6 Important Tips To Survive Tough Economic Times

Nigeria’s economy is just trying to stabilise after exiting recession in 2018. The economy is still struggling. Many Nigerians are struggling financially.

Over 91 million Nigerians are now living in extreme poverty. At least three million Nigerians have slipped into extreme poverty between November 2018 and February 2019.

According to the World Poverty Clock, created by Vienna-based World Data Lab, 91.16 million Nigerians were living below a dollar a day as of February 13, 2019.

How do you survive this turbulent time? Legit.ng highlights basic tips on how to stay afloat.

  1. Make a budget Making a budget is the number one rule for personal finance. Make a budget highlighting what you spend on house rent, transport, utility bills, feeding, etc.

This will enable you to track your expenses so that you can make informed financial decisions as circumstances demand.

2.Buy Clothes At Thrift Stores.

Do you want to save money? Do you need to save money? Stop shopping at the expensive malls and other stores for your wears. Most cities have thrift stores nowadays, and these thrift stores typically carry donated goods that come in from people within their own community. Here’s a tip for finding clothing that may fit your personal style better: On a map, which cities in your state have the most well-to-do families? Shop those thrift stores if “style” is important to you, as it is to many. These are the thrift stores you may be more likely to find clothing that’s been donated that has not been worn much and is brand-name, yet is now being sold at thrift store prices

  1. Don’t rush to become a homeowner Having a house of your own is cool. But, you shouldn’t plunge yourself into debt to have a house. Rather, make modest savings towards it as you take care of other important needs.

4.Save on Groceries Food prices go up or down depending on time and seasons. So, understand your local market and know the time to get good prices at the market.

Plan ahead, freeze vegetables when it’s possible or buy frozen, replace big brands and cheaper ones. Use coupons and plan your food expenses, buy in bulk when it makes sense and you really can save a good amount of money. However, don’t rely too much on sales and discounts because it often ends up buying unnecessary things.

  1. Invest, don’t hope for the lottery or Ponzi schemes If you want extra earnings, invest in legitimate businesses.

Don’t hope for easy money! Take action and think of what you can do to improve your financial situation. Ponzi schemes and other easy money methods are dangerous. They can hurt your financial life badly.

  1. Understand you cannot help everyone and don’t feel guilty about it In fact, you should have a budget for this. Don’t go out of your way to help relatives or friends financially.

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