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10 ways to survive the recession

06 September 2016, 20:15

Lagos -  The recession is real, and  all seems to be going awry with finances but, here are ten ways to survive the current recession in Nigeria.

1. Reduce the food you eat
 If you can cut back on money you spend on buying food, you will have more savings. You can cut back on expensive food and go for cheaper meals, and do a lot of cooking yourself, instead of eating out.

2. You will not die if you don’t buy new clothes
 Another major thing to cut back on is clothes and other fashion items.
 The clothes you currently wear, should last you some more time. All you have to do is keep them clean and handle with care. 

 3.  Cut down on online purchases
 Visiting online stores, will have you buying things you might not need at the moment. If you really have to buy something,  then you should go down to the stores and markets to get them. You will surely spend a lot less, plus the thought of an actual market and the stress might show you that you do not really need to purchase that item. 

4. Spend less on Recharge card for your Mobile phone

 It might be a good time to check how much you spend on recharge cards and data, and cut down drastically on it. There are several good avenues for free calls and free internet usage, you might need to make use of during the recession.

5. Extra income 
You might want to look at ways to earn more income, either by taking on an online job, or working some overtime. It might be harder than normal, but that is what a recession is about, and any extra income will definitely make things easier for you financially. 

6. Save more
S There are better ways to save money than the traditional saving account in your bank. You might consider this other avenues. A fixed deposit account with a good interest rate is a place where your idle cash would be better off. Ensure you get a good interest rate for whatever savings you are making, ask your account officer, what the interest rate is for your bank, and make some research about other banks too.

7. Reduce Cable Tv subscription
You might need to cut back on your subscription for cable television. The amount you pay for cable each month can go into other things, while you enjoy the local television channels.

8. Organise cheaper parties
 If there must be a party,  you might consider cheaper ways to host and spending less money on drinks and food. Look for other less expensive ways to have fun. A good carton of juice, might serve you better than crates of alcohol in the long run. 

9. Stick to your budget 
Working with a budget is important Sticking to your budget is another way to save money. Hopefully you have one you have drawn out. It is important you put it up on the wall, somewhere you will see it daily. This will serve as a reminder, before you order expensive food.

10. Discounts 
Discounts always come up. There are discounts everywhere, most times all you have to do is ask the right questions. So look out for sales and discounts, on clothes, food, transport and even things like trash disposal.


- News24


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