Contest || The Effect of Rising Inflation on Everyday Life

hello everyone i want to join the contest held by @deepak94
about Contest || The Effect of Rising Inflation on Everyday Life
this is my entry. previously i would like to invite my friends @sabbirakib @eveetim @chiagoziee
to participate in this contest

Inflation and Its Impact on My Life

Definition Inflation: It is an economic phenomenon which changes peoples purchasing power. If the prices of goods and services stay going up, we lose some purchasing power with the money we own. Individuals feel inflation differently, and for whom inflation rates affect in several facets of life depending on their financial situation. Inflation is also a problem for all means of spending in my own life experience, mainly those included with the household and inflation as cash savings aside from investments.

Being a digital luminary (ie being active on Steemit) I can truly feel how inflation eats the value of my income. The price of fundamentals goes up but my digital labor earns less and less value, every month. So now I have to be closer finances and trying to discover ways of protecting the value in what i earn. I have employed a number of strategies such as: putting aside money, through small investments or finding other streams of income in the name of digital.

Inflation also costs us everyday living expenses. Food, transportation and other basic commodities have been rising in price as inflation gets ahead of itself. I know first hand that as someone living in the city center transportation costs are going up a lot, more expensive when fuel is increasing. That puts a lot more pressure on me to choose transportation more wisely, and reduce activities because they are more expensive.

As far as savings, inflation runs a huge role as well. A rising cost of goods means the money locked away in a bank account will still lose value over time. Thus I started thinking of alternative better returns investments, assets that hedge against inflation (Gold or property). Investments are risky but I want to at least find ways to make my money work for me in the future.

In contrast, Inflation has also trained me to be rational about my finances as well. We know increasingly the value of using a budget, parsing need from want and finding ways to save bucks. I eat out less than I used to (imho) we mostly cook at home; over time I learned to check prices when certain items.

In general, Inflation is something that can be difficult but also present new ways for me to be extra creative and flexible in the way I handle my money. If with the right strategy I succeed in keeping our family economy stable even amidst turbulent economic times.