Inflation in the country, how can you manage your income
Hello Everyone!
What is inflation? is an increase in the price of a commodity and an increase in the production costs, which means a decrease in demand or purchasing power will be reduced.
When something like this happens in the country, don't panic. What should come to your mind is how to manage your money or how to look the other way to offset the inflation by keeping investing your money
Start increasing your income by continuing to invest and reducing your expenses
Even as a business person, the price of the goods received will be different from the amount of them before, meaning it will slow down the demand for such products. And for manufacturing companies or businesses like restaurants and eateries, the production will slow as well, because people coming to buy will not buy more than their budget.
The only way to deal with this is to keep investing your money and cutting your expenses.
Tracking your earnings
Tracking your spending
Having a budget
Having both a long and short time commitment
And also keep this at the back of your mind, don't let friends influence you to do what you don't usually do. Always stick to your budget for you not to overspend. I'm not saying you shouldn't go out or hang with your friends or family, but just remember your budget and keeping it will be a great one for you.
For me, what I think inflation does is to show how expensive you are, but there is a proverb that says, cut your cloth according to your size.
I believe being an investor can be hard now, but for a better tomorrow.
Thanks for reading
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