Every corner of the world is going through inflation at the moment and the difference is that the rate is higher in some countries than the other. It is not a case of developed or undeveloped countries anymore, and even though some countries are doing well with their media to hide the situation of things in their country, we are seeing testimonies of citizens from different countries sharing their experience with the hike in prices of things.
Some countries have kept their inflation growth in control through price regulation and I wish many countries across the world can learn from them as well.
Among the countries struggling with inflation, Nigeria happens to be among them. Inflation growth in the country in the last 4 - 5 years has been ridiculous and what has made worsened the situation is that our government has chosen to turn a blind eye to the pressing situation of the country.
The price of things especially food items increases daily and we have seen the prices of things doubled in recent years. Everyone keeps blaming one another and nobody is ready to take the blame so the issue of inflation remains untackled.
A few days ago, I went to get some foodstuffs like I do monthly. I bought goods worth #5000 (approximately $7) from a particular shop and as the woman handed the plastic bag to me, I shook my head.
It was just like yesterday when my whole shopping in that market used to be #5000 at a time. I do go home with two Bagco bags but things have changed from fair to worse.
In Nigeria, a problem hasn't become a problem until some set of citizens are affected. It is only when they are affected they see the need to take steps in finding solutions and until then, coping with inflation is the only option we have left. It would have been a different story if people's salaries or wages increases just like inflation is doing but it's not. A lot of people are stuck with the same earning for the last five years while some citizens are embezzling money that can make a huge difference in the country. It is so bad for some countries that are running in different debts all in the name of improving the country's economy due to inflation.
I admire how humans easily adapt to things and that has been the key to our survival through thick and thin. I remembered the time when we bought a liter of petrol for less than a cent, the price hit different highs and low before we arrive at where we are presently, and we are still surviving.
Over the years, a lot of people have developed different means of coping with inflation and I am not exempted. I tried different things and eventually settled for some things to help myself during this period.
- Creating multiple sources of income tops my list because I find it the most important of all.
If salaries are not increasing, it is a must I find other means to make more money. The world is so advanced today that we don't need to own a shop before we can make more money for ourselves. I am a fish farmer, I sell mobile data and also blog to help my financial situation and also secure a future for myself.
Inflation has made a lot of people spend as they earn, it is difficult for people to set aside money for saving but with multiple sources of income and proper management of money, taking care of now and the future is very possible.
As I said earlier, we don't need a shop to create multiple streams of income. There are lots of opportunities technology has brought to us which involve cryptocurrency, affiliate marketing, and many others. We just need to find what we can fit into and get to work.
- Cutting down my expenses.
My standard of living has been remolded between then and now not for bad but for many important reasons. I am not getting younger and also have more responsibilities to take care of despite the inflation so it is important that I cut down my expenses.
I am still living the same life but have learned to stop some things that are causing me to spend more than usual. There are many things we aren't paying attention to that are sucking us up financially and as little as they might be, they can cause us to waste money and it can be as ordinary as mobile data.
Sometimes ago, I decided to uninstall my tiktok because I always want to see more videos and at the end of it, my data takes the hit. I thought about it carefully, Tiktok is not adding value to me so why am I wasting so much on it than platforms that give me money?
Another thing is electricity, we pay an enormous amount of money every month and we don't get to use the electricity we are paying for. I decided to get a prepaid meter after reaching an agreement with the Landlord and it would interest you to know that I am not using a quarter of my former electricity bill monthly.
Aside from these examples, there are lots of things we aren't paying attention to, and doing away with them can make what we think is not enough sufficient for us.
- Creating a budget and sticking to it.
It is easy to make a budget but sticking to it is the real deal. A lot of Lagosian here will agree with me that budgeting is very important if you want to survive this time. Every month, we pay bills like rent, electricity, waste, security, and others depending on the area where we live, and aside from these things, we still have our bills to pay.
To make all these things comfortable for us, making a budget is important and it can help us to properly manage our money.
- Bulk purchase is another I have enjoyed a lot because it helps me save more money. It doesn't just save me money, it also saves me time as well. I always set aside a day in a month or weekly depending on what my purse is saying at the time I am making the purchase.