What You Can Do To Thrive In This Harsh Economy – Bankole Rotimi

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Photo Credit: Nairaland

The economy may be harsh and biting but some have found a way to adapt, balance and still live a comfortable and thriving life in spite of the harsh economy. You too can be among them, and no, you don’t have to be a multimillionaire. These helpful tips by Bankole Rotimi, an inspirational writer, cuts across all economic classes.

bankole-rotimi
Bankole Rotimi
  1. Enhance your skills –During a recession, jobs are hardly secure; yet, should job loss happen, it could be hard to get a new one. Therefore, enhance your skills, even on the job; work extra hours and work a little harder.
  2. Prepare for layoffs –On the average, the normal worker does everything to keep his job; but even then, layoffs still happen. Whether or not you’re going to experience this, please update your CV, and be on the lookout for possible job openings.
  3. Create an emergency fund –In general, most people don’t have emergency funds anywhere. But if you are still lucky to be employed, start one today by setting aside certain sum of money every month. Decide how much money you want to add to it every month. Keep the money in a savings account and let it stay there.
  4. Pay off your debt –If you are gainfully employed, you must learn to live on your income and avoid going into debts as much as possible, especially during a recession such as this. If you are in debt, focus on paying off your debts as soon as you can, as this will also help in lowering your spending and enable you to have more money to save.
  5. Establish a budget –When you get paid, don’t pay all your expenses without something left to save. Rather, discuss with your creditors and agree on realistic payment plans. Also, involve your family members because the impact will affect them.
  6. Identify and streamline your monthly expenses –How much do you spend on your phone lines? Must you sustain that pay-per-view TV? What about the money spent on electricity — such as diesel/petrol for your generator, even when you still pay electricity bills? Is it cheaper to cook or eat out? Which is cheaper: putting your car on the road daily, or taking public transport? The overall goal is to reduce expenses with minimal impact on lifestyle. Be wise about it.
  7. Boost your income –If there are opportunities to make extra cash, once it is legitimate, go ahead and do it. Can you baby-sit? Do you know how to make hair or apply make-up? Events decoration? Do you know how to bake, knit, or do repair works? Cash in on it and earn some extra naira by so doing.
  8. Cut down on expenses –There are many ways to cut expenses during a recession. In many cases, you can maintain your same quality of life while focusing on living lean and cutting out extravagant and unnecessary expenses. For instance, buy nothing if you don’t need it to live. Resist sales pitches. Don’t accept offers of ‘soft loan’ from your bank or any lending agency, etc.
  9. Transportation –If you live in the same geographical area with some fellow workers, you can agree to carpool to work, such that each of you will only have your car on the road less than thrice a week, thus saving money on fuel and maintenance.
  10. Housing – If your rental fee is high, you may consider changing accommodation and moving into smaller, cheaper accommodation that will still be reasonably comfortable. Keep saving. If you can, fit saving into your budget, even during a recession. If you don’t have the money to contribute, consider cutting out other expenses to make it work. When you come out of the recession, you’ll be glad you kept up with saving and your bank account will reflect the interest you’ve earned during that time.
  11. Enjoy life – In order to avoid recession depression, don’t let fear control you. An intense feeling of paranoia can make you an inflexible employee and also strain your relationships. Be thankful for what you have, and make sure to have fun. Accept difficult times as a challenge for your fortitude and adaptability.

 


Thank you Mr. Bankole for sharing these timely tips with us. These tips actually reiterate point 7 of this week’s Monday e-Boost (7 Tips To Having The Month Of Your Dreams). The economy may be harsh at the moment, but like Paul, we have learnt to abase and abound.

I know how to live on almost nothing or with everything. I have learned the secret of living in every situation, whether it is with a full stomach or empty, with plenty or little. – Philippians 4:12, NLT

Wishing y’all a beautiful and prudent-spending weekend.

Xoxo

ChinyereDistinguished

 

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5 Replies to “What You Can Do To Thrive In This Harsh Economy – Bankole Rotimi”

    1. Hmmm, this depends on how long the salaries are delayed. For instance if salaries usually come before 31st of the month but now come on the 12th of the next month, you have to adjust your spendings to accommodate the new pay day.

      The first time will be a rude shock since, you most likely weren’t prepared for the delay, which is why it is advisable to always save some money for miscellaneous…

      If on the other hand, salaries are delayed for a whole month or more, one will most likely be tempted to borrow. And my advice will be to borrow only what you can comfortably pay back when your next pay comes. Don’t live a luxurious life on borrowed money. Let the money you borrow strictly be for necessary and expedient needs cos some people borrow to buy fancy wears, phones, etc… That shouldn’t be even if the cost is within your normal monthly income.

      Such expenses should be put on hold till normal flow of income resumes.

      That said, having a secondary means of income asides your salary is very important.

      Thanks for asking Goodie, I hope this helps?

      Liked by 1 person

  1. Talking of delayed salaries.
    In 3 years of working I think I’ve only had the pleasure of getting salary on the 30th like once. Salary almost always comes 12-15th of next month. One time it came 27th of the next month! Lol

    That’s not counting the 7 months without pay wait after resumption in the job.

    These tips are great.
    And seem to be the new in thing. Sometimes I feel they induce fear , especially in people who had not been practising any of these before the ‘recession’ era.
    But good tips all the same.

    Liked by 1 person

  2. Wow! 7 months without pay… That’s more than a long time! Personally don’t think I can be that patient and keep working gladly… Grace differs shaa.

    The tips shouldn’t instill fear o… But yes, like most ‘new’ things, it is often difficult to adapt to. But once learned, will go a long way in helping the overall lifestyle of an individual even in seemingly time of abundance. And good thing is, recession is often very temporary season.

    Like

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