Hello GEMS Community! Welcome to my blog. Inflation is overall problem in whole world. Everyday there are heartbreaking news about price increase of some basic things essential for the survival of man. If I were from an Elite class then I shall show no effect about it.
Being a member from an average family, I have witnessed it's effects on our finances from head to toe. Two days ago, there was following news on our TV channels.
Government is going to increase the price of Fuel by 50 PKR/ as well as Electricity by 15-16 PKR/.
Pakistan is taking loans from IMF for many years to save itself from Default. IMF everytime imposes new conditions for heavy tax Collection before releasing another Loan Scheme for my homeland. Although this institute presents an economic chart for smooth recovery of Bussiness and Finance but it has drastic effects on poor and average families because of heavy taxes and withdrawing of all subsidies.
Impacts of Inflation on my Finances
I 'm not any job holder but I 'm happy in assisting in my father's Real Estate Bussiness. Through this Bussiness, I 'm getting 50K PKR/ monthly for my self finance. This amount is used to fulfill my needs. The price instability due to poor policies imposed by IMF through Government channels is affecting my life a lot. Already I was making compromise on my desires for luxurious life but nowadays It is hard to meet the needs of simple life as well.
It had been many days since I have not visited a good restaurants, not joined any Picnic Party with friends and not travelled to my favorite places. It is all due to sky kissing prices of different things that are making a tough life for me. Due to less affordability, I like to stay at home. It is the month of the Ramdan, I 'm worried about Eid Shopping because my budget is already exceeding from my monthly pocket money.
Inflation Management
As new government has taken over the country, It is hard to find any good news. Everywhere there is crash in market. Prices are beyond the buying approach of the people. In this dying situation, I have decided to manage everything properly. I 'm taking following measures to reduce the impacts of inflation on my life.
- I 'm saving money in HBD.
- I 'm purchasing those things that are much needed for my survival, no extra and no less expenditures for easy life.
- I have started buying from Factory Outlets that are cheap in prices.
- I 'm taking loans from banks and investing them in trading.
- I 'm spending my extra time on Hive to earn some extra bucks to keep sustainable flow in my life.
These are some of the few Managements, I 'm doing to save myself from inflation worst impacts. I like to live easy and simple life that is only possible by taking some advanced steps.
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Yes dear unfortunately Pakistanis are facing high inflation nowadays.
Now we have to plan our finances.
One thing that I learnt is that we should give some money in ALLAH way.
We should bargain with ALLAH Almighty.
Because being Muslim we believe that if we give ALLAH's way and help the needy and poor people of our society, Allah will give us 10 times in return.
Exactly we should plan to meet easy requirements of life. Thank you for your contribution on my post.
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We are experiencing same here in Nigeria, but it's very important to make sure one has more than one means of income to help cope.