Stay Recession-Proof With These Tips

For the last few months, the narrative in the media has been centred on Nigeria being in a recession. In simple terms,  a recession is explained as a time when there’s a significant decline in the economic activity in a country.

With the recession has come inflation, job loss, loss of purchasing power/spending power and so many other negative trends associated with recession.

The great thing, however, is that people are still making money in spite of the recession! Yes! Keep reading to find out how you can also plug in and make money despite the current recession.

1. Embrace the B-word: B is for Budget – a word many people don’t like because they associate it with restrictions . This is not really true. It actually gives you freedom to plan and spend without finding yourself strapped for cash before your next salary comes in. A budget is a plan of how to spend your money, taking into consideration your income and expenditures.

2. Get additional income: If you have a 9-5 job, now would be a good time to consider getting a side hustle or monetising a hobby of yours. What are those things that you can do effortlessly? Can you braid hair? Can you clean spotlessly? Can you cook for Africa? These inclinations of yours might be potential ways of getting additional income.

3. Identify holes in your spending and plug them – If you track your expenses, you might find that you’re spending a little extra on some unnecessary items. Kemi practiced this and found that her sweet tooth was costing her close to 25,000 naira monthly, which she spent on candy bars, smoothies, ice-cream and many other edibles. Noting this, she was able to discipline herself and curtail her spending. Your holes could be anything – clothes, lending others money, etc. Find your holes and plug them.

4. Explore ways to earn in foreign currency:  Earning in a more stable currency such as US Dollars, Euros or GB Pounds would be very helpful for you. There are many ways to do this. You could develop an app and place on the android or iOs playstores. You could also write a book and make it available as an e-book so it could be purchased by people all over the world. If you have more money to play with, you can explore ways of exporting goods to foreign countries. As attention is turning to agriculture in this period, you might just be on the fore-front of something big.

Do you have any more ideas or practical steps that are working for you? Leave a comment below!