10 ways to survive the recession
The recession is real, and all seems to be going
awry with finances but, here are ten ways to survive the
current recession in Nigeria.
1. Reduce the food you eat
If you can cut back on money you spend on buying food,
you will have more savings. You can cut back on
expensive food and go for cheaper meals, and do a lot of
cooking yourself, instead of eating out.
2. You will not die if you don’t buy new clothes
Another major thing to cut back on is clothes and other
fashion items.
The clothes you currently wear, should last you some
more time. All you have to do is keep them clean and
handle with care.
3. Cut down on online purchases
Visiting online stores, will have you buying things you
might not need at the moment. If you really have to buy
something, then you should go down to the stores and
markets to get them. You will surely spend a lot less, plus
the thought of an actual market and the stress might show
you that you do not really need to purchase that item.
4. Spend less on Recharge card for your Mobile phone
It might be a good time to check how much you spend on
recharge cards and data, and cut down drastically on it.
There are several good avenues for free calls and free
internet usage, you might need to make use of during the
recession.
5. Extra income
You might want to look at ways to earn more income,
either by taking on an online job, or working some
overtime. It might be harder than normal, but that is what
a recession is about, and any extra income will definitely
make things easier for you financially.
6. Save more
S There are better ways to save money than the
traditional saving account in your bank. You might
consider this other avenues. A fixed deposit account with
a good interest rate is a place where your idle cash would
be better off. Ensure you get a good interest rate for
whatever savings you are making, ask your account
officer, what the interest rate is for your bank, and make
some research about other banks too.
7. Reduce Cable Tv subscription
You might need to cut back on your subscription for cable
television. The amount you pay for cable each month can
go into other things, while you enjoy the local television
channels.
8. Organise cheaper parties
If there must be a party, you might consider cheaper
ways to host and spending less money on drinks and
food. Look for other less expensive ways to have fun. A
good carton of juice, might serve you better than crates of
alcohol in the long run.
9. Stick to your budget
Working with a budget is important Sticking to your budget
is another way to save money. Hopefully you have one
you have drawn out. It is important you put it up on the
wall, somewhere you will see it daily. This will serve as a
reminder, before you order expensive food.
10. Discounts
Discounts always come up. There are discounts
everywhere, most times all you have to do is ask the right
questions. So look out for sales and discounts, on clothes,
food, transport and even things like trash disposal.
0 comments:
Post a Comment