Surviving Recession in Nigeria and Beyond

Here are some things to cut down on in order to make it out of this recession financially sane. Wherever you are in the world, these guidelines apply.

  1. Generator usage

It’s bad enough the economy is crumbling faster than a cookie but how many Nigerians can recall a lengthy spell of uninterrupted power supply.

Our standby household generators have for years, been doing what the government cannot do for us.

Now that the situation is getting dire, generator usage should be restricted to specific hours and to take care of necessities.

Comfort can wait till recession is over and we are out of troubled waters.

  1. Eating out

Anyone who actually cooks will know that restaurants serve overpriced, often unsatisfying food.

So, instead of taking your hard earned money to pay for ‘fancy’ food, go to the market, buy raw food and head to the kitchen.

You’ll save so much money.

  1. Driving walking distances

The cost of fuel is higher than it has ever been in Nigeria’s history, so why not kill two birds with one stone while going for short errands.

Take a walk or go for a run while running your errand. Your body and pockets will thank you.

  1. Bulk buying of groceries

Constant grocery shopping can be such a chore so we tend to buy in bulk.

However, a disadvantage of bulk buying is that some goods may expire or spoil before you get around to using them, hence cut your grocery shopping list down to necessities.

Get what you need and not what you think you will need.

  1. New clothes and shoes

Your old clothes are perfectly fine!

Oh you think people have noticed you’ve had that shirt for a while? Frankly, it’s nobody’s business.

As long as your clothes are not obviously tattered, there is no use going cloth shopping every week to impress people and depress your bank account.

  1. Hanging out

We all love spending quality time with friends and family but instead of going someplace where you’ll spend more than you budgeted for (more often than not), invite them to your house and plan activities everyone can participate in.

You’ll create a stronger bond and more lasting activities while saving money.

  1. Vacations abroad

Also known as “the king of excesses”, vacationing abroad is officially a luxury at this point in time.

Why go and spend your hard earned money in a foreign country contributing to the growth of their economy while leaving yours in the backseat.

Stay at home!

  1. TV subscription

You don’t need to pay for all the channels. It’s not a competition.

You hardly ever watch more than 15 of the channels on the premium package, so why the bother?

The smallest bouquet has news channels for the grown-ups and cartoons for the kids.

Water as opposed to juice and sodas

Some people think there is an award for living lavish. News flash: there isn’t.

Most of these processed drinks you desire to gulp down your throat with every meal are not even good for your health and they definitely cost more than water. Drink water, you’ll live longer.

  1. Unnecessary phone calls

Restrict your airtime to calls with purpose (work, business).

There’s no need to ask your friend what he/she is eating or staying on a call for an hour discussing what nail polish colour to wear to an event.

  1. Opt for ‘Trade by Barter’

You have something someone wants and they got what you need; Bartering for goods and services is a centuries-old art. Recently, the idea of trading with your neighbours and within your community has received a big boost and taken on a modern spin. Combining our often-materialistic, ownership-based society with the Internet’s ability to bring buyers, sellers, and traders together, online bartering has sparked a wealth of new sites and communities.

 

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