How to live through Inflation with Trackfundx App

Inflation is an economic term which has become an everyday word as countries around the world experience it in one way or the other. Nigeria seems to be amongst the worst hit with the National Bureau of Statistics (NBS) reporting Nigeria’s inflation rate to be 17.71 per cent on a year-on-year basis in May. When compared to Canada’s 7.7% (Statistics Canada) in the same month, it becomes evident that proper finance management is paramount for every Nigeria to hedge inflation.

The term “inflation” refers to the gradual increase in the price of goods and services, and the subsequent decline in the value of currency. Understanding how inflation works and what steps you can take to reduce its effect on your life can help you prepare financially as the economy spirals downwards.

The first thing to understand with inflation is that the cost of getting your necessities has gone up, so the spare cash you would normally have for saving or leisure will now have to go to the necessities and for some people getting even the basics seems impossible.

To survive in times like this, there are two strategies to employ:

The second strategy is where Trackfundx comes in, however, proper management of finances can provide you with funds to invest and increase your source of income.

Below are features on Trackfundx app that will help you hedge against inflation.

Categorization
The first step to survival is to reassess your spending habits. You need to understand where your money is going and the things you are spending money on the most. The smart categorization feature on Trackfundx assesses your bank transactions and groups them into categories, so at a glance you can see what takes a large chunk of your money.

When you have a clear picture of this then you can Budget.

Budget:
Budgeting is one of the most essential tricks to hedge against inflation, if you’ve always had a budget, inflation makes it more difficult to stick to it. But with Trackfundx you’re able to set spending limit for the categories you’re budgeting for. With budget, you can assess your basic needs, cut out frivolities and figure out which category you can spend less on and save more from. We also made it easy for you to stick to your budget with Reminders.

Reminders
The purpose of setting reminders is to keep you in check. Trackfundx reminders are unique in that they are built specifically to help you manage your finances better. For example, if you spend more on Friday nights, you can set a reminder which notifies you at a particular time to stick to a set budget.

As the economy ebbs and flows, it’s important to stay ahead by being in control of your money. Now more than ever is the time to keep Track.

Download Trackfundx now to begin https://www.trackfundx.com/download