A personal experience and Setting a good survival strategy in depressed economy.

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(Edited)

Hello Hive

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The subsidy removal on fuel in my country is no longer news to anyone unless you live under a rock, the impact of this is currently been felt right from the very first day.
It is very much possible that some have eating deep into their savings if not all of it. We all started the year with a positive mindset and some savings goals but i am not really sure if those savings goals are still in place.
The table now is more of survival than seeking to reach some financial goal.

Everyone should have a survival strategy as this current trend of a depressed economy might last longer than you think.
We already know of today but can make a better plan for tomorrow or even year.
You can plan to cut down on some expenses as follows.

Cost of buying food.

Food is a number one basic need we cannot do without, what does it matter is the subsidy removal last for 10years if I have food to eat.
There are alot I have least from #Frugal community on bulk purchase and how to cut down the cost of our daily meals.
Some have found it fun to spend exorbitantly on eating out but you may want to consider making your own meals.

Farming my own food has been very helpful over the years and I had almost very little to buy from the market. Although my food barns was exhausted much earlier in this years(sold out some harvest for financial needs) we never saw this dreadful day coming, the plans for another year is on ground and from now until December it is possible to have new stock of food in the house.

Nigerians in recent times have moved from farming to industrialization where everyone wants a white collar job, abandoning agriculture has contributed to the ill fate of the country till date.
If you are lucky to live in areas where you can till the ground, this is not a bad idea.

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A cross section of our cassava and corn farms.

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Movement and transportation.

If the cost of transportation will eat deep into your pocket, there are various ways to cut down this call. Mobile calls/video calls might be cheaper to check on relatives far away rather than a long distance travel.
If the reason to go out are not crucial enough one can consider cancelling some outings.

Utility Bills and others.

There are sometimes an alternative to so many things, your data consumption rate, electicity and water bills, TV subscriptions and others. If spending huge sums visiting cinemas might cost you alot, subscribing to a montj package of your TV at home might be an alternative, some cinemas can be really expensive and that is just one way to boycut this.

In summary if yesterday has been hard on us, making proper adjustments and better plans for tomorrow ensures that the same challenges do not repeat itself.



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Bang, I did it again... I just rehived your post!
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