As an average citizen who wants to make a living and be able to afford basic necessities, one of the most difficult and sometimes frustrating challenges for me is an unexpected change or increment in the price of an item. Particularly since I have to stick to a very strict spending limit because my expenses are based on my monthly paycheck. Of course, every slight change in commodity price affects your monthly budget when you live from paycheck to paycheck.
How Inflation Affects Income
However, because of the rapid rate of change in prices and my income not keeping up with my expenses, I have to pay more for the same goods and services, reducing my purchasing power. As if that weren't enough, the cost of recurring expenses like phone bills, cable subscriptions, and other digital streaming services also increased due to currency exchange rates or other economic factors. Sadly, the value of each paycheck income continues to depreciate due to the constant rate of price change.
Unfortunately, this price change not only limits my purchasing power but also reduces the value of my savings. Even though there's an interest rate of 2% per annum on the savings, it wasn't enough to compact the high cost of living due to the devaluation of the currency. In fact, the value of my savings also decreased because the interest rate during the holding period was still not greater than the rate of inflation in prices. Therefore, I gradually had to set aside more money as my income's value decreased over time to cover my expenses and maintain my standard of living. But when your income isn't increasing at a similar rate as the cost of living, it can be particularly challenging to keep up.
Despite removing some excesses from my budget, my income was not keeping up with my expenses. And, because everyone's lifestyle is determined by their income and expenses, I decided to look for ways to avoid price inflation on my expenses without drastically lowering my standard of living.
Savings And Investments A Better Choice?
So, after some financial consultations and advice from different sources, I learned to avoid keeping cash or having it in a savings account if I want to keep my income safe from inflation. Instead, I should put the money into investments where the returns exceed the inflation rate.
Without a doubt, putting the money in an investment account rather than a savings account was a smart move because it is a way to achieve financial sustainability in addition to fighting inflation. Knowing this, I transferred my funds from a savings account with a lower interest rate than inflation to an investment savings bond. Unfortunately, the disadvantage of the savings bonds is that they are a long-term investment in which I must hold them for a full year before selling them, and even if I do, I will forfeit the previous three months of interest.
On the other hand, I decided to prevent the effect of inflation by investing in funds, ETFs, and individual stocks in those sectors that may help my investment keep up with inflation. However, these are long-term investments, and monthly expenses cannot be based on their return because most dividends are paid quarterly or yearly.
Utilizing Cryptocurrency As Protection
As a result, I needed an alternative that would protect my income from inflation while also being accessible whenever I needed to make recurring payments. Thus, this led me to utilize cryptocurrency as a shield from inflation.
Interestingly, cryptocurrency is both a store of value and a medium of exchange, unlike other methods of inflation protection. As a result, my income would be shielded from inflation while still allowing me access to fiat money as needed. In addition, although the cryptocurrency is a volatile asset, its price fluctuations can affect its value. However, using stablecoin assets that are pegged to dollar value eliminates volatility.
Knowing how cryptocurrency can protect my income from inflation, the only thing left was finding a crypto wallet with top features like wallet reputation, security, backup capabilities, etc. After evaluating various wallets, I discovered Cwallet to be the best that checks all boxes.
Keeping My Income Safe With Cwallet
I checked out everything needed to create a Cwallet account without hesitation. And, to my surprise, all I had to do was link my phone number or a third-party platform like Twitter, Telegram, Discord, or Reddit. The signup process was straightforward, and unlike other wallets, there was no lengthy registration process or KYC verification.
Therefore, with a Cwallet account, I could access multiple cryptocurrencies on the platform, particularly stablecoins having their value as that of the dollar. As a result, I could easily switch between tokens and withdraw without incurring transaction fees.
The best part is that I could use Cwallet to pay my daily expenses like phone bills, in-store payments, and online shopping. So, with Cwallet, I protected my income from inflation and saved on local transaction costs by carrying out basic expenses with crypto. There was no turning back from using Cwallet because it met all of my crypto needs from a single platform.
You now know how I successfully shielded my income from inflation using Cwallet. To achieve a similar result as mine, Create a Cwallet account immediately and begin to enjoy amazing features. Follow this step to learn different ways you can deposit your income on Cwallet.
Cwallet: The Multi-functional Crypto Wallet
It's interesting to note that the Cwallet asset deposit is just one of the many tools offered on the platform. You can do a lot more with Cwallet.
Cwallet is a unique cryptocurrency wallet that combines custodial and non-custodial features. With the help of this combined on-chain and off-chain wallet, you can manage and trade over 800 cryptocurrencies in a single spot, providing security, simplicity, and flexibility.
The Cwallet meets individuals', and enterprises' complex crypto needs through a range of features such as the tip code, airdrop game, giveaway tool, mobile refills, bulk payment, request invoice, payment button, and so on. It is more than just a cryptocurrency wallet where users may send and receive funds, buy and sell, or hold and swap cryptocurrency.
Cwallet lowers the entry barrier for crypto usage as you can instantly create a cwallet account with your mobile number or third-party networks such as Twitter, Telegram, Discord, and Reddit to save money on transactions and taxes on your daily expenses.
In addition to saving your income from inflation, Cwallet provides:
- Mobile top-up with Crypto
- The most recent and lowest transaction rate
- Real-time information on the current asset value
- A giveaway tool that allows all Cwallet users to create a giveaway with their own set of rules and regulations.
- An exclusive bot that allows users to send/receive tips and airdrops and set up referral programs on many social networks, including Telegram and Discord, gives the most straightforward and convenient way to manage crypto assets across your social platforms.
Indeed, Cwallet is a multi-functional interactive cryptocurrency wallet. The only wallet you'll ever need for almost all of your crypto needs.
Cwallet does not charge any deposits, withdrawals, and token swap fees. Therefore, using Cwallet is absolutely FREE!
So, what are you waiting for?