Hello, everyone.
designed on canva Welcome to my blog and another wonderful edition of the Hive Learners' featured post. Nothing really breaks my heart more than the fact that the prices of things inflate while salaries and wages are not increased. The cost of goods and services inflates by over 100 percent every day, while the wages and salaries of the people are not increased.
Inflation makes life so difficult for people whose income is quite smaller than their expenses; it's difficult to attend to all needs, and the need to attend to priorities becomes the only option.
What is inflation?
Inflation simply refers to the process by which the price of goods and services increases. An increase in the price of goods is termed "inflation." I am shocked at how, in my country, the cost of goods and services only suffers from inflation and never deflates. The price only keeps going higher and higher.
Sometime ago, carbonated drinks were sold at 80 naira ($0.17); today they are sold at 200 naira ($0.43), which is almost three times the former price. Despite this inflation, the salaries of workers were not increased. I used this example because it affected everyone. Without going into details, we have a bag of rice that now sold at three times the price the old price.
Coping with inflation is quite difficult, especially with one's limited earnings. If the same amount you were paid when things were cheap or lesser in price is not even enough to attend to all your needs, then you can imagine the type of stress people are going through just to cope and survive.
Due to inflation, we have been forced to put needs before wants. Most of the masses are forced to apply the needs before wants technique. It helps you attend to pressing needs, and if there's any little cent left, you can use it to get what you want.
When I was young, my mom used to use about 20,000 naira ($40.77) to shop for the family, but today that's not possible as the cost of everything has inflated by over 90 percent. Today she uses over 50,000 naira ($108.45) to get the same food item as before, but due to the hike in the price of goods, it is no longer possible to purchase it like she did before.
How do you cope?
Diversified Sources of Income: Depending on a single source of income cannot breed financial freedom; one needs to have diversified sources that raise money for them in order to make ends meet without going for priorities, attending to needs, or forgetting wants.
Cut Down Expenses: Going for needs instead of wants can help cut down on unnecessary expenses that make our budgets bulky and expensive.
Don't Buy in Bits: I was born into a family where we earn monthly, and once we are paid, everything needed is bought in bulk, rather than going to the market to buy an item whenever we need it. I looked into the matter and realized it is more economical compared to buying in bits.
Thanks for reading my post.