STUDY AND MINIMISE YOUR SPENDING
Eliminate some of your non-essential expenses, or replace some of your costs with more affordable alternatives. For example, instead of dining out every weekend, maybe you can just do it once a month.
INCREASE YOUR INCOME
The easiest thing you can do, particularly if you’re employed, is to talk to your boss and ask for a raise. If you’re a freelancer check if it’s possible to increase your rates. Of course, you can also create additional sources of income.
DIVERSIFY YOUR PORTFOLIO
Regardless of the state of the economy. You must invest regularly. This is one of the best ways to actually beat inflation, especially in the long-term.
INVEST IN YOURSELF
Finally, you can also choose to invest in your financial education. Particularly, it’s a good time to learn the relationship between stocks and bonds, and how inflation and interest rates affect them.
DON‘T MAKE LONG-TERM, FIXED RATE LOANS
Until the inflationary period is over, do not buy bonds. High inflation rates completely destroy the value of long-term bonds. Beware before you apply for a bank loan, review interest rate and choose a good one that will not cause you significant loss in a long-term loan.
ONLINE BUSINESS
Start an online business. If you look at the size of the internet economy, it is significant and the world is moving forward into a digital world. Read more in my previous post on “Start My Own Website”.
INVEST IN THINGS
You can try investing in things that are valuable like gold or silver. In some countries, properties may be ideal for investment but not all. Review before making an investment.
