I have talked about budgeting several times, and we are already at the point where almost everybody knows about budgeting. Even people with no financial education at all know about it because of how effective it is. Budgeting can save you from many emergencies, If you’ve been faced with financial emergencies before you will know how important it is to budget, Things have changed because people are complaining about how it isn't easy to budget.
It is getting difficult to budget based on numerous reasons and some of these reasons are genuine and some people are just looking for ways not to budget their money just because they want to keep spending. They want to live above their means and make excuses that it is difficult to budget. Meanwhile, they are the ones who are not trying enough, and one of the first reasons we would like to look at is inflation which is one of the reasons why most people find it difficult to budget.
Inflation will eat your life
I don’t know about other countries, but the inflation we've experienced over the last three years in Nigeria is kind of crazy. Most of the products I used have doubled in price in the last two years and this is because of inflation and also the currency we spend in the country is doing badly and the government is doing nothing about it. Everything has increased in price in the country, but most people's salaries did not change which makes it very difficult for people to plan with their money because even the money is not enough.
People find it difficult to budget this time because the money is not enough for them to be able to afford their basic needs and most companies are not increasing their salaries. Some of these companies increase the price of their products but not the salary of their workers and this is the main reason why people find it difficult to budget. The other reason I would like to talk about is how social media and big companies use social media to trap people into believing that they need more money to start budgeting.
The trap
What big companies are using social media to trap people into buying their product and they call it a marketing strategy but what they are simply doing is making people believe that they need their product but in the actual sense, they don’t need the product. Most big companies pay big influencers and even go as far as paying some pastors to talk about their products and before you know it people start buying things that they can live without in the first place.  When you start seeing things over and over again, there is a way your brain convinces your mind that you need that product but in reality, you don’t.
These are the major reasons why people find it difficult to budget in this era. It is something that we can truly work against but it takes more than just money to fix. You have to have a strategy in place to fight against inflation because the world economy is designed so that inflation can go up. You have to find a way to beat it so that your Income we always be more than your needs.
Thanks for your time.
