Tips to survive during a recession

Economic recession period, like the one Nigeria is witnessing, usually comes with adverse reactions, not only to a nation but the citizens as well. During recession, many loss their jobs, wages delayed and businesses fold due to lack of patronage. Below are some tips on how to survive during the recession. The most vulnerable groups are workers and business owners during recession period. Thus, it is necessary for people to be innovative in their working place for them to become relevant in their line of duty, not to fall victims. For business owners, they have to cut cost, improve efficiency and advertise their goods and services more to attract buyers. Many analysts predict that Nigeria’s recession period may extend to next year. It is, therefore, necessary to cut down on wasteful expenditure and change your lifestyle. Avoid expensive drinks, eat more of vegetables than fat, and be moderate in your dressing and interior decorations. Do not enrol your kids in expensive schools just because your neighbour did. Hang in with family and relatives, not with friends. Many Nigerians find it difficult to save for the rainy day. To cushion the effect of this recession, you need to save, no matter how small, from your income. That can be possible when you cut down wastages and look for lucrative investment option, either in securities or agribusiness. Don’t make mistake of keeping money without investments because the value of the naira is depreciating rapidly and that will erode the interest from your savings. But in every disappointment, there must be blessings. During recession some business close shops due to bad management. Hence, you can tap from that and fill the gap they created.