Combat The Effects Of Inflation - How To Survive Price Increase
If it takes two to tango, then it takes teamwork to combat the effects of inflation. The government and individual citizens must do their parts to curb costs and expenses. The government’s priority is the welfare of the people as inflation makes cost of living high. As for the people, they should also take steps to save money.
Governments continue to gear themselves up to combat the effects of inflationas economies endure a gradual but steady downward trend.
In June 2022, the Organization for Economic Cooperation and Development (OECD) predicted that in 2023, the European economy would grow 1.6 percent, reported BusinessWorld.
This September, the OECD changed its forecast. Instead, the Paris-based organization said that it could be a bleak 0.3 percent growth in 2023.
As banks find ways to defeat inflation, the common people in general can also combat the effects of inflation in their own ways.
Why Consumer Confidence Is Key to Fighting Inflation | WSJ
Before getting to know some of the ways to combat the effects of inflation, below is a simple explanation of what inflation is by an international financial institution.
According to the International Monetary Fund (IMF), inflation involves prices of goods and services increasing for a certain period.
To add to that, the IMF stated:
“„
Inflation is the rate of increase in prices over a given period of time. Inflation is typically a broad measure, such as the overall increase in prices or the increase in the cost of living in a country.- International Monetary Fund (IMF)
By that definition alone, one would see why the government would want to combat the effects of inflation. It makes life generally hard for most people, particularly for lower-income households.
Unleaded plus gasoline; a hand holding a red marker drawing a rising line above a bar graph going up
Even though the government can wield greater power when it comes to controlling inflation, ordinary folks shouldn’t undermine what they can do about it.
It’s a battle waged by both parties. And, as they say, teamwork makes a huge difference all the time.
Though those belonging in the upper crust of society can also be affected, it’s the ordinary citizens that can feel the burden of inflation in their everyday lives.
Be as “ordinary” as they are, people can also do something - heck, they can do a lot- to combat the effects of inflation. Take these as examples:
Save electricity.
Visit nearby stores to compare prices.
Use discount vouchers (e.g., when shopping and dining) and grocery coupons.
Whenever possible, grow your own vegetables.
Create a meal plan to lower your food expenses. Bring packed meals to work.
If schedule permits, try to moonlight to earn extra cash.
Take public transportation.
If the distance is not that great, bike your way to work. It doesn’t need to be daily.
Check your subscriptions (e.g., internet, cable, phone, magazine, etc.), and see how you can avail of other plans to save money.
Generally speaking, to combat the effects of inflation, the ordinary individuals should learn to pay more attention to their needs than their wants. Ways on how to save moneywill start from there.
Male middle-aged worker in suit and bicycle helmet standing near rows of bicycles; grocery coupons on a tray