Staying Stable With Low Income & Inflated Economy

I won't say everyone has a low income but with the same issue of inflated economy, the high income earners still feel the impact when they want to spend on items they need. Inflated economy affects everyone whether rich or poor, whether you are smart or not but only those who plan and prepare well for inflated times get through it even stronger.

The recent high increase in goods here in my country is still alarming even though it was expected for the season. With the current situation, we still see people who are doing fine even with their not so high income.

I'll say, they found a way to live a stable life in an unstable economy no matter how hard it could get doing that. This post will point some of the ways I've learnt and seen others do.

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They are not new ways that we've not heard of before but they are worth reminding ourselves as we prepare towards times like this or try to get stable in it when it comes. I'll be sharing some ways we can live stably in an unstable finance situation (low income & inflated economy) which are in one sentence I'll state as:

Live below your means

Yes, we've heard of this one a lot of times but to be honest, not many are keeping to this, no thanks to the competitive spirit some people tend to have and lose it. There are many ways to live below one's means and still live comfortable enough to stay stable in an inflated economy.

Negotiate item costs: This is a habit that a lot of people do not have that should be adopted. Don't just buy stuff at any price given, they are business people and so they tend to inflate prices to get more gains, it's your choice to buy at it or negotiate the price. That way, you get to buy more at a good enough price and save some money for other things.

Don't lend or give what you can't afford to lose: This may seem like you're out to being stingy but it isn't, it's just you being more conscious of how much you can get with what you have. Many make the mistake of spending too much thinking they have enough for it when they could have save and invest it for more instead.

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Avoid any form of extravagant living: One thing I've noticed about a friend, he spends too much when his friends come visiting and then complains after that he has gone broke. While it's all fun and great to entertain guests, cutting down your expenses and lowering your budgets is important to not suffer what comes after the party or entertainment.

Buy what you need and get rid of impulse buying: Many fall victim of this, buying what's unnecessary and finding it hard to keep up with what they really need when inflation happens. Regardless of how much your money is, it's always advisable to buy what you need and be more conscious of the other things you spend on that are just wants.

Make early and cheaper preparations to reduce cost: With how things got more expensive in this festive season, you can only be stable when you had made preparations no matter how little towards these times as we do know that things will get pricier and sometimes even unavailable.

There are many other ways to stay stable with your income and get through inflation season, I hope I gave some good tips and I'll look forward to reading more from you in the comment section.

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