Mika
VIP Contributor
Just like the inflation in the market, there is also inflation in life, it is normally referred to as lifestyle inflation and refers to a condition of low income and high expenses. In the face of low income issue, downsizing your lifestyle becomes a practical approach. This can range from relocating to a more affordable area to switching to low cost foods. Downsizing is not only related to cutting non-essential expenses, it also means cutting your essential expenses. By downsizing, individuals can reduce spending, thereby freeing up resources for savings even with limited income. If you do not address lifestyle inflation, it will get to hyper inflation.
