The current harsh reality of Nigeria’s economy has affected alot of people, the effect of the lockdown is devastating at the moment.
The prices of commodities are climbing yet salaries and wages remain stagnant and in most cases, alot have lost their sources of income.
Let’s look at some ways to reduce spending so you can survive and avoid running into debt.
1. Map out your financial plans
You could find yourself in a financial mess because of failure to draft out a proper spending plan. If you have a clear vision of what you want to achieve financially, what you want to spend and what you want to save, it is easier to maintain a particular budget and not get carried away by unnecessary spending.
2. Learn to save
No matter what you earn, be sure to dedicate a particular percentage to normal savings, as well as an emergency fund that you can fall back on in case of sudden events like loss of job.
3. Go out less
You would spend alot of fortune on going out, watching movies at cinemas, hanging out with friends and buying impulsively. Steer clear of friends or female folks that only drag you out to spend lavishly. Learn to say no to them. If you can find ways to limit the way you go out, you will be saving yourself a great deal of money.
4. Be budget conscious
Map out a financial plan but do not necessarily stick to it. Learn to Leave Your ATM card at home, and to try as much as possible to use them only for emergencies. Carrying ATMs and credit cards makes it easier for you to make unplanned purchases, POS machines even makes it faster, as you can pay conveniently.