Inflation! It’s Scary for you. Right?

PRIYADARSHINI JHA
Blog
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09 November, 2023

We all have witnessed the cruel effect of inflation on all of our lives. However, this is inevitable. We all know this. However, have you ever wondered how this can trouble us, when we have the power to create an AI to solve all our problems within a span of a moment. Shall we try to figure this out? Let’s get in!

Being in a world where bartering is no more a trend, we all need to have a plan to face the adverse effects of inflation. Keeping the idea to overcome the shortcomings of inflation, here are some proposed tips that you can make a note of. You can learn these tips from TIMES! Don’t get me wrong, just read on…

1. Track Your Budget & Expense

Create a budget keeping the probability of increasing prices of your products. Keep a close look at the expanses you are making to check the possibility of cutting down the cost and saving money. This indeed is very fructifying to prioritise your spending and incorporate the necessary changes as per inflation.

2. Investments Diversification

The purchasing power of money gets impacted due to inflation over a period of time. To conquer this phenomenon, have diversified investments. Choose what best suits you from various options like stocks, bonds, real estate or go for precious metals like gold or silver.

3. Expand Your Income Sources

The prices are anyway climbing the ladder faster. Find some alternative options of income to deal with and compete with it. Take up some more responsibilities, look for a scope of side business, or explore the career advancement opportunities.

4. Maintain an Emergency Fund

Don’t lie to yourself by making an assumption that you are in no need of an emergency fund. We all need it. You may agree with me unless you are one of those few people who never borrowed money to deal with some unforeseen happenings.

5. Save and Invest Wisely

I’m sure you must have had a piggy bank in your childhood. Keep the same habit and separate a part of your income as saving. Now that you know a very luring term called “interest”, wisely invest in some lucrative schemes rather than just keep them in the piggy bank. We are grown ups. Aren’t we?

I’m sure you must have something to add to TIMES. Please go ahead and share your valuable ideas in the comments section. 

Happy Inflation!...

Priyadarshini Jha
Senior Learning Facilitator

UniAthena

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