How to survive inflation

It is almost impossible to live without purchasing products and services especially in urban areas, for this reason, expenses are already high. Inflation makes it worse and therefore one needs a few tips on how to live comfortably as well as save money and mostly survive inflation.

First, the most important thing is to monitor the prices of goods in the market. When there is a slight drop is the best time to shop in bulk. Shopping in bulk also saves money and resources as compared to constant trips to the supermarket all month long. Bulk shopping is also cheaper as the packs are more economical. Also, consumers should try and purchase goods from the wholesalers if possible as the chain of distribution is shortened, since there are less middlemen and hence prices are cheaper. That way, one can save a few shillings. Scrutinize your shopping list comprehensively by asking yourself if you really need some of the things you are spending for and how often you use them. If the answer is negative, then do not purchase the items. By this, you will find yourself cutting off unnecessary expenses and saving some for the basic needs. Reduce your consumption on the products that are rising rapidly in price, especially if they are things you can do without. For instance, the price of fuel is rising rapidly. If travelling for a long distance, one can opt to use public means, which is cheaper than fueling your own vehicle that will save you a great deal of money.

Finally, inflation is beyond our control as consumers. There is nothing much we can do about it, but the good news is that we can control how much damage it brings along financially by basically cutting down on the products and services that we do not need temporarily, or reducing how much we utilize them. This will help you save a coin or two, that can be used to buy the necessities. Therefore one does not have to live cheap but just a bit smart. Let the luxuries be a once in a while treat. Consumers should also keep in mind that purchasing commodities in bulk is usually cheaper than the opposite. Good luck as you masquerade past the economic hurricane.

SOCIAL MEDIA | Why Kenyan firms should embrace social media

If you are wondering what social media is, it basically refers to the use of web based and mobile technologies to turn communication into an interactive dialogue. Many firms in the market today need to embrace this trend in technology, mainly because it is cheaper and feedback is not delayed. Social media can take on many different forums, such as web blogs, internet forums, and micro blogs. Examples of social media are the likes of you tube, twitter, Facebook, and many others.

How will they benefit from this? Apart from relatively cheaper advertising, social media could use this to place promotions over social networking sites. For instance, a firm could have a fun page on Facebook and place available promotions. Also, because of the interactive nature of social networks, a firm can use this to their advantage to manage their reputation. By this they keep an eye on conversations going on and respond to them. Social media can also be used to collect feedback or suggestion to a firm on their products or services, or how the firm should operate in favor of its consumers. Social media is also decentralized, therefore, it lays a foundation for globalization and publicity of a firm.

These are just a few ways a firm can use social media. It is appropriate for marketing and publicity. Many companies have gone online in Kenya, therefore, the use of social media is just an icing on the cake. Also, consumers are now purchasing commodities online. Therefore, the companies are able to attract vast markets. Because of its utility, social media is accessible to anyone, and easy to use. It is also available to the public with little or no cost. To sum up, the greatest and most productive way a firm can use social media is by managing their reputation. Consumers can air complaints, offer suggestions and feedback freely without feeling intimidated.

References:
Social Media

7 Rules of Social Media and Creating Trust Around Your Brand

Social media and online PR.