Topic: Coping with the country's economic situation (Read 211 times)

Na the point line be that, to reduce cost by reducing unnecessary spending na the situation be that. For now anybody wey no reduce unnecessary and frivolous spending, that person no dey naija. Every product don go up no be small and yet government no dey make any proactive step to curtail the hardship, even labour self don fall my hand, them no get purpose, dem no dey try. Them no want show this government say them dey take people for granted.

Nor be lie you talk. Unnecessary spending na wetin we need to avoid, but as man wey you be, you nor go fit dodge all billing especially baby own and family billing. Na to cut down lifestyle oh, person nor dey live like say things still dey as before. Ordinary loaf of bread now na #1500, even down to pure water…everything don high.

OP all you have said is not far from the truth. The current situation of the country and economy requires one to be more economical with their expenses. It is not funny anymore that the inflation rate is getting high every day with no policies at hand to cushion the effects.

The listed points which you have mentioned all must be taken into Cognisance. One must have financial intelligence and likewise financial security at the moment to avoid careless expenses and money loss or theft. The street is very rough though and cold these days. Everybody wants to take advantage of every little opportunity encountered to milk dry anybody wey falls mugu.

The point you listed above is one of the best guidelines that can help not only the economy but also financial freedom starting from one.
During my secondary school days, our principal always had a popular saying that he that does not plan is planning to fail, very true the economy has made of develop new strategies to fit in our financial status, have a budget of what we want to spend money is good but also not an easy task as well, and for does that are earning they have automatic saving apps that can do deduction of a certain amount from your banks. another one that caught my attention was.


that is what is killing us the most we always spend money on things we don't need, especially phones for recognition of status, If we can work on ourselves to reduce spending it will help us a lot in our financial lives. and lastly want to talk about.

Health is wealth Despite trying to save up the money we should also try to put our health into consideration by eating good food and taking care of ourselves there are people that have money but still don't take proper care of there self, exercise, eat fruits, go for a check and make sure your health is in good condition all time. just the way one tiktoker is always saying it feeds the body that makes the money.

Any person wey get sense dem no suppose to remind sae, the economy of the country no be the time to pressure one self or d in competition with any peso base on sae the peso d do pass am in one way or the other. This time around peso no suppose do pass em self just to meet up with the people wey d get their own money from illegal means(fraud). Anyway, people don learn to comport themselves this time around. Even the so called yahoo people don learn to cut their unnecessary spending cos the economy of the country is not smiling at any one. Everyone don learn how to spend less by force.

The issue of procrastination na em be d main thing wey d affect many people. Many no d dey ready to serve or to learn a particular skills. Na quick money many want or travel out. If person go fit learn how to stop procrastinating today, and bring down em self(humble) to learn a skill or start up a business em no go beg for food in this bad economy wey the present government give us all.

Na true a lot of young people they pressured about the accomplishment of others and if you look at the society now everybody wan buy benz forget how everything na step by step, they no they born pekin today wey him start waka today so been pressured should not be a thing at all, the best we can do is to work hard and make use of proper opportunities, but going to extreme is totally a red flag, and the number of yahoo  Boys they seriously increase, and to some extent the government is trying by all means to shut down does boys but not a easy task at all. And those boys have one similar mind set they don't give a damn about the implication of what ever decision they are making. And also becareful with the kind of friends we move around with, some friends are just bad influence.

In addition to what you just said, another ways to cope with the present economic situation happening in this country na to stop trying to feel pressured in doing what you see your mates doing (i.e yahoo boys/girls), and work hard to wait for your own turn, because you don't know what they might have done to gain such riches. Because it is better to earn a legit way and leave a long lasting life, than earn wrongly and live a short live. While the second one is to avoid procrastination, and do whatever comes your mind you think can generate you income.

Lolz. at the moment, economy don make some people to dey eat 0-0-1 so eating twice seems like a luxury. The OP mentioned that 2k+ can be spent in a day by an average man but the annoying part is you don't get value for what you spent.
This part can't be overemphasized. Arming yourself with marketable skills go help keep you afloat for this kind of country because if one continues to wait on the government to provide jobs, e go tey. Some people be jack of all trades, master of none. Learn and be good at what you do, that way you fit become employer of labor too.

Well done mate I hard a nice time reading through all the measures you outline as the route to surviving the current economic conditions of the Nigerians citizens,  I most say that every pointed list above are correct,  accurate and on point.

But just to add one more survival skill which is:

1: Eating twice a day instead of the 3 miles a day we are used to,  research has it that an average adult can survive on 1 meal a day,  which is quite realistic and a lot money money-saving mechanism to stay above the current situation.

Learning a new skill is also a good alternative but then being committed to building on your skills and consistently developing and advancing on them is and will be quite helpful, You can be a crypto/blockchain analyst or become a professional content creator like me and you here in the forum.

Given the current economic situation in Nigeria, it's important for everyone to be mindful of their spending and create a budget to adhere to. Due to the expensive transportation costs, I decided to buy a bicycle for commuting to work. This way, I can avoid excessive daily transportation expenses.

If you don't have an important place to go,it is better that you stay at home or visit friends within your area,instead of going to a party for fun at a long distance.

The way things are in Nigeria,one shouldn't depend on one means of income,when you are not been paid heavily. Establish yourself,because it is only daily income jobs or business that can put food on your table daily without a problem.

Infact,if you don't have a means to pay back the loan or you are that greedy type that don't like to pay back loan. Forget about getting a load to avoid additional expenses.

Wise buying is the only way out currently with the situation of things in our country. Think first if the item is important to you or not before you buy it.

This one na since I don dey do am because I dey like buy quality and this no be by boutique or price.

Nigeria these days,man no go fit go skool sit down dey wait for job,na to learn skill upon skill upon skill because nobody know where the luck go come from. It is good to have different skill so that you will have more opportunities to render your service to people.

Nigeria is the giant of Africa but now it seems we are one of the giant of poverty, Nigeria has all it takes to stabilize our economy and create a conducive environment for the citizens but it quite unfortunate to be ruled by bad government whose ambition is only to loot the country's money. I use to commend on Nigeria youths even as system is not working they always strive for a sustainable life, working hard to better there future.

In recent time, inflation in Nigeria is on a high rate as the nation’s economy is biting harder. It isn't seen that things will change as soon as possible. Therefore, it better for one to plan on how to live his/her life with the recent economy. The following tips could be helpful:

👉👉Create a realistic monthly budget.
Using your monthly take-home pay, set a budget that works with your lifestyle and spending habits. Ensure it's a budget you can keep. Work with this budget every month.

👉👉Avoid unnecessary visit.
After the removal of fuel subsidy, transportation is very costly. If care isn't taken, one can spend more than one-third of his/her salary on transport. Moving up and down unnecessary can cost you more. Making one to spend more on transport and this may affect ones monthly budget.

👉👉Get a side hustle job.
Depending on monthly salary alone may not solve any problem. An average Nigeria man will spend above #2000 a day, this is #60000 monthly which is far higher than the minimum wage. Doing something that can earn you extra money can help you out during this economic downfall.

👉👉Avoid borrowing or unnecessary loan.
Some people are found of borrowing money on monthly basis to cope with this economic downfall. This isn't a good solution at the moment because you keep incurring debt on yourself every month. Loan is the worst as this come with high interest at the moment. Getting unnecessary loan for feeding, fashion and expensive shelter put you in more debt as you keep struggling to pay back.

👉👉 Avoid spending money on unnecessary items.
For the time being, you should learn how to minimize your spending. Avoid spending money on an item you can do without. Not all item is necessary to purchase at this moment. This money can be save to purchase more valuable items or use for more important thing.

👉👉Try buying your goods at a cheaper place.
Avoid getting item at an expensive place when you can get the same item else where at a cheaper price. For example, buying a cloth you can get for #5K at Mokola for #9K at a boutique may not help the present situation. This is a money mistake that shouldn't be made at this moment.

👉👉Invest in yourself.
The best investment in life is for one to invest in himself. Learn basic skills like Blockchain, programming and coding with your spare time. This may help you secure a better job with high pay in the future.

👉👉 Maintain your health.
Health is wealth. Having a good health status will enable you work well and improve your mental state.


CONCLUSION
At this moment in Nigeria, one has to learn on how to cope with the country's present situation. I believe if the above points are put into consideration, one can easily live to the average with the inflation rate.