Image: the nigerian N1000 note has lost so much value. The
purchasing of the post independent N1 is even far stronger than
N1000.-2016
Tips that could help you stay afloat in these harsh economic
times in Nigeria.
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Prices are so high, money has lost its value and even the
money is scarce. Basic one source income can hardly sustain the
already low standard of living. Credit rates are peaking. The big
question is, how do you brace yourself and not go under? How do you
stay afloat?
First you have to know that there are two ways money you can get
money, either you make or you save the money. But you can actually
make so much money by obeying a few rules of life especially in these
times of terrible lack.
1) Take a review on your income: By now you would have known your
source(s) of income and how much you can squeeze out from them every
month. Knowing the figures at your finger tips will help prepare you
for a budget. What's your pay check like? Can it atleast comfortably
cover up your basic expenses for the month. This is the basic, because
if you have a job that can cover your basic needs as a modest human
then you'll need to make some changes. Maybe you should consider
expanding your income chart by working two jobs.
2)Be Frugal in your spending: This is the right time to cut down on
expensive eating up your income. If you have a car that takes up much
more on fuel and maintenance than usual then you may consider selling
it and getting another and more economical one. This is the time you
have to reduce your shopping sprees, with a good electric iron, cloth
maintenance and once-in-a -while visit to a dry cleaner you could get
the best out of your appearance You could also do without that high
end iphone that cost you N200,000 naira, their are cheaper smartphones
that will serve you well.
3) Ditch that 'Gold Digger': If you are into a relationship that is
drilling holes in your pocket, then its time you look at it
critically. If you have someone, be it a casual friend or a date that
makes you spend unnecessarily. You may just have to tell them why the
need has come for you to watch your pockets. Explain things to them,
and tell him or her the effect it will have you if you didn't cut down
on those 'good time' expenses.-:
But that doesn't mean you can't get gifts for your friend or
partner when you are trying to save up. But, it shouldn't be that
expensive. No more costly dates. Let me be practical a bit, for the
guys, if taking 'her' out for launch will cost more, then consider
going to the market with her and cooking a meal you could both share.
4)You can't afford it? Then don't buy it!
This is a thumb rule in the world of financial wisdom, but it is
actually very difficult not to fail at it. But regardless, it still
remains in the tablet commandments of proper money management. Avoid
buying items you know you can't afford. Avoid ordering services you
know you can't afford. It may not be easy, with those brand new stuff
smiling brightly at you, but then its just funny getting a new
designer wear, jewellery or electronic item and then you go off
borrowing. Let's stand aside and analyse it, isn't it stupid? In
fact, if I were your creditor, I would feel cheated. "You spend your
money carelessly and when you don't have you come to borrow from me.
Do I look like I don't want an Ipad too. Or do you think my money is
for you to borrow?"
5) No matter the temptation oweing debts isn't the best way:
This brings us to another rule:
"You can't buy it is because you can't afford it"
Don't go borrowing to get that stuff when you know you can't afford
it. You would only. Be accumulating 'silly' depts. Forget that idea of
"I will pay back when things get better". What if you borrow that cash
to get that item,and the economy goes down the more what would you do.
Things are not going to get better but worse, because your creditors
will soon feel the pinch of the downsizing and come after you.
And another thing, avoid incuring debts with interest. You are
helping you creditor rather than helping youself.
6)Already in debt? Stop spending money:
Some times borrowing can't be avoided and has to be excused, but
when you have the 'proper' budget that saves your cash for you, it
becomes easier to squeeze out bits of cash to pay back. Moreover,
spending wildly will only lead to more borrowing. If you can make it a
rule never to borrow again without paying back on the previous money
you were credited with. It will help you greatly.
Not just that, having a good spending profile boosts your
credit qualifications. So if ever you have to borrow it wouldn't be a
hilly task. For pete's sake no one will want to lend to you if your
spending habit can only be termed 'unreasonable'.
7)Never put all your hopes on someone else!
When things go sour, people find themselves looking up to the
government and other people including their bosses for pity and help.
This is wrong. And that's because in times of scarcity, even the
government has no money to carry out the 'people empowerment'
programmes you may be expecting. Your boss at work is facing similar
problems as you are. He or she may even start looking at cutting costs
in business. And the next thing comes-Downsizing. You could be caught
in a nasty trap if you never prepared for this. And trust me, your
curses and complaints will not save the situation.
You have to prepare for such eventualities by saving up. But
what if its already too late to save, maybe you have to seek companies
that could grant you a loan with deferred payment. But it still boils
down to the importance of having a smart financial plan to prove your
ability to go through. All the same, if you are reading this page now
and you gotten to this point, "get up and start building up emergency
funds".
8)Look inwards: Well, its not all about saving up right. You still
must spend whether you fancy it or not. So after dropping those
not-so-good-during-harsh-times spending habits, we have to talk about
adding some 'corn' to your basic income. First, we have to begin from
your abilities. What other stuffs can you do at home that could give
you N1 or N2 here or there. Many moms and dads make bulky sums of good
cash creating youtube videos. Imagine creating tutorials videos that
would teach moms how to change diapers, mix baby milk and all that.
You may not be an instant hit, but it gets better. Especially when you
get to understand what your viewers like. How about simple tutorial
videos, or organising evening or weekend tutorial classes for pupils.
Here I'm talking about those 'little' but legal activities that will
hand you some change. You could engage in some petty trading, or piece
up a petty poultry project behind your home if you have the space.
9)Learn a skill: Downsizing also comes with scarcity of white collar
jobs. And if you have a skill that sells, you wouldn't find it
difficult getting a steady stream of money. You could even be getting
it on a daily basis. For example, I know that in Nigeria drivers and
craftsmen make so much money every day. People will have to move from
A to B places and people will always have a faulty generator,
television, mobile phone to repair.
Getting a skill becomes invaluable when you need daily bits of
income. Some commercial drivers in Nigeria live in one bedroom
apartments with families comprising of up to five members, but they
are still able to provide food, shelter, clothing, education and a few
luxuries like cable TV for their family. The power of daily income.
10)Cut out those bad habits: Unhealthy addictions like smoking and
drowning in booze with friends will not help at all. And its because
these addictions could even make you spend your feeding money on them.
Stop them, they are not going to take you anywhere. And yes, as a
human being sex could be a necessary evil, err...but if patronising
commercial sex workers is guilty of the crime of stealing the money
you don't even have, it should pay. Strike it out.
11)Gambling? Not the best solution: Forget those ad captions betting
sites use. You will only loose all you money if you start betting. And
when that addiction kicks,items 1-10 on this blogpost will become
nonesense. Watch it, resist any idea to 'increase' your fortune by
patronising 'Las Vegas'. Online or in shop. It has been scientifically
proved that there are very high chances you will loose out if you
gamble under financial pressure. Its better you hold the little you
have and no hand it over to bookmarkers. For pete's sake you ain't a
philanthropist!
12) Try producing your own food: Got any free farming space around?
Then use it. Plant the things you usually need as food ingredients.
The could range from vegetables, tubers(yams,potatoes), spices and
such stuff. Use the much you can and sell the rest.
13) Rent out, sell off or put up for service: This applies to whatever
you are not using at the moment. If you have a spare room in your
flat, you could give it out on a lease for rent. If you have a vehicle
that is rotting away in your garage, fix it up and put it on a
transport route. Or you could just sell it.
14)Work hard: Hey, I'll suggest you scroll up and read this article
one more time. Then get to work. You are never going to get out of
debt or ride firmly on the rough waves of a crashing economy while you
sit on some lazy ass!
Did I exhaust the topic? Did I answer your most pressing
questions? Send in any suggestions, questions,ideas or contribution to
this post if you have. Have nice day!
