Saving Money How To Save Money In A Country Where Inflation Rate Is Quite High?

[Good-Guy]

The amount of money you save depends on the place you live. There are certain countries in the world where inflation rate is very high, but there is no source of income. This is why many people are suffering in certain countries because this is one of the main causes of poverty. Moreover, the ratio and percentage of unemployment also plays a really big role. Some countries have a really high inflation rate, but the amount of income people earn in there is massive and the unemployment rate is also quite low in those country. So things are quite balanced in each and every country.

I live in a kind of a place where inflation rate is insanely high and people do not have a source of income. However, rich people in my country are living a quite luxurious life because they have the ability to survive. Apart from that, one of the main aspects of living in such country is saving money. If you live in a country where inflation is quite high, you will have a much harder time saving money if you do not have a stable monthly income. So, how to save money in a country where inflation rate is very high?

 

[Jasz]

The current situation in my country is very precarious, for the inflation rate is extremely high. Since I need to save money for my future, I will explain some tips to save money in a country where inflation rate is quite high.

First of all, I need buy the products which are seasonal because not only are they fresh but also the prices are lower than others. Besides, goods that have been out of season for a long time might be outdated.

In addition to buying seasonal products, it is important to avoid eating out too much. It is better to cook your own food or eat at home as much as possible because you can control your ingredients and save a lot of money.

Moreover, it is better to save money by using public transportation instead of using private cars. It is more convenient because you can avoid traffic jam and parking problems. Not only that but also you can spend the saved money on other needs.

Finally, it is important to reduce unnecessary expenses like buying clothes or gadgets every month and buying drinks or snacks while going on a trip. You should make a shopping list before you go shopping so that you do not buy things without thinking twice.

 

[eldavis]

The best way to save money is simply managing. I saw a post some time back that says the best time to save is before you start spending, not after you spend. Have a budget in which you can clearly state your needs form your wants.

 

[anil02]

It is easy to spend as per earning but it is not easy to earn for all expenses. At present most of us are facing too much money inflation because of war between Ukrin and Russia. How we can save at this time it is depends on how we can control on our expenses. First of all we must be avoid all unnecessary expenses. With it we also tried to increase our earning. These are the only ways in which we can save.

 

[Ayuba Ernest]

There are a few ways to save money in a high-inflation country. The most important thing is to be proactive and plan ahead. Here are a few tips:



- Try to maintain a stable lifestyle. Don't change your spending habits just because the cost of living has increased.

- Cut down on discretionary spending. This includes eating out, going to the movies, etc.

- Invest in assets that will hold their value. For example, property or gold.

- Make sure you're getting the best value for your money. Compare prices before making any big purchases.

-Try to live within your means. Just because the cost of living is high doesn't mean that you have to spend all your money. Try to be mindful of what you're spending and only buy what you need.

- Invest your money wisely. There are a number of investment options available in your country, so do some research and find one that is right for you.

 

[Sotherefore]

When the inflation rate is very high you shouldn't consider to save your money in the bank , after all your money will depreciate and the value will greatly reduce but instead of saving in the bank you should rather look for a way of saving your money that the inflation does not affect it and probably two of these ways might help you.

1) Saving your money in the US dollars:

To me , this is one of the most easiest way because the value of your money will increase as the economy of your country decreases . I don't really know how people can be saving in the US dollars especially if you are not living in the United States. I believe it will be quite possible if you are working online and earning in cryptocurrency or the US dollars , you can easily convert your US dollars to crypto currency and store .

2) The second one is by investing in profitable ventures that can help you recover from the depreciation.

There are legit ways of investing your money such as real estate investment, government bond or treasury bills , this will help you recovered from your loss due to depreciation.

 

[anil02]

Some friends are suggesting for investment is high inflation. But for saving first we have money for it and then we decide how we invest it. It is not possible for any one to cut down in expenses of regular food and medicine, like it we also can't avoid bills of electricity and other necessary utilities. In these it is also not possible to live without mobile and internet. We can save electricity bill with using low power consuming products like to to control on expenses of petrol we can use cycle for short distance or we can use public transport service

 

[Kendy]

Saving money in a country where the inflation rate is so high only goes out to show that the economy is unstable and is conflicting with the Citizens and as such having the ability to save money is very difficult. Looking back at the upsurge of the covid-19 pandemic, you would agree that most countries especially those in Lower-tier or underdeveloped countries where in a state of economic decline and inflation skyrocketed 100% due to lack of proactive measures to have curbed such future impediment. Now, looking back at savings morale during that, people were finding it very hard to even feed themselves on a normal 3 square meal because most companies had laid off their staff and some had slashed their salaries.

Only those that were lucky enough were those working in government organisations and establishments and in such cases, saving becomes totally impossible because man is only looking after how he is going to feed to survive till the next day. When an inflation hits a nation, it becomes totally impossible to save because even at the verge of saving, there is high chances that you will still go back to dip into the money which would not help in achieving your goal either in the shot run or long run.

 

[anil02]

Saving money in a country where the inflation rate is so high only goes out to show that the economy is unstable and is conflicting with the Citizens and as such having the ability to save money is very difficult. Looking back at the upsurge of the covid-19 pandemic, you would agree that most countries especially those in Lower-tier or underdeveloped countries where in a state of economic decline and inflation skyrocketed 100% due to lack of proactive measures to have curbed such future impediment. Now, looking back at savings morale during that, people were finding it very hard to even feed themselves on a normal 3 square meal because most companies had laid off their staff and some had slashed their salaries.

Only those that were lucky enough were those working in government organisations and establishments and in such cases, saving becomes totally impossible because man is only looking after how he is going to feed to survive till the next day. When an inflation hits a nation, it becomes totally impossible to save because even at the verge of saving, there is high chances that you will still go back to dip into the money which would not help in achieving your goal either in the shot run or long run.

It is right that saving when inflation is too much high is not easy, but peoples who are working in government organization it is not much touhg. Here in my country dearness allowance is increasing after 6 month according to retail index price. So it is easy for government employees to adjust with inflation. But it is almost impossible for a small business man or people who are doing petty service work