5 creative ways to survive the economic crunch

Nigerians are going through some measure of economic crunch. It is an era of streamlining and for many, surviving on a shoestring budget. Whilst some have devised cheaper means to weather the storm, some others are finding it hard to break away from the lifestyle that they have been used to. Here are some easy […]

Nigerians are going through some measure of economic crunch. It is an era of streamlining and for many, surviving on a shoestring budget. Whilst some have devised cheaper means to weather the storm, some others are finding it hard to break away from the lifestyle that they have been used to. Here are some easy tips to help you spend less and still be comfortable.
 
Make a budget and stick to it
Start by making a statement of your monthly income and then track how much you spend on paying bills, rent, buying foodstuff, toiletries, fuel, charity and other expenses.  Take note of the ones with prices which you cannot alter, like your rent. Make a new weekly or monthly budget reflecting cutbacks in the other expenditures. Regulate your movements and walk where you can to save on fuel consumption. You could also take on bicycle riding. You’d be killing several birds with one stone.  Start cooking your own meals if you were in the habit of eating out. Let go of some extra pleasures you would ordinarily have indulged yourself in – like a weekly cinema visit. You’ll be amazed how much savings you will make by the end of the month with these cuts.

Prioritise your needs over your wants
Make it clear on what you really need rather than what you think you need. Many people go into senseless buying when they are in a bad mood. For them it is therapeutic. This is the time to channel that energy to some serious thinking rather than into your purses. Look through your wardrobes, you are likely to find pieces of clothing you haven’t worn in months. Clean them up or recycle them and begin to put them to use. Except you are losing or adding weight, many people really do not need to do any shopping for clothes. It’s a habit some have simply acquired over time without necessarily having the justification to do so.

Try solar energy, turn off gadgets you can do without
There are several companies offering solar panels for as low as N15, 000. This can power your television, recharge your phone battery, laptop, fan and such basic amenities. With the abundant sunlight, it is cheaper to cut down on the increased electricity tariff and the persisting erratic power supply. Look through your house for those items you can do without like your water dispenser. Rather than burn your electricity units running your water dispenser, switch it off and fill up your bottles and jugs from the dispenser bottle. Put these in your refrigerators to chill. After all, most people have water dispensers for the sake of instant cold water while their refrigerators are only half full.

Grow your own food, find alternatives
Subsistence farming will come in very handy in these economic downtimes. Take up planting your own tomatoes, pepper, okra, vegetables, plantain, yam and even fruits, among others. Without a lot of hassle, these crops will do very well in your backyards or other small patches of land around the house. While you are saving on cost, you are also sure your family is getting the much needed balanced diet it requires and without the worry of travelling far to get them. For families with young children, you will be amazed how much positive fun this could be for them as they also add to their agriculture knowledge. Also, where you would ordinarily use imported food items, find local alternatives.

Exploit free services, applications
People carry about all sorts of mobile gadgets without ever fully putting them to use. Now is the time to get those manuals out, read them up and stop underutilising the gadgets. There are a lot of free mobile services to exploit. Where you can, make Whatsapp, Skype, or Blackberry Messenger calls, or make video calls, do so. Where you can send a message instead of calling, do so. In no time, you will found out that you are spending far less on your mobile gadgets than you usually do. Watch news, movies and so on, on TV rather than on your other gadgets. You could also rely more on a transistor radio to get your news information. It’s far cheaper than using the internet to view them.