Tips on how to Survive in a Harsh Economy

Nigeria is on a collision course with a recession as its destination. Its national debt is at an all-time high. People are not smiling and Terry Tha Rapman’s slogan Boys are not smiling seems to ring true in this times we are in. The question on everybody’s lips is how we can survive the economic hardship that seems to be the lot of the majority of Nigerians.

Below are a few tips on how to survive hard times. Kindly read on to know the core things you need to focus on.

• Revise your priorities.
  In the times we find ourselves, the first thing we need to do is to revise your priorities. In a harsh economy, your priorities ought to shift from luxuries to necessities such as food, clothing and shelter. In our modern economy, we have become spoiled by so many modern conveniences. In a recession, some of these luxuries have to be given up. Have a cellphone? Instead of spending five thousand Naira a month on calls, load N1500 data plan on your phone and tell your contacts that you would prefer to call them via Whatsapp. It is a lot cheaper and nowadays, most mobile phone networks are providing large data bundles for as low as N1000. Take advantage of this opportunity.


• Take advantage of carpooling
  Nowadays, it is a lot easier for you to contribute with a few friends towards fueling your car than doing it alone. Have a couple of friends who work on the Island? Contribute money towards petrol and enjoy the comfort of a car taking you to work. You can rotate amongst your friends. This way you can all save money


• Buy foodstuffs in bulk.
  If you can afford to buy a bag of rice, you save approximately #1 200 on it. Look at it this way: a bag of rice costs at least N18 000. A derica of rice is N350. There are 64 dericas in a 50kg bag of rice, so you get to save N4000 on the bag of rice. The same goes for oil, bouillon cubes, beans and other common things people eat at home. Buying them in bulk helps you to save more money.


• Avoid using the POS wherever possible.
  Pay in cash as much as possible. When you go to shopping malls, avoid using your debit or credit card. This helps you avoid impulse purchases and buyer’s remorse. The best thing is to write a list of the things you wish to buy and resolve not to buy anything else that is not on the list, however tempting it may be.


• Live frugally!
  It is possible to cut back on going to weekend bars, the beach and the movies. Want to have fun? Subscribe for GoTv at N2000 a month, instead of going to the beach where you will end up spending at least twice that amount in a day! Buy a bottle of groundnuts and recline on your favorite couch. Invite friends over to watch the Olympics and enjoy their company in the comfort of your sitting room.


• Have multiple sources of income.
  It is extremely unwise to have a single source of income nowadays. Look around you for things you can do. You can venture into network marketing, beading, an online business and so on.


• Learn to save on your income.
  No matter how little you earn, make sure that you save on whatever you get in a month. You will feel more secure. Start an Esusu group amongst your friends and colleagues.


• Reduce your debt.
  Try to pay off as much debt you have because debt is the first step towards financial misfortune. If you can pay off any debt that you may have, that will do a lot towards improving your lot. It will make you better prepared for handling a job loss or financial emergency.


• Grow Nigeria
  Help grow the economy, avoiding buying imported items and buy made in Nigeria items. It will save you a lot of money.

With the steps outlined above, you can go a long way in surviving in this harsh economy and even thriving in it.

xoxo, Lush