12 Money-Saving Tips For Surviving The Economic Recession

While recession may not be an ideal economic experience for any nation or the citizens, it is sometimes unavoidable, because it is a part of normal economic cycle. Experts warn that once in every five years or, at best, every eight years, the economy melts down and recession sets in. It is no longer news that the Federal Government has declared that Nigeria is officially in recession. But while the government works to re-position the economy and return the nation to the path of prosperity, what can you do as an individual to better your lot under this harsh economy? Read on…

  • Enhance your skills: During a recession, jobs are hardly secured; yet, should job loss happen, it could be hard to get a new one. Therefore, enhance your skills, even on the job; work extra hours and work a little harder.
  • Prepare for layoffs: On the average, the normal worker does everything to keep his job; but even then, layoffs still happen. Whether or not you’re going to experience this, please update your CV, and be on the lookout for possible job openings.
  • Create an emergency fund: In general, most people don’t have emergency funds anywhere. But if you are still lucky to be employed, start one today by setting aside certain sum of money every month. Decide how much money you want to add to it every month. Keep the money in a savings account and let it stay there.
  • Pay off your debt: If you are gainfully employed, you must learn to live on your income and avoid going into debts as much as possible, especially during a recession such as this. If you are in debt, focus on paying off your debts as soon as you can, as this will also help in lowering your spending and enable you to have more money to save.
  • Identify and streamline your monthly expenses: How much do you spend on your phone lines? Must you sustain that pay-per-view TV? What about the money spent on electricity — such as diesel/petrol for your generator, even when you still pay electricity bills? Is it cheaper to cook or eat out? Which is cheaper: putting your car on the road daily, or taking public transport? The overall goal is to reduce expenses with minimal impact on lifestyle. Be wise about it.
  • Boost your income: If there are opportunities to make extra cash, once it is legitimate, go ahead and do it. Can you baby-sit? Do you know how to make hair or apply make-up? Events decoration? Do you know how to bake, knit, or do repair works? Cash in on it and earn some extra naira by so doing.
  • Establish a budget: When you get paid, don’t pay all your expenses without something left to save. Rather, discuss with your creditors and agree on realistic payment plans. Also, involve your family members because the impact will affect them.
  • Cut down on expenses: There are many ways to cut expenses during a recession. In many cases, you can maintain your same quality of life while focusing on living lean and cutting out extravagant and unnecessary expenses. For instance, buy nothing if you don’t need it to live. Resist sales pitches. Don’t accept offers of ‘soft loan’ from your bank or any lending agency, etc.
  • Transportation: If you live in the same geographical area with some fellow workers, you can agree to carpool to work, such that each of you will only have your car on the road less than thrice a week, thus saving money on fuel and maintenance.
  • Housing: If your rental fee is high, you may consider changing accommodation and moving into smaller, cheaper accommodation that will still be reasonably comfortable.
  • Keep saving. If you can, fit saving into your budget, even during a recession. If you don’t have the money to contribute, consider cutting out other expenses to make it work. When you come out of the recession, you’ll be glad you kept up with saving and your bank account will reflect the interest you’ve earned during that time.
  • Enjoy life: In order to avoid recession depression, don’t let fear control you. An intense feeling of paranoia can make you an inflexible employee and also strain your relationships. Be thankful for what you have, and make sure to have fun. Accept difficult times as a challenge for your fortitude and adaptability.
ALSO READ  Naira Plummets To All-time Low Of N472 Per Dollar

Sources: From The Net

Get the best viral stories straight into your inbox!

Don't worry, we don't spam

Leave a Comment

Your email address will not be published.

Latest Posts

MainOne, Tizeti Partner with Facebook to Improve Internet Connectivity in Lagos
Business
13 views
Business
13 views

MainOne, Tizeti Partner with Facebook to Improve Internet Connectivity in Lagos

PH - December 12, 2017

MainOne and Tizeti have announced the completion of a joint development project with Facebook to enable the expansion of internet services in Lagos. This partnership will leverage…

APM Terminals Launches Refrigerated Trucks For Nigerian Farmers
Agriculture and Farming
18 views
Agriculture and Farming
18 views

APM Terminals Launches Refrigerated Trucks For Nigerian Farmers

PH - December 12, 2017

APM Terminals, in conjunction with Naija Pride and with the assistance of international development groups, is working to provide modern cold chain transportation alternatives for farmers in…

PDP Convention: Loud Promotion Of Corruption -by Reuben Abati
Politics
18 views
Politics
18 views

PDP Convention: Loud Promotion Of Corruption -by Reuben Abati

PH - December 12, 2017

The elective Convention of the Peoples Democratic Party (PDP) that took place at the Eagle Square in Abuja on Saturday, December 9, was a charade and an…

Why Nigerian Youths Are Not Ready For Leadership, Change – Amaechi
Politics
28 views
Politics
28 views

Why Nigerian Youths Are Not Ready For Leadership, Change – Amaechi

PH - December 12, 2017

Rotimi Amaechi, Minister of Transportation, has said Nigerian youths are not ready to embrace change. The former Rivers State Governor said this while stressing that Nigerian youths…

Bishop Mathew Kukah Claims President Buhari’s Ministers Are Unhappy
Politics
29 views
Politics
29 views

Bishop Mathew Kukah Claims President Buhari’s Ministers Are Unhappy

MT - December 12, 2017

While speaking in an interview with a social media expert, Abang Mercy, the Bishop of Sokoto Diocese of the Catholic Church, Matthew Kukah, said that some ministers…

How President Buhari Cured Nigeria – Yahaya Bello
Politics
26 views
Politics
26 views

How President Buhari Cured Nigeria – Yahaya Bello

MT - December 12, 2017

Governor Yahaya Bello of Kogi State has claimed that President Muhammadu Buhari has cured the economy and was stamping out graft since assuming power in 2015.  …

Actor Yul Edochie Speaks On Anambra Election For The First Time – ‘Willie Obiano Humiliated Us’
Entertainment
25 views
Entertainment
25 views

Actor Yul Edochie Speaks On Anambra Election For The First Time – ‘Willie Obiano Humiliated Us’

MT - December 12, 2017

While speaking during the inauguration of the executive council of the National Association of Nigerian Students, Nollywood actor, Yul Edochie, on Monday, described the outcome of the…

Oba Akiolu Denies Ever Saying Benin Owned Lagos In New Interview
Art, History and Culture
30 views
Art, History and Culture
30 views

Oba Akiolu Denies Ever Saying Benin Owned Lagos In New Interview

MT - December 12, 2017

The Oba of Lagos, Rilwan Akiolu, on Monday said he never said that the Benin people owned Lagos. The monarch spoke in Victoria Island, Lagos, at the…

NYSC Releases Date For 2017 Batch B, Stream 2 (See Time Table)
Best of Nigeria
31 views
Best of Nigeria
31 views

NYSC Releases Date For 2017 Batch B, Stream 2 (See Time Table)

MT - December 12, 2017

The management of the National Youth Service Corps (NYSC) has announced date for 2017 Batch B, stream 2 Corps members.   The orientation course will hold between…

#EndSARS: Falana Attacks SARS, Says It Is A Partially Illegal Squad And A Legacy Of Military Dictatorship
Politics
31 views
Politics
31 views

#EndSARS: Falana Attacks SARS, Says It Is A Partially Illegal Squad And A Legacy Of Military Dictatorship

MT - December 12, 2017

Human Right Activist and Lagos based lawyer, Femi Falana has attacked the Special Anti-robbery Squad (SARS), calling it a legacy of the military government and a partially…

Why 21 Ibadan Kings Issued Deposition Notice To Olubadan, Oba Saliu Adetunji
Art, History and Culture
26 views
Art, History and Culture
26 views

Why 21 Ibadan Kings Issued Deposition Notice To Olubadan, Oba Saliu Adetunji

MT - December 12, 2017

The 21 Ibadan kings , installed by the Oyo State Governor Abiola Ajimobi on August 27 , 2017 , have issued a dethronement notice to the Olubadan…

Tithes And Offering: Meet The Nigerian Pastor Who Just Predicted Daddy Freeze’s Death Ahead Of 2018
Entertainment
37 views
Entertainment
37 views

Tithes And Offering: Meet The Nigerian Pastor Who Just Predicted Daddy Freeze’s Death Ahead Of 2018

MT - December 12, 2017

As the subtle jabs between Daddy Freeze and Leke Adeboye, son of Pastor Enoch Adejare Adeboye festered yesterday, a pastor has threatened the former on Instagram via…

Plus-size Nollywood Actress, Eniola Badmus Hangs Out With Wizkid And Obafemi Martins (Photos)
Entertainment
30 views
Entertainment
30 views

Plus-size Nollywood Actress, Eniola Badmus Hangs Out With Wizkid And Obafemi Martins (Photos)

MT - December 12, 2017

Big, bold and beautiful actress, Eniola Badmus was pictured with Super Eagles goal poacher, Obafemi Martins and Wizkid at a beach party in Lagos State.   Wizkid…

Why The World Disrespects Africa Today – Ex American Ambassador To Nigeria Speaks
Shocking
27 views
Shocking
27 views

Why The World Disrespects Africa Today – Ex American Ambassador To Nigeria Speaks

MT - December 12, 2017

Amb. Walter Carrington (OFR), a former American Ambassador to Nigeria, has said that the failure of Africa to fully realise its potential has earned it scorn rather than respect…

FG Opens Consultation To Deal With Farmers-Herdsmen Conflict
Politics
37 views
Politics
37 views

FG Opens Consultation To Deal With Farmers-Herdsmen Conflict

PH - December 12, 2017

The Federal government has opened nationwide consultations with opinion leaders towards ending incessant farmers/herdsmen conflict. Vice President Yemi Osinbajo opened the dialogue with the hosting of some traditional rulers from…

22-Year-Old Lady Who Was Assaulted At The Lagos State Carnival Shares Her Story
Shocking
71 views
Shocking
71 views

22-Year-Old Lady Who Was Assaulted At The Lagos State Carnival Shares Her Story

PH - December 12, 2017

A 22-year-old lady Olukoya Ayomikun Ibukunoluwa shared on her Instagram how she was s3xually assaulted at the Lagos State Carnival. She was one of the dancers who performed at…

Why South-West Could Not Win The PDP Chairmanship Position – Markarfi Opens Up
Politics
63 views
Politics
63 views

Why South-West Could Not Win The PDP Chairmanship Position – Markarfi Opens Up

MT - December 12, 2017

While speaking on Channels TV programme, "Sunrise Daily" on Monday, former chairman of the caretaker committee of the Peoples Democratic Party (PDP), Ahmed Makarfi, spoke on the possible reason…

Nigeria’s Large Population A Big Liability – Former President Obasanjo
Politics
33 views
Politics
33 views

Nigeria’s Large Population A Big Liability – Former President Obasanjo

PH - December 12, 2017

Former President Olusegun Obasanjo says Nigeria’s present population stands at 193 million and by 2045, it is projected to reach 400 million and unless spirited efforts are…

Loading...