I wrote in my last post on inflation and I specifically stated how much I am affected as a person, definitely I am not the only one who has to deal with this problem of not having an increased income but having to spend on the ever-increasing market price all the time. These days it is difficult to afford what you need, talk more of being able to save and invest. The thing about inflation is that there is no accurate manner of high inflation could get and how long it would last.
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Knowing fully well that, I am not the only one facing this serious problem at this time, I am aware of the strong need for us to take strategic steps to improve our finance at this time. High inflation could make you stop working on a project or cancel that trip you promised your family. During the period of inflation, there are things you can do;
- Cut down on grocery stores: Grocery shopping is highly essential, but having a strategy that will help you cut down on the amount you spend during inflation will do some good to your finances. This can be done by developing a strategy beforehand, to help you cut down on what you spend at the grocery store. If you don't have a food plan before now, this may just be the best time to start having one.
Also, you could create a meal plan that will be cost-effective and healthy, because while you are considering the cost it is also important that you consider health. A meal plan will also help you avoid impulse buying/impulse spending, you can choose to go to the grocery store with a full stomach, and this will help you stay clear of any form of impulse buying while you are out shopping. Comparing the prices of different stores will help you determine which store is providing the best offer and the best prices. Over here in Nigeria, different stores have the right to set their own prices, so you may want to consider checking for a store that provides quality at a reduced price.
- Transportation is another factor that may contribute to taking money from you, and during this phase of inflation, you want to cut down on all that. If you can find an opportunity to work from home if your job will permit, that will definitely do some good for you and it will help you save better, but if not you may also want to wake up earlier and take a cheaper route to work rather than the expensive one.
Food and transportation are key ingredients to taking money away from us, if we can tackle that first, then we can talk about other things which is what I will be doing in my next post, for now let's work on these ones and see how it helps us.