Nigerians must cut unnecessary expenses to survive present economic crisis – Dickson

Hilda Manyo Dickson is a finance expert as well as a positive mindset strategist who is passionate about empowering women in personal finance. In this interview with Ngozi Okpalakunne, she gave an insight into how Nigerians can overcome the present economic crisis. She also spoke on the need for positive thinking and its health benefit. Excerpts:

The nation’s economy is biting harder. As a finance expert, in what ways do you think a common Nigerian can overcome the present economic crisis?

Sadly, the biting economy is everyone’s reality. This is time to tighten our belts, face and live with the reality. Following the basic steps of prioritisiing needs over want, adjusting budgets, building a savings and investment culture, making lifestyle changes.

There is also need for Nigerians to cut unnecessary expenses while exploring ways of making more money, this will go a long way in easing the pain associated with the present economic situation in the country.

To save money under this economic crunch, the principles are the same always in a tough or easy going economy. Savings in not only about putting money in the bank. It is about lifestyle too. From every income anyone makes, apply the pay yourself first principle. Pull out the funds you plan to save or invest before you start spending on other things. Truth be told, things will keep getting tougher. If it is not removal of fuel subsidy or hike in electricity tariffs, devaluation or bad governance. The list will keep growing so intentional steps must be taken to ensure your personal economy thrives. The following tips and lifestyle changes could be helpful: Have a budget, track expenses to know where your money is going and make necessary cuts, prioritise needs like housing, utilities, food, healthcare over entertainment or subscriptions or phone bills, reduce impulse buying, negotiate bills, cook at home, build emergency funds and avoid borrowing as the interest can ruin you.

On the other hand, people should see money as a tool or servant not a master. The ideal money mindset should be balanced incorporating financial responsibility and thoughtfulness into every action.

Women are said to be the worst hit in this hard economic situation; how can they expand their income streams?

Coincidentally, in the “30-day habits to money challenge I run”, I have a day with the task -empower yourself where I handle the topic under three headings which include; self, financial institutions and side hustles.

I will advise every woman to invest in their self. That is the best investment ever. Building the right skill set through courses, training or coaching and learning how money works can be very helpful in building or expanding income streams.

Replacing bad spending and money habits with good habits releases more funds into every pocket which is actually an income stream many people tend to overlook.

Investing through financial institutions such as banks, FinTech’s, stock brokers, real estate firms and a host of others will create passive income if done systematically and consistently.

Considering starting side hustles built around their passion or needs around them is a great tool too, consulting, coaching, creating online courses /e-books, affiliate marketing among others are all sources of extra income.

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Interestingly, there is money all around us. Our ability as women to embrace investment in ourselves, through financial institutions, our passion and needs around us will cause the income streams to flow towards us.

And for those of them who want to go into business, l know that there are a lot of misconception around starting a business. Many believe they need a lot of money, a big space, a sponsor, among others to start. These days with a phone and access to the internet you can start a business. I recommend you start from where you are. Test the market with your skills and passion before forging on. That said, a lot of financial institutions now provide access to funds for small businesses. Some corporate organisations now offer support as a way of Corporate Social Responsibility. NGOs like PAWEN and other women bodies equip women for free. There is access to information on getting funding on the internet. I guess ladies should rise up to the challenge and carry out the necessary research.

What motivated you into writing and publishing of books?

Life! Life just happened and of course, will keep happening.

My first child was being treated for stage IV cancer at just 21 months old and I was desperately looking for a book without filters that would help me embrace the journey, but could not quite find one. I joined a network of mothers that had children with similar diagnosis, that experience led to nightmares as the stories were not encouraging at all. It was at that point I made a vow to God that I will put a book together to encourage others going through challenges should He spare my daughter’s life. The book ‘Osunyameye- Nothing is impossible with God’ was published in 2021 and can be found at Amazon, Roving Heights and a couple other book stores.

How would you describe Nigerians reading culture?

The reading culture I will say is not that great. The attention span for a lot of people is quite short. In fact, there’s a joke that says if you want to deceive a Nigerian during a sale, sneak in the clause into the terms and conditions and be rest assured it will scale through.

I heard a lot of that while writing but surprisingly many people read and are still reading my 270-page book in just about a day and gave amazing feedback so I guess it depends on the genre.

But there is need for people to read more. As a young girl, I was a prolific reader but now there are so many distractions. I have to provide my water, light, road and almost every infrastructure needed to survive. The pressures are exhausting and reading ends up taking backstage. However, reading is a very good brain expansion tool and should not be downplayed. Thanks to technology, we now have audio books so reading could happen on the go.

To improve the reading culture. There could be more adverts encouraging reading and sharing the benefits. Families could also have reading nights just as movie nights. I recommend setting a goal around the number of books to be read in a month or year and budgeting time to address this. I make it a point of duty to read early in the morning before the distractions for the day set in or last thing at night when I am not exhausted.

As a positive mindset strategist, why should people be positive in their thinking?

Simply put, you create the world you desire through your thinking pattern. Thinking positively helps you see the brighter side of life which keeps you looking forward to the light at the end of any tunnel. It doesn’t mean the absence of negativity or challenges but it brings about a balanced approach in seeing the different prisms in life. The benefits of a positive mindset are numerous, it reduces stress, wards off depression, improves interpersonal relationships, enhances productivity, builds confidence and so much more. This in turn improves ones overall mental well – being. Ailments like hypertension, high blood pressure, migraines, mental health issues are a few health challenges that one could be exposed to or that could be difficult to manage without a positive mindset.

What are your life challenges and how were you able to surmount?

Challenges are part of living. Being just 7 weeks pregnant with my second daughter when the first was diagnosed cancer was a challenge, going through the treatment in a foreign land was a challenge, funding for such an expensive treatment, being away from work for 11 months, documenting the experience in a book, I could go on and on but like I said earlier, challenges are part of living.

To navigate through the challenges, I wish I could say I used my superpowers, but that will be ridiculous. I dedicated a full chapter of the book which coincidentally is the epilogue of the book sharing my coping mechanisms. I had to trust God through the process because truth be told, I was physically “helpless”. I had to stay positive, believing that the journey will end well. I had to be intentional about my spoken words, saying only what I hoped to see. I leveraged on networks and refused to entertain fear. I had to exit the support group that tried to mess up with my mind. I will advise anyone going through a turbulent season to read the book and get profound insights.

How has your background contributed to what you are doing today?

Well, there has been a lesson in every stage of my life. Today I am inclined towards personal finances not because I studied accounting but because of the different life experiences I have been through. I have seen the highs, lows and in between. I think having to put myself through the University was one I didn’t see coming yet packed full with life’s lessons that I will forever remain grateful for. It taught me prudence and intentionality.