How To Save During High Inflation: People are suffering due to inflation.
In the last few months, petrol, diesel, CNG has become expensive, while cooking gas (LPG) and PNG, through which food is cooked, have also become expensive.
Not only this, food items like edible oil, rice, sugar, flour, tea leaves have become expensive.
So apart from milk, essential soap, shampoo, detergent became expensive, due to which the budget of people’s house has deteriorated.
all-round hit of inflation
Not only this, from school fees, air travel, cab rides and eating in restaurants also became expensive because the restaurants are troubled by inflation, so they have put the burden on the customers.
And now the EMI of those taking loan from the bank has also become expensive and is going to happen more in future.
The problem of common people is that their income is not increasing but their expenditure is increasing due to inflation.
In such a situation, the question arises as to how it can be compensated.
How to save your hard earned money from inflation.
Review investment savings in times of inflation
Whenever inflation comes, it is most important that you review your investment and savings method.
So when banks are making loans expensive, it will become expensive to buy a home, car or other consumer durables by taking loans.
In such a situation, if there is a plan to take a loan, then it is necessary to review it.
When interest rates are getting expensive, then the interest on deposits, FDs and money kept in the bank account will also bring more relief.
But when inflation is rising and at the same time the debt is also getting expensive, then it becomes very important to cut the expenditure.
How can you save in the era of inflation?
Because the interest rates on savings are increasing along with the cost of loans, so in such a situation, you can get more interest on the cash kept from the house.
Cash kept in the house, which is not needed in a year, you can keep it in your bank account, on which you can get interest up to 3 to 4 percent.
Due to this, if the loan becomes expensive, you can compensate the additional burden of EMI which will be expensive by earning more interest.
Review Home Loan Interest Rates
Home loan will also be expensive due to the cost of interest rates, people will have to pay more EMI.
In such a situation, you can go to your bank or housing finance company to find out how you can take the facility of a lower interest rate than the current interest rate you are paying.
By paying a conversion fee of Rs 5,000 to 6,000, you can reduce the interest rate on the home loan, thereby saving you from paying expensive EMIs.