Hello friends, how are you doing? Thank you for visiting my blog once again.
It simply appears like the pricing of everything is rising daily. The inflation continues escalating constantly. You purchase anything at the price of $5 today and in the following week it's selling for $5.5.
Sometimes I don't blame the government for inflation but individuals selling and manufacturing. Even items made in my country are sold extremely expensive.
Just suppose yesterday I went to get ripe plantain. Before you would see 4 fingers of ripe plantain for #200 i purchased at #500.
I think inflation is not just in Africa but elsewhere. I have heard news everywhere.
The funny part is that income/salary stays the same but expenses grow. It tells us more as students.
$20 wouldn't be enough to utilize in a week as a student. I spend up to $1.5 everyday which covers my transportation and my food. Even photocopy that was #10 before now it's #30 per page. Things appear to do ×3 of how they were previously. Sometimes my parents would grumble I am spending too much and I would tell them that the moment when they were in school things were a little fair unlike today, that's why I do certain things to support myself.
It is extremely hard for anyone during this inflation moment, but with the appropriate tactics you can manage your financial life.
Make a budget:
The wonderful thing about having a budget is that it helps you know your income and spending and how to save. It also retains things in place of reference, that is to know things which are more significant than the in order.
If you were purchasing something at the price of $100 and it jumped to $120. We still have alternative items providing the same function, instead of purchasing that brand which is now over your budget, you can opt for something lower with quality.
Increase your income:
In our present environment of inflation, it is hard to explain but the fact that one source of income may keep you in debt. Why working your white collar job is necessary to still have a small business to fall back on. Companies are breaking up and dismissing people for the inability to pay. That's how severe inflation has eaten through the economy of the nation.
Buy assets instead of liability:
Here I mean you should invest your money in items that will be of significant benefit for you. Instead of owning a vehicle, in my view constructing a home is preferable.
Why do I think so?
If I buy a home, difficulties of house rent have been addressed, my income may be concentrated on other things. Then that's why obtaining an automobile comes with it.
I'm not suggesting having a vehicle before a car is bad, but that's where the planning comes in.
Consider downsizing:
If your housing expenses takes a huge part of your budget, consider moving to a smaller house or apartment.
Avoid spending that can lead you to borrowing or living in debt.
You really don't have to impress anybody, just be true to yourself and work with what you have and you will progress.
Get a passive income:
Even in your career, earning a passive income is crucial. Something that offers you money that automatically creates money for you. It is really crucial. It might be in the form of an investment, shares you acquired.
Thank you for reading
