3 Things to consider in a bad economy

With the constant rise in price of goods, food, fuel and other basic commodities in the market, you’ll agree with me that same amount of money you rely on to take of your bills in the past is no longer enough today.

Recently, fuel price and cooking gas were increased. Let me be honest with you, this government doesn’t have any plans for you and I. The faster we understand this and take responsibility, the better.

Whining and complaining is not going to change anything. But the good thing is that you can control your own economy and not allow the high price of things in the market to affect you.

HERE ARE 3 THINGS TO CONSIDER.

1. CUT DOWN ON YOUR EXPENSES — This is self explanatory. You can cut down the amount of money you spend on some things.

If you’re paying 1.5M for a two bedroom flat in a premium location, move out to a less premium location where you can get that same 2 bedroom flat for 300K. It is not permanent, it is just for the time being, pending when you get your fit back up.

2. BUY NEEDS NOT WANTS — You need food to survive but that bag you want to buy you can do without it.

Before you buy anything, ask yourself if you can do without it. If the answer is yes then you don’t have to buy it NOW if the money is not enough.

3. INCREASE YOUR INCOME STREAMS — The economy of this country is too risky to depend on one source of income.

If the money is not enough, you can start a side business to raise supplemental income. You don’t have to start a side business outside of what you’re currently doing. You can do it even within what you do currently.

I will write on this extensively some other time.

For now, I hope these tips helps?