Nigeria is in one of it's worst recessions ever, and there's no better time to tighten our belts.
A recession means the money you think used to be great is no longer as great. it means your 'much' is now little. To adjust, sacrifices must be made so the recession is easier to be bear. Here are a few things that will help you pull through:
1. "There’s rice at home".
Let’s face it — eating out is expensive. Even now that buying foodstuff is more expensive, you’re still better off buying in bulk and cooking at home. Bye restaurants. Hi there, kitchen.
2. The “low to high” life.
When you shop, whether online or at the local market, you need to stop worrying about the ‘name’. Pay more attention to the quality of the product. When you find good quality, then find the cheapest. So focus of the relationship between price and quality.
3. Get a side hustle.
One sad thing that happens in a recession is that the price of stuff goes up. So you generally need more money. Get a side hustle and earn extra. Another problem with recession is that jobs gets lost. Let’s say you get the axe, perhaps there’s an income stream to fall back to.
4. Do you need that cable TV?
Really, do you? Cut out the extra stuff you can’t do without. Block out the things you want and start focusing on the things you need.
5. Call less, text more.
Because calls require airtime, and we get to spend more when we call more, in place of texting.
6. Awoof is King.
Forget what people might say, grab all the freebies you can find. Go for discounts. Hustle for the coupon codes. Shop when stores are on sale. You win more.
7. DIY everything you can.
Why buy stuff when you can make it at home for cheap? Change the taps when you can. Make sure your light bulb is not the problem before calling an electrician.
8. Create a budget.
Plan out every dime. Go to the market with a list and stick to it.
9. Get rid of the stuff you don’t need.
Sell it. That cash will be better than just tying down capital for something that seems to be taken up nothing but space.
10. Save, nonetheless:
Because your savings are a safety net, and there’s no time you need a better safety net than in a recession. It's harder to save now, since you earn less basically, but it is always worth it in the end.