SURVIVING ECONOMIC RECESSION BY: REMI ADEOYE

Remi Adeoye by the right

Period of economic recession like Nigeria is witnessing now is a period of general economic decline and is typically accompanied by a drop in the stock market, an increase in unemployment, and a decline in the housing market. Generally, a recession is less severe than a depression.

I have given long and hard thought to what this portend for the average citizen on the street and without bogging you down with technical jargons, I wish to share with you some survival strategies in this difficult period.

First, let us note that income by way of salary may become irregular and the purchasing power reduced due to inflation (increase in cost of goods and services). The situation is therefore one of double jeorpardy. Where savings exist they must be conserved to last as long as possible. This can be achieved by totally eliminating waste in expenditure and postponing whatever spending that is not critical to survival.

Second, expenditure must be prioritized with food and shelter taking top position. Where possible cheaper substitute that still provide required nutrient can be made in our menu. Alcoholic drinks should be put on hold or reduced drastically to conserve funds. Non-revenue yielding projects should be suspended until personal and family economy is back in shape.

Third, where land is available cultivate whatever is possible. Onions, tomato, pepper, okra and leafy vegetables. You will be surprised at the amount that can be saved from housekeeping fund when you do not need to buy these any longer.

Fourth, if you are unemployed and you have a phone, utilize your time in acquiring skills online that can earn you income. There are several skills you can learn for free that empowers you to work from home and earn income. Key into the global economy. You could learn web designing, creative writing that teaches you how to write short stories, articles etc and earn money if you are quite good.

Fifth, communicate to family members why such reduction in expenditure is inevitable and in the long term interest of the family. This is to get their understanding and cooperation and also prevent strife, misunderstanding and negative reaction.

Sixth, be bold to turn down invitations that will engender un-budgetted spending. If you spend to impress, you will lament alone! Be frugal. Where spending N1000 will do, don't make it N2000 inorder to be called generous!

Seventh, do not lose hope. Keep it alive. The hope that things will get better is what actually keep many going. That is the commodity that we do not pay money for. You cannot afford to lose it because when hope is gone, nothing is left.

Remember like Robert Schuller said, Tough times never last; tough people do. We must be tough in this difficult period. May God see us through.

Remix Adeoye.