In July 2023, the retail inflation rate in India reached its highest point in 15 months at 7.44%. According to the National Statistical Office, this increase was mainly attributed to higher prices of items such as vegetables, cereals, pulses, spices, and dairy products.
The inflation had last breached the 7% mark in September 2022. Now, in times of high inflation, it is imperative to manage finances so that it doesn’t create a hole in your pocket.
Below mentioned are a few ways in which you can smartly manage finances during inflation.
Keep Track Of Your Spending
Categorize your expenses into broad categories like personal care, electricity, food, etc. Now, check where you can trim down your expenses smartly which can help you save money. For example, buying items that are utmost necessary and limiting the times you eat food outside.
Also Read: World’s Largest Pizza Brand Uses Amazing Trick In World’s Most Populous Nation To Handle Inflation
Keep A Budget And Stick To It
Whenever you have your salary in your account, the first thing to do is create a budget and set aside a little money for savings. Do not touch the saved money throughout the month, and only use the rest of the money. Also, categorise your expenses and allot how much money you’ll use for that particular category.
Investments
Start investing in stocks, real estate, or commodities, with utter carefulness. These assets will help in protecting your wealth in the time of inflation.
Look For Deals And Discounts
Whenever you want to shop in bulk, always tend to find discounts on groceries, clothing, and other items by comparing prices at different stores. There are many websites and apps that offer coupons and promo codes for a variety of stores. These can save you a significant amount of money on your purchases.
Remain Consistent
The best way to beat inflation is to be consistent in saving money. When you are consistently saving and investing money, you won’t have to worry about times when inflation is high.
In case you practice something else as well to manage finances, do let us know in the comments below. Happy Saving!
Image Credits: Google Images
Feature image designed by Saudamini Seth
Sources: Finshots, Indian Express, News 18
Find the blogger: Palak Dogra
This post is tagged under: inflation, inflation in india, managing finances during inflation, how to beat inflation, finance minister, finance minister nirmala sitharaman, indian finance
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