The continuing increase in the cost of goods and services seems to be a norm nowadays almost everywhere. The purchasing power of our money keeps on declining and affects people's overall spending, budget, and even investments, savings and yes, retirement plans.
With central banks raising interest rates, borrowing costs are also affected, which makes monthly payments for variable-rate loans higher. A cousin who has a housing mortgage in Australia shared that their savings have now been touched because of the increase in their monthly dues. She regretted not opting for the fixed rate in the first place and was worried the economic situation would keep going and could affect their way of life. Her partner has already accepted a second job and if things get worse, she might have to do the same. "I don't want to get another job," she lamented.
I think most of us are feeling the pinch of inflation one way or another but the severity varies depending on our financial circumstances. Some may have adjusted to it and others are still trying to cope. Surprisingly, we no longer hear people here in the locality complain about the cost of this or that. Most may have already accepted and embraced the reality since whining would not change a thing and people will still have to buy necessities even when prices are soaring.
On a personal level, we are doing okay although sometimes, we are still surprised when paying for our purchases, especially when it comes to the farm inputs where we can easily spot how much the prices of stuff have increased in just a matter of a few weeks. For example, a $5k expenditure for the previous month would need an additional $1k or more to be able to purchase the same set of things now. It's crazy how things are and they certainly can break one's budget and may force one to resort to borrowing.
Thankfully, except for our usual utilities (which undoubtedly have increased in cost too), we don't have any mortgages or other obligations so our savings are safe. And while we are expanding our main sources of income, we still live a minimalistic lifestyle which keeps us at bay from spending on unnecessary stuff, hence, we don't have any plan to deviate away from it.
So how about you, how are you navigating through these tough economic times? Hope to read them in the comment box below or better yet, check the March InLeo prompt and join us by sharing yours.
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The inflation rates does give anxiety to each one of us for sure
Most likely especially when we pay attention to it :)
Yeahh, true
The current rate of inflation is making our life tough and the situation is going out of control with time. In fact current time it is already out of control and I am still surprised to see how poor people are surviving.
Yeah. It's choking up many and there is no sign of relief anytime soon and it may even get tougher.
!PIZZA
Everything has increased price, not double but a good 30%, now one can save much less money compared to 3/4 years ago...lets all thank western Leaders...
Yes. Wonder how far inflation is going to go this time and how government policies will help make things better for those who are already getting choked up.
!PIZZA
Inflation is silent killer. It's not that common as its already a inbuilt part of our lives but deep down we have managed to make comprises with our lifestyle and standard of living which is quite necessary and desired to lesson the impact on our everyday life. We need to find more way to increase our income, invest wisely and save accordingly. Have a good day dear ☺️ !LUV !PIZZA
Very true and it's quite sad that we have to compromise our lifestyles. And as you said, we need to increase our incomes, save and invest better.
!PIZZA
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The current inflation rate is making a lot of people life miserable and hell actually
Yes, tough times indeed. We can only hope for the better.
!PIZZA
Perfectly true. We must not be tired of hoping for the better
The high inflation rates makes the life mush difficult.
If you opt for the Home Loan then it become the liability for 20 years in India.
And the house purchase is impossible for common man without the home loan.
That's right. It's impacting lots of homeowners with existing loans or mortgages.
Higher inflation rates makes life difficult. Things got so expensive yet salary remains the same😖🥵
Truth there. It would be nice if salaries were increased too.
It's been tough, this whole inflation of goods and services that one just have to live at the barest minimum. People don't complain anymore because what you can't change, you live it.
Yeah. That's how most are surviving.
Feeling the pinch? this title is so apt and yes I am feeling the pinch so badly.
It hurts, yeah? hehe. We just have to adapt.
It’s just funny how we Nigerians think that this is only happening in our country
Things are getting expensive all of her the world everyday and it is not getting funny
It certainly is happening everywhere and yep, not funny!
Masakit na sa bulsa mga bilihin.
Oo din. Nakakasugat na, lol!
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