Toye Faleye
The recently announced recession which grips the
nation will stretch the so-called idiosyncratic resilience of Nigerians to
limit. Already, leaving workers’ jaws battered are several months’ salaries
owed them by many of the states, with several employers in the private sector
not being able to pay their work force, and at times laying them off, as well
as how the Dollar has continued to incessantly pounce on Naira roughshod, the
domino effect of which the prices of commodities begin to soar in the market.
News is rife that individuals who could not contain
the turbulence are beginning to opt for suicide as a way out. This is not the
time to take to suicide, crimes and other psychopathic behaviours. It is no use
apportioning blames either, or appearing crestfallen. Rather the situation
demands devising ways to survive the turbulence? Here are eight ways out of the
recession:
Where
is your cash going?
Are you spending your meagre salary or income, if it
is coming at all, on unnecessary things? Are you buying things because others
are buying them? Where your money goes this time round determines how you cope
and survive the hurricane. At this time, it is advisable you spend your money
on necessary things which you can afford. You can’t afford to be lavish.
Draw
up a budget
One way to control your spending is by writing how you
want to spend your money down. You can do this by drawing up a budget which
enables you to identify and list monthly income and expenses. Budget helps you
control how money flows in and out of your daily life.
Don’t
look big
Don’t be what you are not. Don’t turn yourself to a
spendthrift. There is no gain in looking big when there is economic recession,
if you don’t have the financial wherewithal.
Don’t
incur debt
If you know you can’t afford an item, it’s no use
incurring debt because you want to buy it by all means. Don’t buy on credit to
be financially settled.
Get
a second source of income
Just a source of income may not sustain you during
recession. You may need a second source of income. Now that employees are being
laid off indiscriminately, and at times not being paid, you need to look
elsewhere to source for income.
Identify
areas you can save
You need to identify areas you can save, such as
reducing the no of times you go to the market or shop. An individual who goes
to the market less will rather spend less than who goes to the market often.
Build
and strengthen network
Build network. It is not too late. If you’ve already
built one, then strengthen your network. It is your net work that will guide
you who is hiring. Don’t lose contact with those you have established
relationship with, and as you do, try build new lasting relationship with
others.
Try
your hand in what will relief you and make you happy
Try look for things that will make you happy, like
listening to comedy, playing musical instrument and getting entertained. It is
well known that those who value intrinsic things are happier than those who
value extrinsic things.
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