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This is something that happened in Serbia during sanctions by west. People who had savings in banks lost everything overnight due to the mass inflation and our own currency collapsed where you would go to a store and buy 10 products for several millions. That was insane.
How would you feel if you saved for 5 years, let's say, and then lost everything over night?
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Inflation erodes the purchasing power of savings over time. As prices rise, the value of money decreases, reducing the real value of savings. Fixed-interest savings accounts may fail to keep pace with inflation, resulting in a loss of purchasing power. To mitigate the impact of inflation, individuals can invest in assets that historically outperform inflation, such as stocks, real estate, or inflation-protected securities.
That was the worst experience because of the work of inflation. This year, the rate of inflation is extended, so we have to double our time to avoid being hit hard by inflation by adding our resources to earn.
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Savings can be eroded by inflation, which decreases the purchasing power of money over time. To combat this, I need to ensure my savings grow at a rate that outpaces inflation. Investing in assets like stocks, real estate, or inflation-protected securities can help preserve and increase the value of my savings, safeguarding my financial future against inflation's impact.
