Nigeria’s economic challenges: Want to survive the hard times? Here’s how!
Nigeria’s economy is facing di culties despite not being in a recession. A weak naira and high in ation are making it hard for many Nigerians to a ord basic needs. is is due in part to insecurity in food-producing regions.
Robert Harold Schuller (September 16, 1926 – April 2, 2015) was an American Christian televangelist, pastor, motivational speaker and author of the bestseller ‘Tough times never last but tough people do.’
He reminds his readers that tough times come and go. Even if things look bleak today, things could be very di erent a few years from now. He urges one and all to be strong and persevere. is means that people who can get through tough times are good enough to handle anything.
Here are some strategies to help you cope and overcome these economic hardships: Build an emergency fund:
is is a safety net for unexpected expenses. Start by creating a budget to track your income and spending. Identify areas where you can cut back and save towards a speci c goal, like 3-6 months of living expenses. Open a separate savings account for this purpose and automate regular transfers to build it steadily.
Budgeting for Financial Freedom: A budget helps you track your income and expenses, reach nancial goals, and save more. Figure out your income sources, how you spend your money, and if there’s room for savings. Be exible and adapt your budget as your circumstances change.
Cutting Expenses: Prioritise necessities like food and shelter over wants. Negotiate bills and subscriptions. Reduce energy use at home. Plan and cook meals at home instead of eating out. Avoid impulse purchases by taking time to re ect on whether you truly need something.
Saving for the Future: Savings act as a nancial stabiliser and allow for investment opportunities. In ation can erode the value of savings, so consider interest-yielding options like stocks, bonds, or micro
nance. Even small contributions can add up over time.
Generating Additional Income: Explore alternative income sources if you’re struggling. Freelancing your skills, selling items online, renting out a spare room, or tutoring are all possibilities.
Investing wisely: Investment decisions are personal and depend on your age, health, and nancial goals. Younger individuals with a long-time horizon may be more comfortable investing during economic downturns. Diversi cation, focusing on stable companies, and dollar-cost averaging can help manage risk.
By following these strategies, you can build nancial resilience during tough economic times. Emergency funds, budgeting, and expense reduction help optimise your spending. Saving, generating additional income, and informed investing promote stability and long-term nancial well-being.