A recession is an economic situation where the National Income through Gross Domestic Products (GDP) of a country keeps falling in two consecutive quarters of a year.
Nigeria is facing serious macro economic problems from foreign exchange rate, to high rate of inflation and unemployment etc. But in a situation like this there is always a way out because this is not the time to blame, criticize and complaining. By preparing adequately, one needs to increase his/her income above the inflation rate (16.7%), cutting costs, so that one can have extra money to save for investment and future spending.
For one to Survive In This Economic Hardship, these steps must be followed:
Write all your needs and wants and know which one you need to remove or to reduce its quantity. Meet professionals and seek advises from them, then discuss it with your family before implementation, give them reasons why you are doing so.
There are many ways to cut costs during a recession, in many cases; you can still maintain your same quality of life while focusing on cutting extravagant and unnecessary expenses.
MULTIPLE STREAMS OF INCOME
If you have a Job be an amazing employee. First be happy at what you do, come early to work add more value to what you have been giving before. Volunteer yourself for projects, encourage the weak and slack co-workers, pick up the unattended jobs. This will make it difficult for the organization to lay you off because some workers will lose their jobs during a recession. Start Networking so that in case you lose your job, you will still have a safe net of contacts that might be of help.
If you don’t have a job stop complaining and the blame games but instead find a way making money irrespective of your educational background, consider volunteering, If you have a skill or knowledge you can give to an individual or organization don’t hesitate to do it even if it is for free, in the end when your value becomes what they can do without money will come.
If you cut your costs and you can increase your income above the inflation rate by diverting your free hours of the day or week to diversify into money making activities, you will agree with me that even in this economic downturn you can still save for future or investment in a stock market is a wide decision.
In order to avoid depression during a recession, you need to spend happy hours with your family. Don’t let fear and emotion control you.