Six Ways To Survive The Current Harsh Economic Times in Nigeria
I'm sure if you've been to the market in the last couple of weeks, you can attest to the alarming rise in the prices of foodstuff. Onions and tomatoes are the new gold. A 50kg bag of rice now ranges between 30 - 45k naira depending on the brand. The inflation rate is currently at 13.71% according to the CBN and it keeps rising like yeast in bread.
It is indeed distressing how the prices of many goods and services have doubled, tripled, and grossly multiplied outside the reach of the average Nigerian. It is a matter of fact, that these times will not be the easiest for you and I am here to provide you with six sure tips to help you successfully survive in these downtimes:
1. Budget Your Expenses
I know you've heard this over and again, but you cannot underestimate the importance of making a budget and sticking to it. What you want to do now is make a periodic plan for all your expenses and stick to it. Difficult times call for strict measures. You should cut down your expenses to fit the new reality. Reprioritize your finances and separate your needs from your wants. If you used to go on weekly restaurant dates before, you might have to cut it down to monthly. I know it may seem hard adjusting, but your pocket will thank you for it.
Difficult times call for strict measures. You should cut down your expenses to fit the new reality.
2. Diversify Your Income
I am sure you must have heard of the concept of side hustles so many times you can no longer keep count. However, you can't brush it off. It is now time to consider multiple sources of income to bring in the extra cash to foot your bills. Many side hustles nowadays don't need too much capital, just expertise and time. Start that consulting business today. Add value to your company and push for a pay increase. Do not forget that once you have money coming in through various channels, you still have to be frugal with it.
I know it may sound counterproductive to still suggest you invest heavily in your savings, but you'd be surprised at how effective it can be towards ensuring your stability and sanity in these peculiar times. There are periods money would not come in as much as you need it to, but you would then have your savings to fall back on. You should also save for the bigger picture, which includes putting your savings in trustworthy investments like your retirement account with Oak Pensions.
It is imperative to know that it is not only your savings you ought to invest in this period. You must also consider investing in your self development as that is one of the surest ways to eventually increase your income. Invest in your financial education. Take that course. Read that book. Register in the gym. Live healthily. Invest in your future, Oak Pensions has got you covered in that area. I'd also encourage you to invest in people as well, as this is one investment that can never fail you.
5. Build Quality Relationships
I must tell you, that people are one of the strongest resources you have. Reach out to your friends. Call family members. Go on budget-friendly dates. Gift your partner however little. Send a text message. All you need to do is show you care and stay in touch with your loved ones. When you build and sustain such relationships, what you're doing is creating a shock absorber for the harsh realities you're surrounded by. You would all be there to support each other through the downtimes.
You must also consider investing in your self development as that is one of the surest ways to eventually increase your income.
6. Stay hopeful
Finally, I'd like to encourage you to stay positive in this period. The state of your mind is very important in determining how you navigate this period. Look after your mental health. Surround yourself with positive people. Consume content that uplifts you. Find time to relax and destress. Remember, tough times do not last. There's a light at the end of the tunnel. This moment too shall pass. I would admonish you not to stay fixated on your current reality and that of Nigeria but instead, focus on how you can be better despite it. You must look forward to a future where things are better for you, and those you care about. With this outlook, you'd be able to surmount whatever challenges come your way.
ABOUT THE AUTHOR: Emmanuel Olabode is a writer, actor, and filmmaker. He is the Founder/Creative Director of The OYA Company, a media and entertainment company that produces original content across digital, film, TV, radio, and social media. In 2017, he worked as a Digital Media Consultant to the Chief Press Secretary under Governor Godwin Obaseki, Governor of Edo State. Emmanuel's writing credits include several articles for Business Day, OYA Magazine, and YNaija.