In recent days you might hear a very common word and the common word is inflation. Have you heard that word before? And if you heard about it before, did you have any clear idea about it? I think most of us didn't have any clear and detailed knowledge about it till the last 2/3 years.
But I am confident that now you know at least a little bit about inflation.
If you don't know then I am trying to make you understand by giving an example.
image by Filiz Elaerts from Unsplash
Suppose, 5 years ago I bought a KitKat chocolate 🍫 paying 1 $ and my pocket money was 4 $ at that time each month which means I was able to buy 4 KitKat chocolate 🍫 in each month.
Now in the current time my pocket money increased 2 dollars means my current pocket money each month is 6$. But at the current time, I need to pay 2 $ for buying a KitKat. Now I can buy 3 KitKat chocolate 🍫 means one less chocolate than earlier time in each month. It's because my pocket money increased by 50% and the prices of KitKat chocolate 🍫 increased by 100% in the last 5 years. That's called inflation. I prefer to say losing the money value rate against goods or services is called inflation.
image by Sara Kurfeß from Unsplash
In last recent years specially in the last year, the inflation rate is very high. The prices of all of the necessary goods and services increased almost 2X.
For rich people, it's not a problem at the current time because they have huge money and they have various kinds of income-generating sources. But for poor people and middle-class families, it's creating a huge impact. To cope up with the situation they are struggling and very hard.
Since the COVID-19 pandemic situation middle first family using their past saving and in the current time they again using their savings to cope up with that situation in our country. But at the same time mysteriously the poor people also somehow cope up with the situation. I said mysteriously because I don't know how they are still alive. I thought many poor people will die because of a lack of food for not being able to buy food. I don't know how they handling the current situation.
Anyway, I have some ideas to cope up with the current inflation.
Take risks and do business: The prices of everything are so high that today or tomorrow all of our savings will be finished. It's just a matter of time. So after calculating every risk we should invest our money and do some kind of business and generate more profit from it. Otherwise, it will be too late for us to cope up with that situation.
Culture crops and vegetables: Food is the most important thing for us to live. We need huge money to buy food each month. If we culture crops and vegetables it will help us to save some money of us and the sentence we will be able to take fresh food at the same time. Besides, we can make money also selling extra food.
Avoid living a luxurious lifestyle: Yes you heard it right. If we want to cope up with current inflation we should need to try to avoid a luxurious lifestyle and not waste money buying luxurious things and unnecessary things. It will greatly help us to save huge money.
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