Things you should do during the recession period


It is no news that Nigeria economy is undergoing recession and almost everyone is complaining about the increase in products and services in the country. Recession period has been attributed to negative happenings such as an increase in unemployment rate, delay in payment of salaries or wages, depression, lack of motivation and collapse of businesses due to lack of patronage.

With all the listed negative effects of recession above, one will agree with me that one just have to look for effective ways to survive and keep hope alive for the good days to come.

Therefore, I have below things you should do during the recession period.

  • Reduce wasteful spending

This cannot be overemphasized during this period. It is only wise for you to cut down on wasteful expenditure and change your lifestyle. Avoid spending lavishly on drinks that will only add more harm to your health, eat more of vegetables than fat, and be modest in your dressing and interior decorations. In addition, don’t put yourself in debt because you want to live lavishly during this period.

You can cut on wasteful spending by cooking at home instead of eating outside.Homemade food is less expensive and healthier. Also, we also spend so much money on cable TV that we don’t get the time to watch. Therefore, it is only wise you go for a less expensive package that currently aligns with what you earn.

  1. Be creative

The truth is that during this recession period companies tend to lay off staffs. Therefore, it is only wise for you to look for more creative and productive ways for you to carry out your job description to avoid falling victim. For business entrepreneurs, you should cut cost, improve efficiency and advertise your goods and services more to attract more buyers.

  1. Learn to save more and invest wisely

Learn to save though it sounds difficult, this is one of the things that will keep you going during this period. Save no matter how little it can be and also invest wisely with the money saved.

On a final note, learn to differentiate your needs from wants and ask yourself if you truly need a certain thing before purchasing because this will help you to stop your wasteful spending.

Also, this has worked for me, I make sure I don’t go around with my debit card always and this has helped to cut down on my wasteful spending.

Always remember that there is always an opportunity in every situation, therefore see the good in this period and make use of it to your advantage.

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