How does inflation dent your financial planning?

Inflation hits your financial plan on multiple counts. It impacts your future cost of living.

Inflation is quite often called the thief of purchasing power. Why is that so? That is because inflation measures the rate of price rise per annum. If the price of food, fuel, clothing and housing are growing very fast each year then it means that your income will be able to buy less of the same thing. Alternatively, your income will have to grow faster than inflation so that at least your standard living can be maintained. But how does inflation impact your financial planning?

Financial planning entails laying out your long-term financial goals and then creating a plan to move