Coping With Recession; IN A TIME LIKE THIS
One word which has gained popularity and note usage in recent times in Nigeria is “change!”. Nothing more explains a situation better than that word. Indeed, things have changed. The economic climate has become hotter. There has been noticeable difference in the atmosphere especially since the change in administration. Everything has continued to go up-price of PMS, price of food items, etc. Dollar has been on a constant rise, depleting the survival schemes of the average man. Even high-class personalities are being affected by this heat. Irrespective of the present crisis, man must and will survive. His intelligence and level of adaptation will also account for his level of survival. Here is a few tips to boost your survival techniques.
CUT DOWN ON EXPENSES- Money is a medium of exchange with which man satisfies his needs and wants. Since man is an insatiable being, he tends to constantly let go of his resources in search of satisfaction. When one’s expenses outweighs his income, he is regarded to as a poor man. One way to stay abreast of this economic situation is to limit your wants and attend to your basic needs on a scale of preference. Nothing seems to have remained the same in this country except the income of its citizens.
PLAN AHEAD- Avoid spending on impulse as much as possible. Take time to make budgets so there will be enough time to revisit it before time for the actual expenses. No matter how worthless your income has become, endeavour to save a portion on a regular basis. As they say, little drops of water makes a mighty ocean. Nothing is too small to save. Remember, the value of the naira dwindles with every swing of the pendulum so an accumulation of money without any interest or multipliers’ effect might just be a sheer waste of time and resources.
INVEST WISELY- Having said that the time-value of money is low, it is advisable to invest in projects and businesses that will appreciate in value. No one wants to experience loss these days so put your money where your mouth is. Engage in partnership only when you are sure that it will be profitable.
BE RELEVANT- No matter the cost of rice, Nigerians will always eat it. Be indispensable; engage in services that cannot be neglected. Do not make yourself a retrenchment material. Provide solutions to problems and people will bid for your time.
START UP SOMETHING- An entrepreneur cannot lose his job. Explore your environment, evaluate yourself to know your capabilities and become creative in that direction. Do not copy the idea of another and expect positive results. Find a hole and fill it. Do not be a mole. Despite the stressful state of the country, Nigerians still want to be swept of their feet by creative minds. Be one of them!