Surviving tough financial times

The current financial hardship in the country calls for individual doggedness, tougher measures and decision for one to scale through.

It is certain that Nigerians have not witnessed massive job loss, hyper inflation and stagnant earnings in a long while.

Well they say tough times never last but tough people do. Applying some measures will help one survive the current situation.

Avoid the dart of debt and never make the current financial hardship and excuse for you to go into debt or retain previous debt. It is easy to get into debt but coming out of it can be difficult.

Hire purchasing at this time is a no, no as hire purchase prices are usually higher than the normal price, meaning more money subtracted from the already stressed purse.

Stop counting on people to rescue you to avoid disappointment. The hard time is a hit on everybody, even though it varies in degree. So it will be unwise to burden your friends with your bills, avoid the embarrassment and save your relationship, nobody desires a parasitic friend this time, everyone is making do with their available resources.

The other way round it is stop carrying burdens greater than you. You should not be the one to bear the financial burdens of an adult sibling who thinks he or she should fold his or her arms doing nothing and expect you to finance his or her extravagant life style because you think you should play the role of a big brother.

Stick to a budget this is no time to indulge in impulse buying or else you will run out of fund and get stranded.

Pay cash for all your purchases. If you don’t have cash to pay at the point of purchase that means you cannot afford it. Besides paying cash for what you purchase have a way of cautioning you to mind the way you spend.

Ensure you save no matter what, stashing some amount of money won’t hurt. It’s just a sacrifice to make to help you this time.

Cut down on the number of times you eat out. Food items are already expensive in the market meaning that there is no cheap restaurant as eating out will cost you more than preparing your own meal.

You can pool your car with your neighbours, taking turns to convey yourselves to work if your places are in proximity to save cost on fuel.

Cut down on utilities such as taking time off subscription of pay television. Moreover most times you are even not available to watch the television and switch off electrical appliances when not in use to save energy. Also take advantage of bonuses from service providers as such bonuses will save you some cost.

Do your laundry, children’s hair cut and other services you can render yourself to ease yourself some of the financial burdens.

Negotiate payments such as settling your debt agreeing on the amount you can pay at intervals to come out of debt without feeling guilty or being ashamed. Sometimes people because of shame and pride may not admit the actual amount their financial strength can carry to settle their debt. It’s all about negotiation and agreement.

 

Hope Ikwe Dosunmu