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Holla readers and fellow prestigious hive bloggers, it is another edition of weekly featured content titled "inflation pangs" in hive learners community
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Ever since the break out of the pandemic, which affected the economic and financial stability of every country in the world as a result of shutting down most businesses and financial transactions in order to control and slow down the rate at which the virus spreads across the continent, each country has been navigating in different pace in order to find their footing in this new reality.
The rate at which the breakout of the virus affected each country differs, which has affected the rate at which each country recovers from the disastrous effect of the virus. Different countries based on their development and available technology has come up with different ways in order ease the burden of people who are highly affected by the virus, some with benefit payment and others with sharing of palliatives.
Depending on the system of government and productivity of government officials, some developed countries are finally recovering from the impact of the corona virus.
Well, in the case of my own country which is Nigeria, Citizens are still struggling with the impact of instability in economic and financial sector as a result of the recent and reoccurring spike in the price natural resources such as petroleum, which has affected every commodity and services especially farm product, subsidising of petroleum isn't helping the matter.
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Recently the country just experienced high rate of scarcity of Naira currency as a result of central bank embarking on redesign of naira, the process at which Central Bank of Nigeria deployed in carrying out the distribution of the new naira currency was inappropriate
there seems to be more political reasons behind the redesign of naira than the primary objective of the project.
I could remember the different deadline given by central bank for collection of old naira notes, I witnessed the rate at which people willingly giving out their old naira note to people who could assist them in fastening the process at a price due to the long cue in different central bank outlets. at first, it felt like the government officials were on drugs because the reality of things was becoming unbearable.
After the election, directives was given by CBN that old notes can continue to be used in business transactions, this confirmed my suspicion of the fact that the naira redesign was more about political reasons than strengthening the national currency and regulating the naira in circulation. Every right thinking person knows that the decision made after the election could have been made before the election to ease the burden of the citizens and reduce the impact of the policy on financial transactions
As bad as the situation was, something good came out of it, in the sense that, it reduced the rate of lavish spending among most populace of Nigeria, up till this moment I still feel reluctant to spend money, I have this weird feeling that I might exhaust all I have. This habit had been installed into my subconscious during the naira scarcity. Secondly, it launched the country into a digital phase, whereby people especially market woman have normalise the use of electronic payment for transaction, nowadays everyone seem to have a virtual account for collection of payment.
Measures I developed in coping with the high rate of inflation
As a Nigerian, it has never been easy especially for the youths who are still struggling to ensure our survival by doing all kind of things, Thank God for the hustling spirit, knowing the country we are from, no one is coming to save anyone. In my case, my strong hold has always been my family, we have always supported each and form a united front during times of crisis, though I have my own personal business I engage in but anytime things are beyond my capabilities I seek help from my family.
But apart from this, I have learnt a few things in my journey towards survival, which you might consider helpful to cope with the new reality of things.
Firstly, Always have something doing: No matter how your situation might be always ensure you are doing something to earn some income for yourself no matter how low it might be, some family are there to help but not always, you have to take on the responsibility of providing for yourself and take charge of your financial life, it will reduce the rate of you being needy and being miserable during times such as this.
Secondly, Formulate a saving habit, Out of the little income you earn always enable you keep some apart in case of raining days. Saving is an habit that can be developed it doesn't matter how much you have, don't wait till you have a lot of money. The more you earn the more the rate of your expenses increases. it takes discipline to cultivate a saving habit. in this digital generation, you can create a saving plan with apps such as Piggyvest, I have been using this app for more than 5 years, it assisted me a lot in terms of creating a savings plan. interested in having a Piggyvest account you can click on the link, well their is a referral bonus attached for both parties π€.
Thirdly, Manage your spending habit, this might seem similar to cultivating a saving habit but you can be saving and also be a lavish spender. ensure you only spend funds on what you need, unnecessary usage of money is not a good habit especially during this inflation period.
Fourthly, Reduce consumption of junk foods and patronising of restaurants, well some people might consider this as flexing but what is the essence of flexing with a sum of money you can't afford. Apart from the health implications of this foods, once in a while try making homemade food for yourself it is cost effective, it works for me, one of my most joyous moment is when I'm cook, you can call me husband materialππ.
Fifthly, Avoid parasitic relationship π, Well I would have love to increase the volume on this but I'm currently in a constant fear of the female gender ππ, I'm sure guys already understood what I meant, though parasitic relationship goes beyond romantic relationship, I will leave you guys to deliberate on thisπ€π.