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How to Ensure Financial Success During Inflation?

April 21, 2023

Table of Contents

    Table of Contents

      Ways to remain successful even during inflation

      The term "inflation" means the rise in prices of common goods and services. It is the decreasing purchasing power of money over time. Inflation to some can be positive, whereas to some of us, it can be negative—it all depends on the money you have in hand and the purchasing power it has. It can be challenging to ensure financial success during periods of inflation.

      For instance, let us assume you have stocked commodities and properties. Inflation hits and with inflation the prices of those stocked commodities rise, causing inflation to work in your favour. But it can be the other way around too. What can you do to have financial success and stability during inflation? How to measure financial success during inflation? Continue reading to learn more.

      Inflation on the Rise: How to Protect your Wealth?

      For many of you, money management is a challenging task. To achieve financial success, you must first cultivate the habit of saving and managing your funds. Good and consistent saving and investing habits play major roles in helping you reach the goal of becoming financially successful.

      Some of the successful financial strategies that we must follow to achieve successful wealth management practices are:

      ●  Being prudent and avoiding senseless spending

      ●  Developing investing and money-saving habits at an early stage in life

      ●  Avoiding debts

      ● Putting money to work instead of parking in accounts—creating a mixture of investments to mitigate risk

      ●  Spending money on useful things

      ●  Exercising financial hygiene and discipline

      5 Steps to Achieve Financial Success in Your 20s

      They say, your first paycheck should be the time to determine the aftermath of your last official paycheck during retirement.

      Retirement planning is essential and experts often opine it must start as early as the 20s of an individual, or, as soon as one begins to work regularly.

      Below are some habits to achieve financial success during the 20s:

      ●  Set aside a saving target of a small percentage of income every month

      ●  Educate yourself-Financial Literacy

      ●  Start Investing Progressively

      ●  Make Goal-based savings plan

      ●  Balance out the risks

      Win the Battle!

      Let us allow to educate ourselves financially, as financial literacy is the key to financial stability and successful money management. Financial literacy is the study of understanding terms like budgeting, investing, taxation, saving, etc., and enhancing these skills in more than one way. Being financially literate will lead to successful financial planning. It unveils the secret to financial success.

      It will save us from a financial roadblock. It will help us make more precise and informed financial decisions. It will polish our money management skills, which will lead to success in financial management.

      With financial knowledge, you can make a well-structured budget and achieve personal finance success. Financial literacy helps us understand that the key to a better financial structure is an effective investment.

      Having all the knowledge about financial terms and strategies is not enough until you put it into practice. Therefore, we must be prepared to win this war smartly. The 7 steps for financial success to prepare for inflation are:

      ●  Upgrade budget

      ●  Review investments

      ●  Do not hold excess cash

      ●  Maintain a savings account

      ●  Have an Active and a Passive income

      ●  Purchase what is required

      ●  Buy strategically

      Trap success - it should never leave us

      An inflation-proof portfolio, as good as it sounds, is equally good to have. During periods of inflation, it becomes crucial to be financially sound. Taking our financial advisor's tips for the success of our financial status will help us make a stable and financially sound portfolio:

      Plan expenses: During the time of inflation, it becomes vital to keep a hold on our expenses. You must be cautious of the amount you spend, as the first step for a successful portfolio is to invest. This can only happen if there is some money saved and saving can only happen when you don’t spend on things that you don’t need.

      ●  Invest in stable and secured investment plans: Just going on saving will bring no value to the money, smartly investing it is considered to be beneficial. Smart investment plans that yield high profits can be comforting and a road to financial success. For example, FDs and RDs have long maturity periods and give stable and predictable returns. Making short-term and long-term investments is crucial to find balance in our financial portfolio.

      ●  Plan Investments in consumer products stocks: Areas like stocks gain from inflation itself; however, there are many areas to consider before investing in stocks but if there is an opportunity grab it, as commodities like food and energy generally face little inflation as they are a necessity to all of us. Therefore, investing in stocks can be beneficial considering you have a good knowledge of market trends and smart thinking and decision-making capabilities.

      Savings accounts with high yields: Saving money is important but you shouldn’t let your money sit in your accounts for too long, you must invest them, but if you wish to save your money and invest them after a little while then having a high yielding savings account can be beneficial to some extent.

      To conclude

      Following the above successful financial solutions, you can measure our financial success during times of inflation. There must not be any excuse to not save a fraction of our income and invest it.

      Better start late than never; you have all heard this a million times, and it's time that you take financial independence seriously as this will shape our future and help us pave the way to a successful financial career.

      You can consider traditional investment options like gold, whether it is physical or digital, as it will yield stable returns. Jar allows us to invest in digital gold, starting at just Rs. 10. Download the Jar app to achieve financial stability and become financially successful.

      With Jar, you can invest in digital gold and get pure 24-karat gold delivered right to our doorstep. Jar automates our savings and investment plans and turns our spare change into real gold. Jar app automatically round-offs our spare change and invests the difference directly into digital gold. Also, it provide daily spins to double our savings and investments in digital gold. Jar app helps us expand our financial portfolio.

      10 benefits of investing in digital gold through the jar app are:

      ●  No cost for storage

      ●  Get-real time market prices for gold

      ●  Buy and sell from home

      ●  Safety

      ●  No limit on purchase

      ●  Gifting

      ●  Protection against market volatility

      ●  Gold is delivered home

      ●  Transferable to future generations

      ●  Less maintenance

      So, start investing in digital gold and take a step towards financial success.

      Download the Jar app now and start investing!