Ways To Survive Tough Economic Times In Nigeria

Ways to survive tough economic times in Nigeria have become one of the most needed information at the moment.

Consequently, due to the unstable economy, we are facing hard times in Nigeria.

More recently, the recession has become a household name in the country. Many commercial enterprises face economic hardship daily.

It is of no surprise that things are very difficult, with the prices of commodities going up day-to-day.

Moreover, worrying for aged parents and other relatives solely dependent on you can be overwhelming when you have no other means of income apart from your job in this recession.

CHECK THIS OUT: Possible Ways To Make Money On Social Media

Additionally, with the naira rate falling against the dollar,  we are not anywhere close to getting out of hardship in a while.

Hence, the only priority to have as a Nigerian right now is how to survive this harsh reality.

 

Ways to survive the tough economic times in Nigeria

 

•  Invest:

Don’t wait to win bet Naija, if you need extra profits, invest in a legitimate business.

Take action and consider what to do to enhance your earnings, do not go for a quick source of income as you will be swindled out of the little money you ever had.

 

• have more source of income

At a point in this period of dark economic clouds, having different sources of income is vital. Many Nigerians live on one source of income which in this day and time is no longer enough.

Whether it is selling stuff online or providing some kind of services apart from your regular job is a plus.

Money from different sources in this period will be a plus for us.

 

• have a positive mindset:

Decide to have a positive mindset, it is a quality that will sustain your overall well-being from the economic hardship that comes with recession.

It avails us the strength needed to remain calm in the face of disappointment. All we need to do is surround ourselves with people that have positive mindsets.

 

• Maintain Money:

Money is very risky to maintain. It can always lose its value, it all depends on how the future turns out. In any event, try to turn your money into something useful that may provide you with income.

READ ALSO: How People Are Earning Money Renting Storage Space In Their Homes

For instance, purchase a land hire it out for agricultural purposes, or purchase a house and give it out for rent.

 

• have entrepreneurial skill:

Having an entrepreneurial skill is very important, it is your source of empowerment and will also be your survival in this hard time.

Having skills will come in handy on rainy days, most especially these days that retrenchment is on the rise.

• Maintain your budget:

Maintaining a budget for tough times is infinitely much better than making more money. If you have difficulty in keeping within your means, it doesn’t matter how much you earn as it won’t make any difference.

In addition, if you want to survive the harsh economic difficulties in Nigeria, it will do you well to live within your budget.

• Spend frugally:

Spend on things that are vital and not on frivolities. It is not sensible to buy something simply because your friends have it.

If you must spend, only spend on things that will be beneficial to you.

Things like drugs, foodstuffs, and needed clothes.

READ ALSO: Wealth Management Through ETF And Mutual Fund Investments

• Do not be a debtor:

It is a terrible attitude if you are in debt all the time. Make plans to clear your debts if you find yourself in such situations.

Furthermore, do not make excuses for being in debt, either if it is to pay children school fees, or house rents, even if it’s to feed family, always try to have the budget to cater for these things.

 

In conclusion, surviving in this present Nigerian economy will not be smooth, however, it is not entirely impossible, all we have to do is to do the little we can by minimizing or spending and finding more means of earning more income.