4 TIPS TO SURVIVING HARSH ECONOMIC CONDITIONS
Akinsiku Hellen
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How to Survive in the Nigeria Today
Many in Nigeria are affected by the present economy. The prices of commodities are climbing yet salaries and wages remain stagnant.
It is important for Nigerians to develop some habits discussed in this article so they can cope with the current situation till things get better.
Below are some ways to reduce spending so you can survive and avoid running into debt.
One, map out your financial plans
Many find themselves in a financial mess because of the failure to draft out a proper spending plan. If you have a clear vision of what you want to achieve financially, what you want to spend and what you want to save, it is easier to maintain a particular budget and not get carried away by unnecessary spending.
Two, learn to save
No matter what you earn, be sure to dedicate a particular percentage to normal savings, as well as an emergency fund that you can fall back on in case of sudden events like loss of job.
Three, go out less
Most people spend a fortune on going out, watching movies at cinemas, hanging out with friends and buying impulsively. Steer clear of friends or female folks that only drag you out to spend lavishly. Learn to say no to them. If you can find ways to limit the way you go out, you will be saving yourself a great deal of money.
Four, be budget conscious
You can as well map out a financial plan but not stick to it. Learn to Leave Your ATM and Credit Cards at home, and to try as much as possible to use them only for emergencies. Carrying ATMs and credit cards makes it easier for people to make unplanned purchases – POS machines even makes it faster, as you can pay conveniently without going to queue at the ATM gallery or have a rethink.
Even when in the times of emergency spending, be sure to look for deals and discounts you can trust, so as to cut the spending. If you are a business man that frequently goes on emergencies trips, look for hotel deals and discounts on Jumia Travel.
What ways have you devised to strive in the present economic situation? Share them with me below.
