Inflation & Expenses - Balancing Finances In It's Challenges

There's hardly a day that will go by without spending some money or having another expenses added to one's list to be spent on, it gets crazy sometimes and I'm made to wonder how hard it could get for many to reach their financial independency. It is possible but we can't simply overlook how expenses keeps growing and inflation isn't helping matters.

Here in Nigeria, and maybe in other parts of the world, it is getting close to that time of the year where things sold a little cheap becomes expensive too and people find themselves complaining while buying as they are things we can't live without. Inflation or no inflation, we must buy these things that we need and this is causing it hard for people to save in some periods.

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Very few would be able to save as they want to during that period since most of their money would be used to sort out inflated items they have to get for themselves or family. But there are some who have been planning for that period since the beginning of the year like joining cooperatives, saving a little daily or here on Hive, making sure to show up everyday, all that are ways to prepare for inflation times to reduce the risk of expenses to be made affecting one's finances or saving habit.

Inflation of goods in this part of the world is alarming...

It's rare to visit the market with same budget and get all the items you need now, every market budget changes with the figured increasing and not the other way. I visited the market some days ago and I almost screamed to how costly they have turned small food items we buy. To be specific, the price of onions has gone over the roof of this state if there is a roof lol. Small bulb now costs same as big bulbs did cost some months ago.

Even my dad who's a lover of onions and would love his meals filled with onions had to cut down on it and is even advising a small bulb of onions for a large meal 😅 it is crazy really! And there is the inflation in other goods that humans needs to survive, goods that we must buy no matter how expensive it gets. This is why we have to think of more ways to increase our sources of income to balance up with these Inflations.

Necessary buys expenses and the challenges...

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Before I found ways to earn online, I never cared if my data got exhausted or worry about where to get money from to recharge and get back online. So I'll say I was spending less back then until I became an online earner. If there's one thing I always have money for or always spend on, it's for my data allowances as I can't go a day without checking the online world especially Hive.

This expenses is not so bad for me since I earn with it and I make sure to earn at least double of what I spend to make the earning possible. There are other expenses like personal health items, body care items and some feeding items that costs a lot from my finances especially with the inflation going on but they are a necessary buy for me so they are a challenge I have to face and find a balance to.

Creating a balance in one's finance between inflation and expenses.

With the increasing expensive way of life, we are forced to think up ways to create a balance to achieve our goals while spending. Being able to save in times when things are too expensive doesn't come easy, one who prepares for that period finds it much easier as it would have become a habit before then. One of the few things I'm able to do to keep a balance is prioritizing what I need especially and what I can do without.

Another way is getting rid of impulse buying as much as possible, this act tends to make one buy out of budget and causing extra expenses to the already expensive budget. It isn't easy to get rid of this act but a minimum to it would go a long way.

A way I learnt from dad is buying things that won't go bad easily early enough to prepare for when it gets inflated, that way you don't get to buy it expensive as others would for not preparing towards that period. A more practical balance is making budgets and strictly following it while keeping a healthy source of income and saving habit.

Inflations must come, expenses are there for our money to go into, but creating a balance will help you overcome the challenges with them and build towards financial freedom.

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