How to survive financially during periods of inflation

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Staying afloat financially during periods of inflation is something that could benefit anyone, as we all have to deal with inflation. It can be a nuisance, but it's a part of our economic system and something we just have to deal with. 

Thankfully, you can combat inflation and put more money in your pocket. You can actually get ahead financially even when inflation is constantly rising. 

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Here are some ways to do that.

You can rise above inflation

1. Spend less money - This one seems blatantly obvious, but most people actually don't realize they're spending too much. Little expenses add up. Like buying a cup of coffee every day (try making it at home). 

2. Save more - try this: every time you get a cash inflow (money hits your bank account), try moving a small percentage of it into savings. Even small amounts add up and give you a buffer against inflation. Also, try having your savings in a separate account from your main checking; you'll be less tempted to spend it that way.

3. Get on a budget - This goes along with spending less. Set a monthly budget or even a daily one, if you really want to get serious about having more cash in your pocket. A budget helps tell your money where to go, so you don't spend too much.

You can beat inflation, don't worry

4. Track all your spending - Every time you spend money, track it. Write down every expense, down to the smallest ones even. If you track everything, you'll always know where your money is going, and you will keep more of it. This will help you spend a lot less. ☕

5. Try investing - investing can help your money grow and compound over time, which obviously will give you more money. And now we have so many investing options, from stocks to bonds, to real estate, gold, and crypto. Just make sure you pick the right investments that will actually grow.

You can save money if you try.

6. Pay down debt - Paying down your debts can help increase cash flow by letting you pay less interest and making your minimum payments go down.

Inflation doesn't have to constantly eat away at your finances, you can get ahead, even during periods that people call a "recession". Hopefully, with these tips, you'll know how to beat inflation and survive.

EXTERNAL LINKS

• 5 survival Strategies for Times of high inflation
• 5 tips for surviving Inflation

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