Embrace the Inflation journey : Passive income & Budgeting

Today India is celebrating Holi the festival of colors. However, I am not going to elaborate on the festival celebrstion, but wanted to highlight how the increasing inflation has reduced the charm of the festival. It used to be a festival of colors and foodies with people enjoying the occasion in different ways. People make different recipes, play with colors However, the rising cost of the products as well as difderent item is adding woes to the consumer pocket. Be it colors, water gun toys, spices or sweets everything is much costlier than before. A common man is facing tough time in celebrsting the festival.

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It was yesterday, when I went out to do the festival shopping. The prices of each of the product has sky rocketed. Each of them were touching the rooftop. Just take a simple example a small box of Hing An important spices items in the Indian kitchen was available for more than $1.2 USD. It was same with the toy gun and water cannon which were used in Holi. I accept that the India is a growing economy. However the rapid rise of prices is making hole in the consumer pocket. I remember, buying the same box of spices items few years ago at $0.2 or even lessor. The rise in prices is the result of inflation.

Inflation is the gradual loss of purchasing power, which means that the value of a dollar decreases over time.

The noteworthy thing is that over the years the income of the people have not increased the way the prices increased for normal items. Inflation causes prices for goods and services to rise sharply. Inflation hits every home in everyday expenses. Basic necessities like food, housing, and transportation become more expensive, demanding a larger chunk of our income to cover these essential expenses. Inflation then indirectly Hurts fixed income groups and increase inequality in income distribution in the society. People with limited source of income are feeling handicapped. And this made them to look out for some additional income source.

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Passive income & Budgeting

To manage their finances, people are shifting towards looking for additional source of income. In many cases people are working over time to make their daily ends meet. Many people are looking for deriving passive income. Just because their main source of income unable to carter the daily needs. Joining #Hive blockchain, searching #web3 for monetization are they way they wanted to manage their finance.

Inflation is the time when those who have saved for a rainy day get soaked

Personally, over the years, the inflation has caused a significant reduction of #saving. Budgeting becomes challenging as the cost of living rises, making it harder to save for future goals. Saving has alwsys been instrumental in managing people Finances. It is a great way to meet the emergency. However, due to increase in inflation the expenses amount has increased thereby reduced the saving portion. The inflation just causes disequilibrium in people personal finances, making it hard for survival.

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The only way, where people, can look out for solace is to get some additional source of income. In today times, it is a boon for every household. As said, the only way to meet the rising inflation is to increase the source of income. And people only left with adding an additional way of earning apart from their direct source on income. This is how the personal finances can be managed during inflation tines.

This is my Day 25 entry for Inleo Writing Prompt for the m/o March.

Peace!!

Namaste @steemflow

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