we are still able to survive because we ourselves are finding a way to survive. We don't let it be the only source of income that we can do; as long as we can find a way to earn something, it's fine with us.

If we have many skills, it won't be difficult to find a way to take advantage of the skills we have. If you don't have any skills, there is still a way because, even if you don't know anything, if you are determined, you can sell because, in the first place, it is still noble. which can be considered a sideline.

It is very important for one to have another source of income and not to keep depending on just a source of income to survive in the crypto market. The inflation is one of the problem many businesses do face at this time making things to be difficult but everything can be regulated if the government can come in and try to step down prices of goods and services. There are businesses facing challenges and I'm inflation could make it very hard to make profits. One of the ways one can survive especially if we don't have a business we own is by saving for better opportunity to get some good amount of money to start a business.

*Learn how to save
*Find other jobs or side incomes
*Spend wisely
*Lessen luxury spending
*Be practical
*Invest or make a business

No matter what are the things that you would gonna tend to do then it would really be something that needs to be at least realistic or something that you could be able to attain.
Since we are wary on how this shit economy behaves or works then it would really be that a common approach that you would really be needing up that kind of adjustment
on which this is something that you would really be needing up to do so that you wont really be finding yourself on a hard or tough condition when things
becomes even more messy. You wont really be able to survive if you wont really be finding up ways or methods that be progressive.

And getting additional income is very important because the economic situation of our countries now deserves more than one income, When you are a family man, it is even more challenging than for those who don't even have a family to take care of, The world is dynamic, as we all know and we have to follow it as it changes. Inflation has affected so many things from the beginning, and we have all experienced the way the price of commodities and services is going up. and the amount of money paid by the employers is usually very small, the purpose of it won't even meet your needs. If the idea of multi-earnings comes from you, you can have an actual job and then make an investment so that you don't get yourself worked up just because you want to make money. When things turn out this way, you have to plan and have a map of direction to give you proper guidance in making your decision.

Everyone needs additional income if they want to live well, especially when the responsibilities we have are too big. Inflation conditions will affect many things and if our income is small it will actually be problematic because meeting life's needs will become increasingly difficult. Additional income is an effort that we can apply to investment and business development because the more income we get, the better life we live. The problem is how can we reach the stage of seeking more income because in inflationary conditions it will be much more difficult for us to implement.

Therefore, we must have a plan in how we live our lives, how we can prepare ways to earn more income. This preparation must be done as early as possible and it cannot be done when inflation occurs, so people must have preparation in carrying out their lives, especially when it comes to financial matters.

By only having one income, of course it will be very difficult to survive inflation. Of course we have to think about other sources of additional income so that we can survive inflationary conditions and if we don't have the skills that can generate additional income, of course we have to learn the skills that suit our wishes. us and when we become experts in this field of course this will be able to help us to have additional income of course this will help us to be able to survive the inflation situation.

If you can make a profit from crypto, of course this will really help us to have additional income and by getting dollars as you said, of course this will increase the income which can be used for the needs we need during inflation, because if we only Having just one source of income will of course be very difficult to meet the needs we need and it is possible that we will have to save money because the income we have will not be enough to survive during inflation.

Bringing down the value of goods and services can add value to our currencies I agree with that, but it cannot be easy to do in a country where there is inflation and the country is mostly dependent on importation from various countries which stable economy and stable currencies.

 Mostly salaries are always not enough to care for civil servants needs. In my country, you can never depend on your salary because it will not be enough to cover your needs that means you cannot be able to save from it, unless you have ways of getting money outside your salary.

Exactly. You need extra income to be able to survive this inflation and you can be able to get this through learned skills and tech.

Based on my experiences, since I am just an average guy, the need of extra source of income is a must to survive inflation and economic hardship. Cryptocurrency is also one of those options or maybe if you have freelancing skills you can earn dollars which is for me much stronger than most local currencies in third world countries like mine.

the best option out there if we are coming from poor country is to seek opportunity oversea that is through the legal way, by honing the skill we might have such opportunity remember that skilled people always paid a ton because their sole existence could contribute to the field that they are talented and skilled in.
if the country is poor in the first place, just holing up in there not trying to find another better opportunity might seem to be a massive waste and personally I don't think thats even good for us in the long term.
finding opportunities overseas might be tough, heck, even freelancing is already tough as it is to find client from overseas but at least its worth a try, it might be life turning decision.

It is not easy for anyone in this economy irrespective of  how much one is earning because the standard of living is very much expensive and I think one needs to adjust in the way of spending to meet up in this economy. For those that their earnings are not much it is important to stop some certain lifestyle  and remain discipline,  it will help in saving more money for one to be able to meet up financial demands  in the future.

During hardship like this it is also good for one to try as to get others source of income. There are so many things to engage into to generate money, doing this can also help one to survive this difficult economy.

Who issued the curse if I must ask and who will break it? I don't see it as a curse but a manmade/man-caused problem that is plaguing the economy and welfare of people in an economy. Inflation and economic hardship are not even the same thing because a country could be facing inflation but still not poor/economically challenged, and with the right handling and policies by the responsible government, they will get out of the woods pretty fast. In many cases, even when inflation is bitting hard, the level of unemployment could be so minimal. In this situation, if it is a good country where the system is well planned and working fine, the citizens/residents could only be feeling the pains of paying more but would still have the money to pay for their needs and also have excess to save.

You can see in this situation, there is no economic hardship, but people mistake inflation for this which is not an automatic correlation. Above all, if there is inflation and/or economic hardship, we should try to live within our means, and if we feel the economic inconvenience, we should increase our source of income.

Even if that's the case, it's a better thing to still be prepared for it and know what to do when the time comes and inflation is just too much too handle. I can agree with you about the investment part, there's no way that you can beat that one, investment is growing with the inflation and more so basically you're saving yourself the headache of having more fiat that's less valuable than last year. I see the sentiment that it might not be affordable to some people but with bitcoin, I think that it would be not a problem because they can just easily buy little by little and at the same time make it so they're slowly accumulating, what matters with bitcoin after all is you're investing, you might not see it at first but when you get used to investing in bitcoin through DCA or any other methods of investing, you will eventually notice that your investment is growing in price and wouldn't you know it, you've made a profit.

In practical terms though, I think just reducing your expenses on the luxurious stuff would be able to help you the most, now I'm not talking about the most minimalist living that you can be but you just need to be spending less and that the money that's coming in would be more than what's going out.