Topic: Inflation is making a mess of my savings. - page 7. (Read 1207 times)

Inflation has been a problem all over the world, but it mostly affects our country. Türkiye was the country that lost the value of the currency the fastest. Since the government's economic policy is to depreciate the currency, we were the people most affected by inflation.
The reasons you mentioned are the causes of global inflation and there are more. Fortunately, we have Bitcoin in our lives and we can protect the value of our money a little bit. How could we protect ourselves in this inflationary environment if cryptocurrencies didn't emerge? Fiat money is perhaps in its last days. In this way, the value of Bitcoin is understood once again. It looks like we are entering a new monetary era.

Everyone's readiness to face inflation will be very different, even though you say we must always be ready to face it by seeking more sources of income. But some people will definitely be forced to be ready even though basically they are still not financially ready for the arrival of inflation, so this is what usually becomes a difficulty for some people during inflation because not everyone has adequate readiness to face inflation in their life.

Inflation cannot be avoided and indeed makes a country's economy chaotic with several prices of necessities rising and the effects of inflation can be felt by many things. But in my opinion, in a situation of inflation, we have to be smart in finding opportunities, make the crisis an opportunity, then we will pass it easily. Make the development of internet technology a job to earn extra money.

In essence, what you have to do is reduce unnecessary spending, stop spending extravagantly, work hard, and pray. because Complaining doesn't make the stomach full, it still supports the current government policy so that they focus on carrying out their duties.

But luckily I live in a village, a simple life, and everything is sufficient, raising livestock, and farming can be used to fill savings and investments. It can be said that in times of inflation, like now, there is a recession in the assets of many low-priced investments, so this is the right moment to buy land, gold, or bitcoin.

The problem is that no state is currently striving for negative inflation. That is, sooner or later current savings will depreciate if there is nowhere profitable to invest them. As for business, it is now very difficult to find a free niche, as all niches are practically occupied

Inflation can come at any time, that's what i heard from my lecturer when i was still in college, and tips to escape inflation are to save as early as possible.  usually inflation will not last long ^{(depending on how the political conditions in the country are)}  

my little advice for you to get a little out of the bad effects of inflation that occurs is to look for additional income and invest in assets that are immune to inflation such as gold and bitcoin.  even rich people try hard to find income from anywhere to reduce the impact of inflation on their finances...
"don't give up in facing life, hang on"

Banks will be all done in a few months here. The national bank is out of reserve money. A few days ago I was traveling and heard some guy talking about it in the vehicle. One of them works at a bank and he said that his bank where he works at is out of funds too. Our government kept it a secret from the public and for that, there isn't any official news. But many banks in our country will go bankrupt soon.

I don't know about any other country, but here in Bangladesh, once inflation happens, it never goes back to normal. People are changing the value of items on their own. And food products are the most affected by this. Because it is the only thing that people will need no matter what. In the recent few weeks, people were operating syndicates. They were storing food items and by making a shortage in the market they were raising the price high. Inflation and this kind of activity are really making our life a living hell nowadays. And as far as I can understand, the government is also involved in these syndicates and they are doing nothing to fight against the inflation problem.

Actually there are some countries where the inflation is on peak and every citizen is working hard for handle such situations same situation is here in our country. Actually one can also not handle the inflation because of scarcity of jobs as population is increasing and the jobs become limited and the salaries are also not high to accommodate the utilities of home.

I Think it will be better for those who don't have enough income to enter into dual jobs at a same time so if one salary is not enough then other salary will easily manage one's needs. Getting job is also not easy so try to settle some business in such area where there will not such business present before so it will gives greater profit.

This is how economies and monetary policy works. Decades of growth and "good times", paired with a lot of bad in a very short period. Just like Machiavelli concluded, to rule successfully, you must drag out the good news and when bad things must be revealed, do it all at once and very quickly. This is the only way to keep people complacent and to prevent uproar.

If economies reduced duration of stable times where people are at least content in order to reduce the blow/severity of economic troughs, which in turn extends trough duration, there would be much more uproar. As always, in the next 1-5 years, things will hit their worst and then get better, the people will be complacent once again for another 10-20 years after the dust has settled...then the cycle will repeat.

In the meantime, young people like yourself will question the tough times when they arrive until they see later in life that this is just the cycle and how it works. Just like Bitcoin newbs who have to experience one, two or three halvings before they see how the Bitcoin ecosystem works.

This is coming from the perspective of that everything is controlled. The reality is just as equally likely to be that unintelligent, irresponsible and greedy people at the top cause the same mess over and over again, because it doesn't ultimately effect their class.

The problem is that we are always bombarded by negativities about inflation when in reality it's a really good thing but in the case of inflation, good thing and bad thing has a hair's breadth line to get across from good to bad inflation, inflation is an indicator in an economic growth but if left unchecked like the balance in inflation of goods and services and wage increase being tipped over, inflation becomes a bad thing. Regarding your savings, some might say that putting it in a bank will be a good way to protect your money from inflation but the problem with that is most banks' interest are fixed no matter how high the inflation is, I guess we just have to continue enduring this until enough people had enough of this BS. My way of pulling through this inflation is just trying to make my food more nutrient and calorie dense so even if I eat less, I will still feel full and still get the right amount of nutrients, I know that it's a weird way to cope with inflation but it works, I don't have the exact amount of money that I've saved doing this but I was able to buy myself some Marshall earbuds this month and still have some money to buy some bitcoins.

The inflation wasn't a problem in 2022-2023 to many countries, and among those countries that had issues with it, there were very different situations of how bad it really was. In any case, it seems that it's getting better, much more stable. Of course, I don't know what country the op is from, and some countries regularly struggle very hard with inflation, but it's getting better with each month in the EU and is totally fine in the US.
Judging from op's other posts and that the op is occasionally posting in Nigeria's local board, I assume that might be the country in question. I checked Nigeria's inflation rate, and it's been growing, sitting currently at around 23%, so it's quite bad. But it's not a global matter, and it's not due to global matters like the aftermath of the pandemic or the ongoing Russia's war against Ukraine.

Yes this does not mean that if you continue to complain, alternative choices must be taken in situations like this, we cannot continue to lament the situation and say frustration to the government which until today has not been able to control the economic situation due to massive events like before, it is not we can reject and or repeat so that it never happens, it all has happened and we must realize the impact today, we really have to deal with it and accept reality, and also need to find alternative solutions that must be Amabil so that our situation does not become more Bad, even though you have to work twice as tired than before.

Inflation does not only occur in his country, which I know all countries are almost experiencing very wild and difficult inflation to control, and it is quite sorry if saving money in the bank, it is the same as throwing money in my opinion, even though the amount of money or the number is still large, but The value is increasingly drained, we better take the risk of investing or using the money to open a business that has the potential to develop in their respective regions.

This is one of the reasons that the people here in my country tend to just job hop in foreign countries to find a better-paying opportunities and it is just the reality of how it is going in here. What's cheaper in US might be expensive here in my country so the people here are perfectly fine on the minimum wage in 1st world countries.

Some people just do settle for less since they do not have the choice at all. It's better than being homeless at all anyway.

In my country at least it appears that some banks are starting to offer very attractive saving rates, as they pass along the central bank rate. Considering a couple years ago it was hard to find better than 1% on a savings account and now you can find 5%+ it's worth moving your savings around. Many people take a long time or struggle to adapt to new financial environments but it is key because little stays the same when it comes to money.

To be honest, currently the state of inflation in the country where I live, can be said to have subsided. Because I can see and feel it, starting from all the staple foods, almost 85% of the price is stable again. The prices of electronic equipment and clothing have also stabilized. So in my opinion, the inflation that hit the country where I live has decreased quite a bit. Although there are some things that are still rising, such as fuel oil. But all of that can still be anticipated, because the increase is not too high.

So for now, you could say I've been able to get through periods of inflation, and as long as I'm going through periods of inflation, actually I don't have any special tricks to deal with situations when inflation is taking place. Maybe what I do, is the same as what other people do when dealing with inflation.
Such as being frugal, taking advantage of all available opportunities, and being wise in using money (can distinguish between needs and wants). And what I did, in my opinion, is an important point to be able to deal with a situation when inflation occurs.

Take it at a different perspective. Inflation is horrible. The impact on individual is also uneven.
it is clear highly dependent individual would mess up their life greater during inflation. For the self suffice individual, they too are suffering, but they could navigate their life through this mess with ease. A country which is highly depending on import industry to survive is gonna screwed up badly. But a family of the said country might be easier in contrast, due to big companies such as a country are much slower to move forward and change quickly.

The inflation rate cannot be avoided, including in my country, which means that the purchasing power of our money is always decreasing, which is indicated by the increase in the price of goods. Inflation is unavoidable, so we need to find a strategy so that our savings don't fall apart during inflation.
1. Find additional work to make a lot of money.
2. Pay off debt and don't be in debt.
3. Sell idle assets right now.
4. Investment in bitcoin assets because bitcoin is one way to avoid inflation.
5. Efficiency
6. Take care of mental health and psychology.

Little extra. When you get a salary, the salary can be separated immediately by using a strategy with the 50/30/10/10 formula. 50% need, 30% Bitcoin Investment, 10% Desire, 10% emergency fund. Because I think this strategy is optional if it turns out that our needs are not up to 50%, we can reduce the needs, then add it to the bitcoin investment list.

Yes, inflation might be a mess in your country, but how come you are sure nobody is doing anything about it? Of course, they are. Just because you aren't doesn't mean that they aren't. I am sure there are "smart" people that knows how to survive this inflation. They aren't holding fiat money and saving it in banks. They know the interest they are receiving can't beat the inflation in the long run. So yeah, they are "investing" their money to beat the inflation. There is nothing you can do about the inflation if your government isn't taking appropriate steps. All you can do is go along with the inflation and fight with it through investing on different businesses or assets or crypto currencies that in the long run will give you more profit. Even though there are risks, it is a risk that you must take or else the value of your money will start dropping.

That's what I'm saying, why don't we find an alternative and just keep complaining about everything? Do whining and boredom reduce inflation? Inflation is part of our economy and has been with us for thousands of years, but we will feel it more clearly when the world has major events such as pandemics or wars. And how many generations ago we always pass, but why do we always complain about everything in our time? If we know inflation will mess up our lives, we need to find a way to fix it, and there is always a way to deal with it.

It's not just now that inflation is making a mess on our savings. It happens all the time. It's just that instead of little by little there are times when inflation grows uncontrollably high. But we can understand because things have happened. There was COVID-19 and then there was that stupid invasion also.

But it's not like governments are not doing anything about it. We've heard countless of times how interest rates are being raised a number of times in many countries. That's one way of confronting high inflation.

But let's probably find alternatives in saving, especially if long term.

The truth is that it is not easy to deal with these constant price changes, you are literally living simply to work and have a plate of food on the table, you can no longer enjoy your savings to go on vacation as before because there simply no more, all the money you earn is practically spent on the most necessary things and sometimes that is not even enough... I wonder how parents with a large number of members will do and that only one contributes to the house, I suppose they will only eat once a day... what is happening is worrying, And more so because this is worldwide, thre is no way to escape inflation and return to having a peaceful life, unless of course other income alternatives are sought, such as bitcoin, for example, which as we know is one of the options that can help in situations like this. And in the event that things with legal tender coins continue in this way, the most feasible thing would be that a reform be presented in terms of how the economy is currently managed...