Hello friends!
How are you holding up amidst this economic crunch? What adjustment are you making to fit the current realities? You are working hard, yet there is little to show for it. You are not alone dear, even Dangote is complaining. E touch am.
Things we used to buy based on what we earn have currently gone up, yet our earnings did not go up. What to do? These strategies work for me, and I hope you find them useful as well.
Here are five things you can do to cushion the effect:
COOK YOUR MEALS
As a child, I remember I could sew well. With just needle and thread, I can fashion out a new dress for myself. While I retained my fashion sense, I did not pursue sewing in the long run. But there is something else, I also loved doing as a child. I enjoyed cooking a lot-and still do. I think one reason for that would be because my parents buying cooked food outside is like a no-go area. This means "there's food at home". I would say growing up with that mindset is making me explore so many dishes these days: from appetizer, main dish and dessert.
credit: KnorrThere are so many cooking videos online to get inspirations from. Maybe stop checking out online gossips and start checking out things that will add actual values to you? Beside, the art and science of cooking is a survival skill. Do not be an Esau!
DO IT YOURSELF (DIY)
What are some of the things you know you can do for yourself? Those skills I know I possess are starting to become useful. LOL. Instead of buying air freshener and other scents to make my home smell nice, I have started making my own air freshener using some citrus family and other oils to make my home smell nicer. Another DIY I have learnt and developed is revamping my own wig.
There are many videos online where you can learn these things. You can learn to decorate your house, gardening, paint your nails, make your facial scrubs, painting and so on.
credit: licensableLest I forget, I made my own birthday cake this year, because DIY. And oh, my cakes have adjudged to taste really good. Ask my nieces and nephew.
credit: RecipeMAKE A LIST BEFORE GOING TO THE MARKET OR STORE
These days are not the days for impulse buying; whereby you go without a list and just pick up anything you want, knowing you have enough to spare. Given the rise in the cost of things, planning and budgeting must be employed to manage the new realities.
Credit: Culinary HillsThankfully, most phones come with a note or memo where you can write the list of things to buy directly on your phone. While you may not be able to project the real amount, you can hazard a guess as to the amount a particular product could go for. Although, you may not have to list the amount. The essence of the list is to keep you in check from buying other things that are not part of your current wants/needs and not to surpass your budget.
TAKE ADVANTAGE OF REWARDS & PROMOS
Even if you have a well-managed budget, you are likely to spend more than usual when inflation is high. While this can be frustrating, you can make most of the extra expenditure by choosing offers with rewards. To avoid being a victim of "giveaways", patronise trusted brands who give periodic promos and rewards to their customer. Some companies give new users a sort of welcome package, others have some other form of rewards given to existing customers. Taking advantage of these rewards, reduce the cost of spending. Some telecommunication companies give you option on how to save and gain more when you buy data/airtime. Depending on your needs, look for one that suit you. Some fintech like Parkway Wallets allows you to transfer to any bank without hidden charges, as long as you maintain 10,000 minimum amount in your account. For instance, I have to transfer to some of my family members for their monthly upkeep. What I do is, I transfer adequate amount to the Parkway Wallet before disbursing the money. So long as I have a minimum of 10,000 in my wallet, I don't bother about unnecessary charges. You can check out Parkway Wallet online to get more details.
Some vendors do periodic sales of clothing and other accessories, you might want to look into that by buying items to lessen the amount of the original price. This way you can buy some of the things you like of good quality, but at a reduced rate. Also, some supermarkets sell items at reduced prices and the amounts clearly written on each item before purchase. This way, you can make calculations while shopping to see if it meets your budget.
Credit: Business DayMany service providers and sellers do periodic or regular sales. Look out for them, and that way you are able to get things you want at reduced prices or the same price, but more value.
Taking advantage of cost-saving rewards and promo is one way to navigate the current economic reality.
JOIN RESOURCES WITH OTHERS TO BUY IN BULK
Are you one that like to buy in large quantities, but now to to reduce what you purchase due to low purchasing power? Well, I have a good suggestion. So to enable me continue to buy in a somewhat large quantity, I partner with my sister's household at the end of every month. We put together some money and buy food stuff in bulk and share between our households. We do this by going to markets where we can buy poultry, meats, vegetable and grains in large quantities, and we have found this to be very helpful in our spending for feeding purposes.
Bulk-buying is a strategy to save money. This allows to lower cost per unit- thereby making each item cheaper than what you will get buying in smaller packages. So, in order to reduce your income household and prevent you from buying some other essentials, partner with others to buy in bulk.
More so, if you are one that care about environmental sanitation, you will understand that buying in bulk reduces packaging.
Caveat: ensure you have a good storage system for your food if you wish to tow this line.
And so, those are my five-saving tips to navigate this current economic downturn. While these strategies might be helping me to manage my resources, I really need a break and for the economy to be stable already.
I know the list are inexhaustible, and I will like to hear from you. See you in the comment section, aye?
Nice work. I also pay for items in installments, such as dresses, shoes and other accessories
ReplyDelete