As we go into the economic recession and what lack of diversification has caused the economy, there are number of ways to survive the hardship 2016 could bring with little or no effect .
1. Limited Spending: it’s generally observed that the more money that comes into ones pocket, the bigger the budgeting i.e. possibility to cover more “wants”. Due to the inconsistency in salary
payment and market drive that is likely to occur in 2016, money at hand is bound to be reduced. Therefore, a preferential list has to be made to meet basic need and demand. In 2016, there must be cut in unnecessary expenditure such as movies, extravagant clubbing and womanizing. Also, cheaply available goods around the neighbourhood corners can substitute the Walmart and mall shopping that could strain the cash at hand. If possible, the number of crowded friends likely to consume your cash at hand must be significantly reduced (minimal contact) except those that can be of immediate financial and mutual assistance to you.
2. Diversification: from research, I found out that 50% Nigerian salary earners pay little attention to salary investment so when there’s no salary for the month, they start trembling. Well, 2016 is going to be much tougher as the new government is still gathering "suggestions" on economic diversification; a phase with implementation uncertainties or how well it would work to immediately benefit the masses (implementation and result could take a while e.g. agriculture and solid minerals). You don't have to panic only if you can channel a quota of the little that comes into your pocket into other areas i.e. investing in areas that would supplement the cash at hand. For example, if you are a salary earner that gets 250,000naira per month or less, a quarter of it can be saved and accumulated to get a landed property which could increase in value over time or you could just build on it and give it out for rent at a satisfactory rate. Also, this might be the time to start a small scale business with the little you earn monthly as these will supplement your source of income and you can also be an employer of labor in the process.
3. Recycle and careful use: By recycling, leakages and wastage can be properly monitored to avoid duplicated expenditure. Goods and materials which can be used again that you normally throw away or discard before has to be kept to avoid spending on it over and over again e.g. wardrobe, car parts and what have you. Also, careful use will ensure the availability of durable and non-durable materials over a long time.
4. Substitution: As a result of the dwindling oil price and PMS (pure motor spirit) pricing across the nation, its high time you sometimes drop that beamer (vehicle) you cruise everyday even in rush-hour traffic which increases fuel consumption and start taking public transport. This will significantly reduce your spending on fuel. Also, a stone throw distance which you normally go with your car could be substituted with trekking or bike. *winks*
5. Learn how to earn in dollar by visiting a number of free foreign sites that could earn you dollars. Because of the fall in naira value, this might be an avenue for you to earn few dollars which is significantly higher in naira e.g
payment and market drive that is likely to occur in 2016, money at hand is bound to be reduced. Therefore, a preferential list has to be made to meet basic need and demand. In 2016, there must be cut in unnecessary expenditure such as movies, extravagant clubbing and womanizing. Also, cheaply available goods around the neighbourhood corners can substitute the Walmart and mall shopping that could strain the cash at hand. If possible, the number of crowded friends likely to consume your cash at hand must be significantly reduced (minimal contact) except those that can be of immediate financial and mutual assistance to you.
2. Diversification: from research, I found out that 50% Nigerian salary earners pay little attention to salary investment so when there’s no salary for the month, they start trembling. Well, 2016 is going to be much tougher as the new government is still gathering "suggestions" on economic diversification; a phase with implementation uncertainties or how well it would work to immediately benefit the masses (implementation and result could take a while e.g. agriculture and solid minerals). You don't have to panic only if you can channel a quota of the little that comes into your pocket into other areas i.e. investing in areas that would supplement the cash at hand. For example, if you are a salary earner that gets 250,000naira per month or less, a quarter of it can be saved and accumulated to get a landed property which could increase in value over time or you could just build on it and give it out for rent at a satisfactory rate. Also, this might be the time to start a small scale business with the little you earn monthly as these will supplement your source of income and you can also be an employer of labor in the process.
3. Recycle and careful use: By recycling, leakages and wastage can be properly monitored to avoid duplicated expenditure. Goods and materials which can be used again that you normally throw away or discard before has to be kept to avoid spending on it over and over again e.g. wardrobe, car parts and what have you. Also, careful use will ensure the availability of durable and non-durable materials over a long time.
4. Substitution: As a result of the dwindling oil price and PMS (pure motor spirit) pricing across the nation, its high time you sometimes drop that beamer (vehicle) you cruise everyday even in rush-hour traffic which increases fuel consumption and start taking public transport. This will significantly reduce your spending on fuel. Also, a stone throw distance which you normally go with your car could be substituted with trekking or bike. *winks*
5. Learn how to earn in dollar by visiting a number of free foreign sites that could earn you dollars. Because of the fall in naira value, this might be an avenue for you to earn few dollars which is significantly higher in naira e.g
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