Have you made adjustments for inflation?

[glitch]

In terms of spending for personal items or business items, have you made any adjustments to save on cost?

My wife and I had to switch away from certain brands of food and other items as well as cut back on things. We have both actually lost weight as we aren't buying as much junk food or eating out as much anymore. So I guess it isn't all bad. But we are still spending 2 to 3 times the amount we were just three years ago on most food items.

 

[Frank]

I increased the number of days that I take food to the office nowadays so as to save cost of buying snacks outside. I have also began writing down the expenses that I do on a daily basis. I want to analyze the expenses flow to see what I am spending more money on every month.

 

[Ja sa bong]

The quickest way to combat the effects of inflation in one's personal life is by finding more means to increase your money. One's expenses will never decrease because there's inflation. You will still pay your house rent, electricity bill, water bill, sanitation bills and so on. Hunger won't go because there's inflation.

 

[Kane]

Yeah, I did make lifestyle changes to adjust inflation. I brought my luxury budget down, I even tried to reduce my expenses for necessities. I avoided buying unnec essary items, and started working for more hours to earn more so that I can also conti nue investing and saving.

 

[Frank]

Yeah, I did make lifestyle changes to adjust inflation. I brought my luxury budget down, I even tried to reduce my expenses for necessities. I avoided buying unnec essary items, and started working for more hours to earn more so that I can also conti nue investing and saving.

These are wise steps that you took. Cutting down on unnecessary expenses was what I did too to avoid getting into too much debts. There is no sense in spending as you used to do before the high cost of goods unless you had a corresponding increase on your income level.

 

[Good-Person]

The quickest way to combat the effects of inflation in one's personal life is by finding more means to increase your money. One's expenses will never decrease because there's inflation. You will still pay your house rent, electricity bill, water bill, sanitation bills and so on. Hunger won't go because there's inflation.

I think that the only best way to deal with inflation is to make investments. If things are not better in your own country, then you can make investments in a different country. However, this may sound much easier said than done. Gold investments are usually considered a hedge against inflation.

 

[Ja sa bong]

I think that the only best way to deal with inflation is to make investments. If things are not better in your own country, then you can make investments in a different country. However, this may sound much easier said than done. Gold investments are usually considered a hedge against inflation.

More money is needed to keep abreast with inflation. Everything in the country is becoming expensive and without having more money, you can't pay for all you need. Investments are good but what you need during inflation is raw cash.

 

[Debashis]

I do keep good track on my investments and always tweak them based on the inflation rate. I always try to come up with a portfolio that has a potential to generate at least double the inflation rate. Like for example, currently the inflation rate in India is about 7%, so I try to generate at least 14% return using my investments!

 

[Riberet19]

I do keep good track on my investments and always tweak them based on the inflation rate. I always try to come up with a portfolio that has a potential to generate at least double the inflation rate. Like for example, currently the inflation rate in India is about 7%, so I try to generate at least 14% return using my investments!

That is a good strategy although therefore risky, without risk there is no benefit, I have always had the good habit of investing a part of my income, I quite like cryptos and stocks, so I have had excellent returns and also the occasional catastrophe, but if I take balance, it is pretty positive, on the other hand, I have made cuts in non-essential products that I previously bought, I give myself fewer luxuries and go less to eat in restaurants, I have also canceled some subscriptions.

 

[Debashis]

That is a good strategy although therefore risky, without risk there is no benefit, I have always had the good habit of investing a part of my income, I quite like cryptos and stocks, so I have had excellent returns and also the occasional catastrophe, but if I take balance, it is pretty positive, on the other hand, I have made cuts in non-essential products that I previously bought, I give myself fewer luxuries and go less to eat in restaurants, I have also canceled some subscriptions.

True it is risky but I have an appetite to take that much risk. 😅 It is a small portion of my income so I don't mind playing with them. Even if lose all of them, it won't impact my financial stability. It's a well calculated risk.

I agree. Same with me as well. I used to order food from restaurants almost everyday earlier but now I barely order once a week. It has helped a lot though. Not only being more financially disciplined but healthy as well hehe.