The world is changing, technology is getting more interesting everyday, As the world is changing, everything in it is changing aswell, that's why you have to be upgrading yourself everytime, knowing how to move along with the world, by doing this, is when you can meet with the situation of the country. When inflation become high in your own country, how did you cope with it? Did it make you strong or break you down? It's upto you to know how to manage expenses in a high inflation economy. This is why I'll be sharing with us few tips on how to manage expenses during this period.
I do tell people, knowing what to do doesn't change things, it is doing what you know changes things. Finding yourself in a high inflation economy, you can't commit suicide because of that, you have to find your way out and know how to adapt with the situation you find yourself. Let's be real about everything here and let's break it down into real and practical steps you can take.
The first thing I think we need to work on is to Revisit our budget. You need to revisit your budget in other to know how to manage expenses during the period of inflation. When there is changes in price like things you buy daily, weekly or monthly, your old budget might not work anymore,. Then you have to start by tracking every penny you spend, so you will know where your money is going. Before you do spend between $100 to $200 weekly, but now $200 can no longer take you for a weekly, definately you should know there's increase in price and with this you have to cut things you do buy weekly and ask yourself this question ; What are my Needs and Wants
If you can fitch out Needs and wants, then you will know what is important and what is trivial and you will be able to do your Scale of Preference and know what should come first and what to come last. You also need to check things Iike services you paying for, either weekly or month. Thing like streaming platform, unused gym membership. Adjust your budget to focus on essentials while keeping a small allowance for things that gives you joy. It's all about balance, not deprivation
You also need to shop smarter, not harder, make a list and still to your budget on the list, buy in bulk for nonperishable, it's often cheaper on a long run. The most important part I'll use to end this is embrace a side hustle. In a high inflation economy, having just one income stream might not be enough. Consider leveraging your skills or hobbies to make extra income, like freelancing, graphic design and web developing, selling handmade goods or unused items online. All this will help you in managing yourself in a high inflation economy. I hope this few points of mine go along way for you when you read this.
