In my previous write up on Surviving the Recession in Nigeria, I promised to give you some snippets. Here they come. Enjoy!
Communication
Confer with every member of your household and review all the elements of your finances. In order to ensure clarity and organization, you may write down the total earnings of all the members of the family generated either through employment or business.
Build Coalition
You have to demonstrate transparency and honesty in order to attract the commitment of the entire household. In fact this process has the tendency to consolidate the relationships in the family and engender trust and integrity.
Cut Expenses
There are many ways to cut expenses during a recession. In many cases, you can maintain your same quality of life while concentrating on being conservative and cutting out extravagant and unnecessary expenses.
Exercise Restraint
Desist from compulsive purchases. Itemize all your needs before you proceed to the market. Avoid discretionary spending; don’t buy any item that is not absolutely necessary. In these days of aggressive marketing, you are likely to be tempted to succumb to sales pitches. Resist them.
Avoid Long Term Commitments
Where it becomes necessary that you have to make a long term financial commitment, engage in a very profound evaluation of the implications and consider the possibility of a deferment.
Transportation
Take steps to reduce your transportation costs by walking or commuting by bicycle when necessary; it is good for your health. Car owners can cut down on fuel expenses by using public transportation when convenient. They should also consider temporarily dumping their less fuel efficient cars or SUVs
Housing
Consider other options like relocation to an area that boasts a lower cost of living, downsizing, sharing accommodations with friends or family or subletting vacant rooms in your household
Food
Desist from eating out. Apart from the lower cost of home cooked food, this habit also has the tendency of improving your health. You can achieve discounts by buying foodstuff in bulk provided you can appropriately preserve them.
Watch out for the continuation of these series.