8 ways to survive recession

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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