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| Recession in Nigeria |
The recent report from the National Bureau of Statistics said the country’s economy contracted in the second quarter by 2.1 percent, with the oil sector suffering a double-digit decline.
We can officially say Nigeria is in recession. Each one of us has been affected by the downturn in the economy, but this is the time to find a way to keep moving while everything around us is slowing down.
Here are a few tips to us help survive the recession.
1. Don’t Panic:
It is quite easy for us to panic and worry, but the truth is it won’t change anything only going to make us get sick.
2. Understand Your Finances:
This is the time you need to sit and understand how much is coming in and what that is worth now. understand that N50000 now can hardly afford what it could this time last year.
3. Set Up A Budget:
if you’ve never done this before, you have to do that now. write down all your expenses no matter how small for a month. this will help you understand where your money is going and help you identify any unnecessary expenses. Make a list of your necessary expenses that is food, clothing rent e.tc. and allocate funds to each of this categories.
4. Scale Back On Your Expenses:
You shouldn’t be spending so much at this time. we all agree clothing is a necessity , but this isn’t the time to think of buying expensive clothes or clothes you don’t need. you can also cut back on expenses by reducing the amount you spend on your internet and also cable tv. truth is you can’t watch all the channels on tv, so cutting back here will help you save.
5. Buy In Bulk:
Buying you necessities in bulk will help you save money. if you have a means of preserving foodstuffs, you should definitely buy in bulk, it will save you time and also money.
6. Be Frugal:
Some people don’t like being frugal, if they can afford something they want, they get it. even if you can afford it, don’t get it if you don’t need it. learn to be frugal it will help you save for when it gets harder to save.
7. Sell Your Extra Stuff:
You can sell your extra stuff, this will help you make extra money. Things you don’t need or haven’t used for awhile, need to go. Fortunately, they are e-business sites that will help you connect to buyers fast.
8. Skills:
If you are out of a job this is a good opportunity for you to think creatively about different ways to apply your skills and use it to make money. you can also use your extra skill to make money even if you have a job. and if you don’t have a skill, think of something you can learn and make money from it.
9. Turn Your Hobby Into A Business:
If you have a hobby you can use to make extra cash, you should do just that. A lot of people are reluctant to take the avocation they enjoy and turn it into a profitable endeavor, please don’t be like that. turn whatever you enjoy doing into a profitable endeavor… that’s if it’s legal.’
10. Save Save Save:
It can be hard to save money in times like this, but no matter how little it is, try to save every month. Also, try to make sure it’s consistent . this will help you fall back on it when times get really hard.
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