How to Avoid Hyperinflation: 20 Actionable Tips
There are many possible threats to our financial system and livelihood. One of them is hyperinflation. This article will provide you with 20 tips about how to avoid hyperinflation and thrive financially.
Pay Off Any Debt That Has Adjustable Interest Rates
Hyperinflation will cause the value of money to decrease, meaning that it takes more and more currency units to pay off your debt. This is because hyperinflation increases inflation rates- which are used in calculations for adjustable interest rates.
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Think About Refinancing Your Mortgage (Look at the Consumer Price Index)
With the US federal government dependent on debt it seems unlikely the federal reserve (our central bank) will choose higher interest rates anytime soon.
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Attempt to Decrease Transportation Expenses
If you live in an area where you can walk, bike or carpool this can help with rising prices of transportation. Higher inflation can cause gasoline prices to increase drastically.
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Avoid Buying Things Brand New
During inflationary environments consumer prices on pretty much everything increase. Clothing, vehicles, furniture can all be bought secondhand. I have bought all three of these items used at one point or another.
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Have a Backup Plan For All Major Appliances
If rising inflation drives up the price of electricity, it is good to have alternative methods for all of your appliances, such as hanging clothes on a clothesline or washing dishes by hand.
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Invest In Tangible Assets
When an economy falls into inflation and the value of currency decreases it would be prudent to consider buying silver or gold.
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Stock Up On Food and Household Supplies
Inflation will cause the price of household supplies to increase. This will make it difficult to follow and stay within your normal budget. It’s best to trade your paper money for things that have some utility.
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Eat As Many Meals At Home as Possible
Another way to save yourself during an inflationary environment is by eating as many meals at home as possible. This can be done either by purchasing food in bulk.
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