Recently, there have been a lot of amusing memes about how difficult it is to survive going about on social media. Many people, especially Nigerians, are making up jokes to express their worry about how difficult the economy is at the moment.
The word "The cost of living is killing the living already" is popular right now, and there are memes to back it up. When I take a deep breath, I honestly realize that there is more to this than what could initially appear to be a joke.
Recently, many people have been struggling to make ends meet, not just because they are lazy, as some may assume, but also because the economy of the nation is being poorly managed, which is slowly killing off most people on a daily basis.
Government factor
There are many factors at play in the level of hardship experienced recently, particularly in terms of finding a method to cover living expenses.
1. Inflation
The sudden rise in the price of goods and services often and often is definitely one danger that has hit most countries economies . Nigeria as a country is currently experiencing this level of hardship, and its citizens continue to complain as the price of commodities keeps going up daily. It's now a normal norm among citizens, with everyone going around saying Yesterday's price is not the same as today's price. This is what inflation has established among it citizens.
2. Bad economic structure
Most individuals hopes of getting a better life depend on their country's economic structure, but for some countries, reverse is the case. In Nigeria, for example, the economy structure keeps crumbling from one administration to the next. Lack of good infrastructure, among other things like Job creation, has Indeed contributed to the level of hardship faced by so many individuals today.
There has been an increase in the rate of unemployment today in our society, and that has indeed contributed to the level of hardship faced, as there is no Job to fix for the thousands of scholars graduating on a yearly basis.
3. Zero Empowerment Scheme
Growing up, I got to understand that not everyone will end up doing a white-collar job, but even at that, there are some responsibilities saddled on the shoulders of the government through “Empowerment”, This is definitely the best means to help groom countless individuals in our society today. There are thousands of people with plenty of business ideas, but lack of capital has indeed limited them from growing, and today their ideas are with them with no means of execution.
Human factors
Aside from bad leadership, there are plenty of individuals who have imprisoned themselves under the trap of the cost of living today as a result of doing or spending more than their source of income . Many individuals find it hard to diligently separate their wants from their needs, and that has indeed stopped them from catching up with other life responsibilities.
Many people today have reached the point where they must live on loans, constantly borrowing money from microfinance institutions to keep up with the extremely high costs of living they have forced themselves into. As a result, they continue to be in debt.
Finding every means of getting out of financial hardship is more vital than ever, especially when it comes to surviving the recent cost of living. There are numerous things that require restructuring in the country, and getting those things fixed will definitely bring about better means of living.
Entrepreneurship
Empowerment is vital; that's all what entrepreneurship is all about. Helping people out with capital to set up a business or helping them to learn their desired skills will absolutely go a long way. Helping individuals achieved their business ideas will not just help establish such individuals alone, but will also serve as another means of job creation in our society.
Today, a lot of potential is hidden, with just a little financial support needed to unleash it.
Understand your Wants and needs.
Just as we are hoping for improvement from the government, individuals too should understand what it means to learn financial management. Most individuals having issues keeping up with the cost of living are people who at one time spend more than their income, and that has indeed put them in danger too. Understanding your needs from your Wants will absolutely help one keep up with the cost of living in our society.
Economy restructuring.
When we talk about the economy revamping, we are talking about putting an end to recession, controlling inflation, and creating various means to improve every single sector that will contribute and bring better improvements to the growth of our society. Putting all this in place will absolutely help individuals keep up with the cost of living and also add value to our currency.
Conclusion
It is risky to not have enough strategies for personal financial management or to allow inflation on a national level. No matter how many efforts are taken to combat the recession, allowing it to continue will result in a high cost of living. We as a nation must be very financially literate and orientated if we want to escape the cost of living crisis that is currently killing the living.