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Monday, July 15, 2024

Thriving in Nigeria: 9 Strategies to Combat Rising Living Costs

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“Hello, neighbor! How are you?”

“Hey there! We’re managing, my friend.”

“We’re managing.” These words, which once meant being humble, now reflect how many Nigerians are dealing with everything becoming more expensive.

The problem is made worse by more inflation, the falling naira compared to the dollar, and rising fuel costs.

Young people on their own now have to think hard before going out because stepping outside costs money.

What about government workers? They work hard but their salaries don’t keep up with the rising costs.

So, they struggle to pay for everything. It’s especially tough for those with big families.

The cost of food alone can be overwhelming. Basic items seem to get more expensive every month, leaving you wondering how it’s possible.

Despite these challenges, we all try to push through. Whether you’re saying “Oh Lord, help me” or “I’m okay, can’t complain,” here are some ways to better manage your money and stay afloat.

Buy The Essentials in Bulk

Buying in bulk can help you save money over time. You can also budget better. Things like toilet paper and onions are cheaper when bought in large quantities.

If buying in bulk is too expensive, find a friend to split the costs with.

This way, you’ll be mindful of how fast you use things and manage them better.

Automate Your Savings

This is very important. You need to save money for future needs. If you don’t save, you’ll be under pressure later to cover urgent expenses.

You might have to borrow money, which is not pleasant and often comes with added interest costs.

To avoid this, start saving automatically take a part of your income and put it aside.

Spread Your Sources of Income

During these tough times, relying on one income source is risky. Even if it’s a good income, it’s better to have multiple sources.

This way, you can support your family and still have extra money for other profitable activities.

Find Cheaper Alternatives

To keep your lifestyle and not cut back on things you’re used to, look for cheaper options.

For example, you could replace your generator with solar panels. Or switch to cheaper brands for essential products.

Live Well Below Your Means

It’s tempting to spend a lot when your paycheck comes in. However, if you spend too much too quickly, you’ll have nothing left and will be waiting eagerly for the next paycheck.

Learning to live below your means now will set you up for success when you start earning more.

Don’t Delay Major Purchases

Inflation in Nigeria is very high. If you check the price of something today and come back later, the price might have gone up significantly.

If you know you need something, buy it now instead of waiting. The value of the naira is decreasing fast.

Practice Minimalism

Many people don’t understand minimalism. It’s not about living without joy. Instead, it’s about only having what you need.

It’s about being intentional with your possessions, which helps you save money, stay organized, and reduces stress.

Minimalism makes life easier and brings more happiness. You’ll also avoid high maintenance costs and clutter.

Get Rid of Money Drains

You might have habits that cost you a lot without giving much back. These are money drains.

Examples include impulse buying, dining out often, or owning costly property that drains your finances.

Understanding your money drains and reducing them will help improve your financial situation.

Invest Against Future Inflation

Investing is crucial. Find ways to invest and make your money grow. You don’t need to earn all your wealth through hard work alone.

However, be careful with what you invest in. Avoid scams and get-rich-quick schemes.

Research thoroughly before investing. Don’t leave too much money in the bank because it will lose value over time.

To protect your money, consider converting it to foreign currency, like USD or Euro, or buy stable assets which you can sell easily.

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