8 WAYS TO SURVIVE AND THRIVE IN AN INFLATION
If you live in Nigeria, it’s no news that inflation is currently at an all-time high – at 29.9%. The highest it’s ever been in almost 28 years! The Naira is also losing its fight against the Dollar, and an end doesn’t seem to be in sight. However, regardless of the economic situation, life will not come to a halt and we have to keep on living
So, except if you’re a trust fund baby or a perceptibly monied folk, these are ways to hedge for a better living situation amidst the rising cost of living.
- CONSERVE. Be it resources, money, energy, food, etc. There’s less room for waste in a biting inflation. Save your gunpowder for only the significant things
- BUY LOCAL. There’s less foreign currency to import products, so find local alternatives to your imported products to save money. Non-essential dollar subscriptions, products and services that you can live without will have to go.
- ESSENTIALS ONLY. The new sneakers, newest phone, fits and wigs can wait. Be realistic and buy only what you need. There’s a time to be delulu and this isn’t it.
- STAY HEALTHY. The prices of drugs in pharmacies these days will have you saying “wow” at every second. Look after your health, stay fit, cut out processed sugars and change your diet if need be.
- PLAN LONG TERM. With no end to the inflation in sight, we do not know when things will go back to normal (or if they ever will), so you must plan for the long haul. Figure out how you will live and not just survive because life is for the living after all. Speak to a financial adviser for better money management and growing your funds.
- INNOVATE YOUR BUSINESS. If you’re a business owner and your business is considered luxury, sales may be at an all-time low with everyone buying only the essentials. Think about how you can add essentials to what you sell.
- TAKE UP EXTRA JOBS. This is not the time to rely on a single source of income. To stay inflation-proof, you need to think of other ways to bring in income through side hustles.
- STAY INFORMED. Being up to date with policies and financial trends affects you, so you need to keep yourself updated. Be in the know to increase your financial stability and prospects for the future
What other survival tips have managed to keep you afloat in this inflation? Do share in the comments.
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