how to survive inflation and economy hardship - page 6.

ancafe

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Quote from: Pi-network314159 on April 01, 2024, 06:30:11 PM

For me cutting down expenses would be another way of adding value to our money. Like cutting down the rate we eat, for those that spend alot on food, you can do better without over eating. the way we buy unnecessary items that has no value, when we have other useful things to do with money. So lets focus on the top priorities, expecially things that will bring more Money.

What do you guys think about this? Would this be helpful? And what do you think will help us in this time of economic hardship?

If we talk about individuals, the only way to reduce the impact of inflation is by saving expenses and we can look at other sources of work to make money. But if you look in general, it is the government that can reduce the impact of inflation because they have a much bigger responsibility. Each individual must prioritize spending that is much more controlled by cutting unnecessary purchases so that when inflation occurs they can balance income and expenses.

Inflation will make things complicated, for example the price of goods will rise uncontrollably and people's income will remain the same as usual, so in these conditions people must be able to make adjustments. If people are unable to balance money on buying things they need, their income and expenses will become unstable, which will affect the financial resources they get to meet their living needs.

KupaCrypto

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Quote from: Pi-network314159 on April 01, 2024, 06:30:11 PM

Sometimes looking towards increment in salary wouldn't solve our problems.Over the years there has been hardship in the economy all over the world, and people complain on how to increase there salary or have other alternatives of getting more funds, and even when they get what they desire, they still complain that since their source of income has increased, there expenses has also increased. But I think that people needs to control the way they spend, in other to be able to save more. If paraventure we decided to spend according to how we earn without reducing the level of spending, we may end up not being productive.

For me cutting down expenses would be another way of adding value to our money. Like cutting down the rate we eat, for those that spend alot on food, you can do better without over eating. the way we buy unnecessary items that has no value, when we have other useful things to do with money. So lets focus on the top priorities, expecially things that will bring more Money.

What do you guys think about this? Would this be helpful? And what do you think will help us in this time of economic hardship?

There are many strategies a government can use to tackle inflation, as you have said let me add to it, in other to reduce unnecessary inflation the government should first of all make sure that the country export more than they import, they should depend on imported goods as this is the major reasons for inflation, secondly the government need to set up a regulatory body that will oversee retail and wholesale outlets there should be a fixed price for a particular goods all over the country or a particular region after putting every factor into consideration especially transportation of the goods, thirdly the government should work with other governments within the region in other to build an economic and commercial partnership in other to enhance economic and commercial situations of their respective countries.

Kelward

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It's true that inorder to increase savings from a fixed income, the person has to spend bellow his income, otherwise there's no other way to be able to save for investment or rainy days. Another way to increase savings is to get a second job or learn a skill that'll add to your income, by that you can have money to invest in a valuable asset like Bitcoin, and save for emergency expenses that can occur without giving notice. The government has it's own part to play by providing basic amenities and making sure that the macro economics of the country is stable, but they won't put food on everybody's table, so people are responsible for their micro economics, to plan their finances to avoid poverty.

Spaceman1000$

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Quote from: Pi-network314159 on April 01, 2024, 06:30:11 PM

Sometimes looking towards increment in salary wouldn't solve our problems.Over the years there has been hardship in the economy all over the world, and people complain on how to increase there salary or have other alternatives of getting more funds, and even when they get what they desire, they still complain that since their source of income has increased, there expenses has also increased. But I think that people needs to control the way they spend, in other to be able to save more. If paraventure we decided to spend according to how we earn without reducing the level of spending, we may end up not being productive.

For me cutting down expenses would be another way of adding value to our money. Like cutting down the rate we eat, for those that spend alot on food, you can do better without over eating. the way we buy unnecessary items that has no value, when we have other useful things to do with money. So lets focus on the top priorities, expecially things that will bring more Money.

What do you guys think about this? Would this be helpful? And what do you think will help us in this time of economic hardship?

Cutting down on expenses is definitely a good measure to tackle inflation, however there are some expenses you cannot cut down, especially if your a parent. So I believe side gigs are another method to which you can help to leverage yourself when there is high inflation in your country. Also, it shouldn't always be about the citizens paying through their nose to sustain themselves and their families whenever inflation hits in, Government should be held responsible too so they can share in responsibility of helping citizens fight inflation.

Like providing affordable housing schemes for citizens, Affordable transportation system, subsidizing the healthcare system for citizen's and a whole lot more they can do. Not letting the citizens bear the brunt of inflation alone.

mu_enrico

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I think your post title and your OP content aren't related or probably insignificant since inflation "is always a monetary phenomenon." It means that what the government does with its money supply will ultimately be the most significant factor affecting inflation. What you're suggesting is improbable in nature since not everyone will agree to more savings, and let's say everyone agrees to reduce consumption/more savings, the question is to what extent? One year? One decade? At the time they deploy their savings to buy something, inflation will return to its equilibrium.

Anyway, about economic hardship, it's more of a personal issue, so you should solve it according to your economic situation as not everyone is facing the same problem. The rich, for example, don't give a damn about inflation in their personal scope (they'll think about it more in the business scope).

Uhwuchukwu53

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The so called inflation citizens only have less fraction compare to the government they are the holder of inflation through their policy and laws as well as the kind of investment the government venture into. Eg government borrowing money to be shared by few individual without investment on productive sector or area like agriculture as Major commodity that can aid return to the economy , even if all the citizens reduce their spending in food it will not cut down inflation because the major percentage of inflation is the hand of government.

Printing of money and stockpiling is done by government and this are the course of inflation, selling and privatizing government properties which leads to reduction of labour Force and inability to control pandemic before occurrence even when occurred failure for quick respond all this is government issue individual and citizens have only few fraction to add.

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Quote from: Pi-network314159 on April 01, 2024, 06:30:11 PM

What do you guys think about this? Would this be helpful? And what do you think will help us in this time of economic hardship?

Wise financial management is very important, regardless of how much salary we receive each month. It is true that increasing salaries alone does not always solve financial problems, as uncontrolled spending habits can offset increased income.

Therefore, it is quite important for us to be able to control expenses and make realistic budget plans based on existing income. This can include reducing unnecessary expenses, such as excess food or purchasing items that are not really needed. By managing expenses wisely, we can save more and increase the value of our money.

In addition, when facing economic difficulties, it is important to look for other alternatives to increase income or save. This may include seeking investment opportunities, finding additional sources of income, or improving skills to get a better job. By taking these steps and managing our finances wisely, we can help weather tough times financially.

Maus0728

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Even if you do all that shit (given that they're good and logical thing to do) if you're country constantly prints money so they can spend more for their overpriced projects, you will still be experiencing inflation and the things that you'd get would always be the same, you might be able to survive even just a little but you got to understand that your money will never be worth more since it's value keeps reducing while the price of goods and services keep going up, combating inflation without the initiative of the government or even aid from them, it's going to be useless, unless of course everyone does those stuff but that's being dreamy and too much of an optimist, we all know not everyone will be able to do that and commit to it to make sure that they're making any difference, some people will have a hard time.

livingfree

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Quote from: Pi-network314159 on April 01, 2024, 06:30:11 PM

Sometimes looking towards increment in salary wouldn't solve our problems.Over the years there has been hardship in the economy all over the world, and people complain on how to increase there salary or have other alternatives of getting more funds, and even when they get what they desire, they still complain that since their source of income has increased, there expenses has also increased. But I think that people needs to control the way they spend, in other to be able to save more. If paraventure we decided to spend according to how we earn without reducing the level of spending, we may end up not being productive.

That's true that even there will be an increase with wages, it's also going to impact the expenses will increase too. Or that's the solution by the continuous rising cost of everything.

But it's not about what you save because even if you're a saver, there's a huge tendency that when you're needing most of your money, you'll still be able to spend what you've saved.

Quote from: Pi-network314159 on April 01, 2024, 06:30:11 PM

For me cutting down expenses would be another way of adding value to our money. Like cutting down the rate we eat, for those that spend alot on food, you can do better without over eating. the way we buy unnecessary items that has no value, when we have other useful things to do with money. So lets focus on the top priorities, expecially things that will bring more Money.

What do you guys think about this? Would this be helpful? And what do you think will help us in this time of economic hardship?

I agree on this one but as you cut down your expenses, try to find ways of increasing you income. That's one way of fighting against the inflation but there's no way that you can reduce it on your own, it's a country's and leadership's task to do.

Zlantann

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Quote from: Pi-network314159 on April 01, 2024, 06:30:11 PM

Sometimes looking towards increment in salary wouldn't solve our problems.Over the years there has been hardship in the economy all over the world, and people complain on how to increase there salary or have other alternatives of getting more funds, and even when they get what they desire, they still complain that since their source of income has increased, there expenses has also increased.

Increasing workers salary is not the best or permanent solution to fight inflation since it will always result to increase in labor cost thereby skyrocketing production cost. But workers needs this increament to survive because money has lost its purchasing power. Keeping workers at the same minimum wage during inflation would cause untold hardship. The government is expected to increase wages as a temporal measure while to find better solution to curb inflation.

Quote

For me cutting down expenses would be another way of adding value to our money. Like cutting down the rate we eat, for those that spend alot on food, you can do better without over eating. the way we buy unnecessary items that has no value, when we have other useful things to do with money. So lets focus on the top priorities, expecially things that will bring more Money.

What do you guys think about this? Would this be helpful? And what do you think will help us in this time of economic hardship?

Your solution is fine for those who spend money on luxury. I don't think you have lived in a country where your salary can't sustain you for a week because of inflation. It is easy to cut other expenses but reducing food will be a difficult task especially when you have children and other dependants. I can decide to eat twice daily but you can't subject children to such adjustment. The only option for me is to seek other source of income and if possible go into agriculture and grow some of your food. If you also have the means, you can consider moving to freindly nations with good economic conditions.

Reatim

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Quote from: Pi-network314159 on April 01, 2024, 06:30:11 PM

even when they get what they desire, they still complain that since their source of income has increased, there expenses has also increased.

Most think that more money is equal to more financial freedom and end up spending way more than they need.

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But I think that people needs to control the way they spend, in other to be able to save more.

That’s true but that might be harder to achieve when the inflation rate in a country is already relatively high. Even if they just buy their basic needs, it might still be harder to spend less.

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So lets focus on the top priorities, expecially things that will bring more Money.

What do you guys think about this? Would this be helpful? And what do you think will help us in this time of economic hardship?

I will always say investment is the key. There are numerous ways to invest not only in crypto. You can buy real estate and use it for a passive income. You can invest on different kinds of businesses.

moneystery

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in fact, it is the government's job to be able to regulate how their country's inflation can be controlled. because individual efforts to help deal with inflation are not very effective, because they only work on a small scale. meanwhile, when the government through their regulations and decisions can have a significant impact on inflation conditions in their country. for example when increasing interest rates higher to be able to regulate inflation, it is much more effective than an individual's efforts to save on their expenses in food or various other things.

Kakmakr

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Inflation is just one way in which the governments of this world, manipulate the economy to fit their needs. Inflation statistics are used to determine the wage increase for government employees and also some private companies, so politicians will use that to reduce salary increases, because they control that.

You will find that the items in the inflation basket, does not include the things that goes up in price the most.. because that will push up the inflation rate too much and politicians does not want the inflation to go up too much, because it angers the voters that vote for them.

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Quote from: Pi-network314159 on April 01, 2024, 06:30:11 PM

What do you guys think about this? Would this be helpful? And what do you think will help us in this time of economic hardship?

Every person has a different perspective related to how to overcome economic challenges. Your suggestion is very good but I have one question for you and then I will give my suggestion. We know a person comes to the world and starts serviving and the first and basic thing to keep him alive is food we also know that in today's time, the average life span of a person is 50-60. So in this period if he compromises on food then his life I think is worse. Besides this, if a person has a single source of income then he needs to increase his source like if he is dependent on a government salary only then I suggests that to start a part-time job in any shop this will help him a lot. The government salary he can spend on his daily life expenses and from a part-time job he can make some savings for his family.

Megha_1

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In fact many people are worried about their money but in economy everyone has to work together in this matter of economic dependability in the world regardless of economy everyone has to suffer because of it many people were worried about their income but others are losing their money continuously so All should unite to protect the economy of the country

Upgrade00

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You're suggesting how an individual can reduce their expenses and save up more money from what they earn, not how a country can control inflation. If you save more money, invest some and cut down on expenses and liabilities, you will be able to grow your asset base and survive inspite of inflation.

A country trying to control inflation will depend on what caused it. During the lockdown of 2020 there was a spending problem, countries were trying their utmost to improve spending through stimulus to increase the circulation of wealth
The great depression of 2008 preceded a period of boom when citizens were highly optimistic leading to greed, borrowing and investing was on the high, threatening a run on banks at the time, leading to th subsequent recession.

I'm oversimplifying both situations here to show that each situation differs and should be handled differently.

Jawhead999

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Inflation will always there, to repeal inflation the government need to shut down banks and abandon fiats.

To reduce inflation, make sure the country is not overpopulation, which mean you need Hitler or Thanos.

But if you only focus on yourself, you can only combat against inflation e.g. spending for necessary needs, work in high paying job, invest, and anything that related to grow your financial and reduce your spending.

MusaMohamed

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Quote from: pooya87 on April 01, 2024, 10:56:36 PM

Governments have to start working to reduce inflation so that people don't have to endure hardship in first place. Unfortunately they all tend to know a certain acts against inflation, none of which works like increasing interest rates. The real solution which is to reduce costs (ie to spend less) is not adopted by the governments! Which is why they print money to cover that deficit which then causes inflation.

Governments create their loops and repeat it many times. Printing money and providing new money supply to their citizens and society to increase purchasing power in their economy. Later when inflation shows bad impacts, they tighten their financial policy by increasing interest rate and force their citizens to deposit money back to central banks, commercial banks.

Problems are it is more easily to print new money and dump it to society than retrieve it back to central bank. So the net effect from government and central bank is always increase inflation.

pooya87

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Governments have to start working to reduce inflation so that people don't have to endure hardship in first place. Unfortunately they all tend to know a certain acts against inflation, none of which works like increasing interest rates. The real solution which is to reduce costs (ie to spend less) is not adopted by the governments! Which is why they print money to cover that deficit which then causes inflation.

As for what individuals can do in the face of economic hardship, it is all about money management. It is not necessarily about "eating less" as OP puts it but a general management of whatever amount of money you earn or can earn. It could be cutting extra costs (eg. a bad habit like smoking could be quitted), it could be taking up more shifts or doing an extra work to earn a little bit more money, and of course it could be investment so that you are not bag holding fiat that keeps losing value.

Catenaccio

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Quote from: Pi-network314159 on April 01, 2024, 06:30:11 PM

But I think that people needs to control the way they spend, in other to be able to save more.

Save your money through spending less is good but not enough.

Savings can not make your richer and can not help you to deal with inflation created by your government, central banks and national inflation then global inflation.

You have to use your savings to invest smartly to deal with inflation. It is a way but investment is risky and by saying invest smartly, I mean you must manage risk and benefit for your investment very wisely.

By this, you will have multiple gains: avoid effects from inflation, increase your wealth and avoid risk to lose money through investment.

Choose a best, strongest investment assets will help you avoid risk, increase chance to get profit.

Bitcoin is the best if you are looking for an investment asset in cryptocurrency market. Compares to Traditional market, it is one of best too.

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Topic: how to survive inflation and economy hardship - page 6. (Read 1027 times)