As a result of recent events in the nation, the Federal Government has declared the termination of fuel subsidies, and (PMS) Petrol prices have all increased by 150%. As a result, the cost of living is expected to rise dramatically as well.
We at Bizwatch Nigeria have heard all your prayers, and in light of the withdrawn subsidy, here are some strategic measures you might want to think about to lessen the impact on you:
1. Cut Down On Expenses
Minimize your living expenses and also other expenses, especially the daily expenses you think are minor but over a month becomes huge, refuse those little urges that you have to buy things, go to places, and do things that cost money. The more money you save, the better.
2. Make More Money
Find more sources for more income; this can create a stream of income for your expenses, especially transportation. It could mean getting more skills to offer services online, etc.
3. Brace Your Skills
Skill up and consider remote jobs. Hopefully, you are in an environment with a stable power supply. Save up and consider installing inverters in your house. Especially if you work remotely.
4. Patronize Your Neighbourhood
Make sure you and your family are close to the neighborhood as much as possible. Patronize neighborhood schools, markets, churches, hospitals, and all other essential commodities for living.
5. Cook Your Food
If you can, cook more food and take it to work, save yourself the cost and stress from that daily eating out, This will help a lot in saving your expenses and also food rationing.
6. Stay Healthy
Take care of your health. Imagining spending 100k on fueling your car(if you have one) and still spending so much on avoidable medicals. Live healthily and exercise.
7. Stay At Home
Cut down on your waka waka. If it is not so vital, then don’t go. Plan your movement and kill 10 birds with 1 stone. you can as well find a colleague who drives that you can join daily, and help with their fueling with a dedicated amount you give them. Some won’t even take but it is always thoughtful to offer. Organizations should purchase vehicles that will take employees to and from work at a non-commercial rate.
Don’t overthink the situation we are in now, make sure not to panic buy, and don’t spend money recklessly as saving culture is what we need to survive the most at this period, the less we spend, the more we save. Everything will work itself out eventually.