During periods of geopolitical and economic instability, many people fear that the national currency will depreciate and lose purchasing power, and the shortage of goods will not allow you to buy what you need. Professor of the Department of World Economy and International Economic Relations of the State University of Management Galina Sorokina told how not to succumb to emotions and make a rational decision about purchases.
Sorokin confirmed to the agency “Prime”that now many are succumbing to panic, sweeping everything off the shelves. However, no one canceled the economic laws: with an increase in consumption, prices begin to rise sharply, and a growing shortage increases the level of anxiety. As a result, there is again a jump in demand under the influence of emotions, forming speculative prices.
In order not to make unnecessary purchases under the influence of anxiety and not to spend money in vain, the economist recommended following a simple plan.
- Assess the real need for this product.
- Determine the availability of alternatives to replace the product, the demand for which has begun to form a speculative price.
- Assess the advantages and disadvantages of owning a particular product.
- Identify alternative uses for the finances that are expected to be spent on the purchase of the desired product.
After analyzing the information obtained in this way, it is possible to make an informed decision on the acquisition of this or that thing, Sorokina summed up.
The geopolitical situation and the economic changes associated with it cause concern for many Russians who seek to save their savings, and at best, increase them. The Regional Association of Appraisers said, What is the best way to deal with money under the circumstances?.