What to do in times of harsh economy


By Joel Faleye

Times are hard, and Nigerians are not finding things easy. Inflation is on the upswing, while interest rate is in double digit. The rise in pump price is crushing occasioned by removal of fuel subsidy, while naira scarcity bites harder.

Nigeria is in dire straight, even as citizens cringe under the jackboot of basket case economy. How would people stay afloat? What is the escape route? People need to survive the brutal era:

Cut your expenses:

Don’t spend on any irrelevant things that are of no value this time. You don’t need to attend parties, or patronise club houses. Spend on what will give you value, otherwise you may bite your fingers. If you don’t need to buy those clothes now, don’t bother to purchase them, cut your coat according to your cloth.


Review your financial status

Always weigh your financial status. Determine where you are before you spend on anything. Can I afford certain things at this time? Consider your financial status objectively so that you don’t regret taking certain steps.

Caution your emotion

Don’t let your impulse push you to the level that you will regret later. Don’t be put under the pressure of emotion. You may lick your wound later. Desist from buying an item just because your friends are buying them.

Add more income

Look for ways to make stream of income. Think of what your skill can fetch you as an addition to your steady income. Stream of income can make you navigate turbulent time.

Cut down your debt

Look for ways to pay off your debt. When you cut down your debt, you will be able to breath. Too many incurred debts are killing during economic hardship.

Stop buying on credit

When you were buying on credit you never thought that day you promised to pay will approach fast. You think it was such a long time. Your creditor or seller persuaded you to make the purchase because he/she wanted to sell that product off quickly to make money. And he/she will make his profit because he/she had already added to the price at which the product was being sold off. If you can’t buy a good at a time, don’t bother to collect it on credit and pay later, because you may be paying double the amount.

Reduce the purchase of expensive items

Cease from buying expensive things. If you cannot afford to buy an item, leave it till when you can.

Choose to buy important things

During harsh economy it is advisable you select only pressing, necessary and important things. Don’t buy what is not important.


Cultivate the habit of saving for unforeseen contingencies. Save for the future when you will need money.

Price goods low

Always ensure you price goods low. Don’t buy at the price a product is offered. Negotiate until you get a good price.

Image credit: Letterpile

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