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How To Cope In Economic Difficulty

by Frederick Akinola
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The current economic difficulties have left many people in financial shambles. Many people struggle each day just trying to make ends meet. Sadly, the high cost of living can make that challenge even more difficult. In addition to that, there is an increase in unemployment across Nigeria. many graduates are flooding the job market. Therefore, a person needs to be frugal in these critical times.

Learn Contentment

Being content involves limiting our wants and being satisfied when our daily needs are met.  To be content, you may have to adjust your lifestyle. If you live beyond your means, your financial situation will only get worse.

Reduce Expenses

To manage money effectively, you need to know how much money comes in and where it goes. Only buy things you really need. Before buying something, ask yourself: ‘Do I really need it? Delay upgrading or replacing appliances or clothing. itemize your current monthly expenses and carefully examine your spending habits. Try to maintain an emergency fund and plan for future expenses.

Avoid Unnecessary Debt

Have a good plan to reduce debt. If possible, avoid debt altogether. Instead, try to save up to buy what you need. Once you free yourself of debt, chances are you will have more money to spend on things you want or enjoy without having to worry about interest payments.

Work Hard

Maintain a good attitude about your work. Even if your job is not your dream job, it still gives you an income. Strive to be industrious and dependable. This can help you keep your employment or, at the very least, make it easier for you to obtain future employment. Do not waste time and resources on bad habits.

Try Getting an Additional Stream of Income

One of the riskiest things that you can do is to rely on one source of income if your job isn’t in a recession-proof industry. Try to learn a skill or apply for a side hustle or to look into diversifying your income so that you have a few sources to rely on.

The world we live in is very volatile. If a person is not frugal and does not plan for the future, no matter how much money they have, they suffer when there is a recession or when they lose their jobs. The foregoing tips can help, being content, saving, working hard, and getting extra sources of income. If we do so, we could get by during economic difficulty.

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