How to preserve your money from Inflation

Inflation is a rise in prices, which can be translated as the decline of purchasing power over time. The rate at which purchasing power drops can be reflected in the average price increase of a basket of selected goods and services over some period of time. The rise in prices, which is often expressed as a percentage, means that a unit of currency effectively buys less than it did in prior periods. Inflation can be contrasted with deflation, which occurs when prices decline and purchasing power increases.

How do you preserve your salary from inflation ?

1 Use a high-yielding savings account. Saving your money in your traditional bank account means leaving yourself vulnerable to the negative effects of inflation. Instead, consider keeping your money in high-yielding savings platforms like Cloud cooperative . For instance, when you save in a Pi wallet, you can earn as high as 10% returns.

  1. Consider buying food in bulk. Remember when your parents used to say, “There is rice at home”? Well, now is the time to practice that. If you want to protect your money during this period, you need to reduce (or stop) eating out, buy foodstuff in bulk, and cook at home.
  2. Earn more. You suffer more from inflation when your income is stagnated. For this reason, you need to look for creative ways to increase your income streams. You could seek a promotion at work or even juggle multiple jobs

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