5 ways to survive amid economic hardship

Ese Oghenetega Metro 28/08/2023

Over the years, Nigeria has been having issues with her leaders. It has been said that the leaders care more about themselves than the people they are leading.

When some people thought the performance of the immediate past president, Muhammadu Buhari, was not encouraging, the Bola Tinubu-led government seemed not to have found its foot, despite being in power for almost a year.

The removal of fuel subsidy has affected the masses. The increase in fuel prices has simultaneously caused an increase in transportation fares and other items generally.

Nevertheless, Nigerians have always found ways to adapt through tough times, regardless of the decisions of those in power.

In this article, I shall be looking at five ways one can survive in this harsh economy after fuel subsidy removal.

1. Have a back-up

It is important that an individual should have a back up plan. It can be a skill or some form of investment that you can always depend on if your salary becomes inadequate. Despite the increase in the price of commodities, there hasn’t been an increase in the salaries of many people.

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As American author, Dean Koontz said, “Everyone has a talent, ability or skill that he can mine to support himself and succeed in life.” Hence, it is only important that one should get a backup income.

2. Cut costs

With the increase in the price of items, it is only necessary that one cuts down on expenses, especially as regards to transportation. If there are places scheduled for you to attend, reconsider attending if it is not important. This will help to reduce expenses. Also, adapt to virtual communication more.

3. Maximize the Internet

There are several ways to make money on the Internet. Content creation is one of the notable ways some people are now adopting to make extra income. Search for a niche you are comfortable in and create several contents on it. You can also diversify your contents if necessary. It does not necessarily have to be funny. It could be content on education, food, fashion, career, travel, or any other thing you feel people will be interested in. Also, you can write eBooks which you can promote on the Internet.

4. Joint purchase

To survive in this harsh economy, you can combine your money with that of others to buy items in bulk. It will help to save cost. The transportation fare that could have been spent by several people would be saved too. However, make sure you are doing joint purchases with people you are comfortable with.

5. Network

You are as good as your network. You need an association of people who care about you enough to share opportunities with you. The opportunities could be business related, job opportunities, or simply support for important projects in your life. Hence, it is important that you build the right network. A public speaker, Porter Gale said, “Your network is your net worth.”

How have you been surviving since the removal of fuel subsidy? Kindly share your thoughts.