Inflation is one thing I believe is inevitable in any nation meaning it tends to occur in every country at some time as a consequence of several reasons such as enormous increase in demands of goods and services and then there's limited supply to meet those portrayed wants. This somehow reduces the purchasing power consequently leading to abrupt rise in price of items and services. I'm from Nigeria and I base there and I must say it's been really challenging to live comfortably, more notably those of us from average/poor homes. Beginning with the currency, it has no worth compared to some other currencies, for example US dollars. Today's black market exchange rate is around 740 naira for one dollar. I learned that we import more items than we export, and that when the exchange rate is this high, most goods and services go up in price, making it difficult for most of us to make ends meet.
Autonomous consumers
However, for the majority of us, our spending often exceeds our income, and there are certain goods and services that, regardless of our financial situation, we must consume. Transportation, food, accommodations and other important services required to life has had its pricing hijacked there by leaving the masses to suffer in abject poverty, hunger, starvation, made some homeless and occasionally caused death to most of them. Some has also went as far as indulging in illegal practices just to survive.
Living in poverty has somehow become a norms to the masses
You know, I once overheard a person say, "No matter how the prices of goods increase on a daily basis, we will still find a way to survive," which basically suggests that it's a common occurrence for everyone. Yea that's true we'll survive hopefully, and we can't help it but then I don't think it's right. Why do we the people have to normalize life amid poverty and hunger? And the government doesn't feel the need to do anything?
Nevertheless, as I mentioned earlier on, inflation is something that occurs and will continue occur in any country and I have learnt to start handling the issue to the best of my benefit so as to survive. I have learnt to cut down some costs. For instance, hunting out for replacement items that fulfill the same demand I have but cost lower. Also, I have re-strategize on the issue of how to source for finances in different ways. As a consequence of this inflation, the allowance I receive from my parents it's not enough to maintain me for a complete month. Although owing to various unforeseeable events around me, I have not really been active on hive platform but then I'm also seeking out for good offered online jobs to do while I carry out other everyday activities.
Cultivate having a budget plan as well as savings plan
I have initially established a savings strategy for emergencies. I cultivated this method before now and it has been serving its function since I began. I normally save away some specific proportion in another account or probably my digital wallet for times of important specs. However I intend on beginning additional saving programs on hive too.
Furthermore, having to manage during inflation is easier said than done, but it can be helped . All you need is to get your goals and tactics complete, follow them up, invest and spend wisely and so on.
Until next time, do have an enjoyable day ahead.
Source
Return from The "Impact" On Society As A Result Of Inflation. to VEE's Web3 Blog
