Breathing tips: How to survive the significant changes in the Nigerian economy

If you've been wondering how to survive in the current economy, read this.

Breathing tips: How to survive the significant changes in the Nigerian economy

Adulting is chore but adulting while going through rapid and drastic economic changes can be gruelling especially when the cost of everything rises but your income doesn’t. So how can you survive through these unexpected times? I’m glad you asked. Keep reading to find out.

Tips to surviving in the current Nigerian economy

  • Create a Budget: Assess your current financial situation and create a detailed budget. List all your sources of income and expenses. Identify areas where you can cut back on discretionary spending and prioritize essential expenses.

  • Prioritize Essential Expenses: Focus on meeting essential needs first, such as housing, utilities, food, and healthcare. Cut back on non-essential expenses and luxuries until your financial situation improves.

  • Increase Income: Look for opportunities to supplement your income. This could involve taking on a part-time job, freelancing or even selling items you no longer need.

  • Reduce Debt: Try to pay off debts as much as possible, starting with those carrying the highest interest rates. Reducing debt will free up more of your income for essential expenses.

  • Avoid Impulse Purchases: During uncertain times, avoid making impulsive purchases. Take time to evaluate whether a purchase is essential or if it can wait.

  • Invest Wisely: If you have investments, consult with a financial advisor to ensure your portfolio aligns with your risk tolerance and long-term goals. Avoid making hasty decisions based on short-term market fluctuations.

  • Education and Skill Enhancement: Invest in yourself by improving your skills and education. This can make you more competitive in the job market and increase your chances of earning more.

Remember, surviving an economic recession requires adaptability and resilience. By taking proactive steps and making well-informed decisions, you can better navigate through challenging financial times. Using an app like Brassmoney would also help you manage and allocate your resources better so download the app today to get started.

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