The economic crisis in Nigeria has triggered widespread protests in various parts of the nation. The severity of the situation has reached a point where many people are struggling to meet even their most basic needs.
The crisis is affecting everyone, regardless of political affiliations, religious beliefs, social connections, and economic status. Some people are hopeful that things will get better, but others are worried it might get worse. No matter what you believe, one thing is clear: we all need to get through this tough time together.
In this blog post, I will be showing you 10 pitfalls you must avoid if you will survive these hard times. Let’s tackle these challenges together and emerge stronger on the other side of this economic storm.
1. Don’t Bite More Than You Can Chew
Picture this: You’re at a buffet, and you’re excited about all the food options. You load up your plate, but when you start eating, you realize it’s more than you can handle. The same happens with money. Handling too many responsibilities, loans, or commitments can make you feel overwhelmed and you may struggle to keep up.
While we all love our families, friends, neighbors, dogs, and cats, and we are willing to do anything for them, double-check that you’re able to. The frustration that comes from being unable to fulfill promises and meet your responsibilities can be overwhelming.
2. Don’t Rely Solely on a Single Income Source
Relying on a single income source is like building a house with only one pillar. If that pillar weakens or crumbles, the whole structure is at risk. Having different ways to make money is like having many pillars—you enjoy more stability!
Think of your money like a garden. Plant different seeds—try a side gig, maybe some investments, or do small jobs for others. That way, you can be sure that, come what may, you will still smile to the bank and be able to afford your basic needs
3. Don’t Spend All That You Earn
Spending every penny as soon as it lands in your pocket might feel good in the moment, but it leaves you unprepared for unexpected expenses. No matter how challenging it may be, save some money; have a little extra you can fall back on in case of emergencies or when the well runs dry.
Make a budget that includes saving some money. In fact, make it a priority to save before you spend. That way, you build a financial safety net and can “save” yourself when the time of need comes.
4. Don’t Complain (Focus on Solutions)
During tough economic times, it’s essential to conserve your energy wisely. Instead of complaining about the rising prices of goods, which won’t lower them, channel your efforts towards finding solutions. Complaining only drains your energy and adds frustration without solving the problem.
It’s important to engage in meaningful conversations with friends and family, but let the focus be on solutions. Think, talk, and work towards finding practical ways to overcome economic challenges.
5. Don’t Leave Everything to Fate (Plan Ahead)
Instead of relying solely on luck, it’s important to be realistic and prepare for the long term. Ask yourself what you would do if things don’t improve within the next 6 months. How can you ensure your survival? Start taking proactive steps by organizing your affairs, brainstorming solutions, and seeking information.
Consider signing up for a professional course, picking up a new skill, applying for better jobs, or asking for a raise at work. Just know, the journey to get through this might take a bit longer than you expect.
6. Don’t Neglect Your Health
Neglecting your health while hustling through financial challenges is like trying to run on an empty tank. Your well-being is your fuel, and without it, everything else becomes a mess. Skipping meals, losing sleep, and ignoring exercise might seem like sacrifices to secure the bag, but in the long run, it’s a pitfall.
Your health affects your ability to tackle challenges, make sound decisions, and stay resilient. Make small, manageable choices for your health daily. Remember, your health is your wealth.
7. Don’t Borrow (Except if it’s absolutely necessary)
Try not to take on extra debt unless it’s genuinely unavoidable. Of course, if you’re dealing with something urgent like a medical emergency or basic living expenses, borrowing might be necessary, and that’s okay.
The idea here is to be super careful about getting into more debt than you absolutely need to. Too much borrowing can make your financial situation even tougher down the road. Keep your debt in check and only borrow when you really have to.
8. Don’t Get Yourself Worked Up; It Doesn’t Help
Imagine you’re trying to solve a puzzle, and the pieces aren’t fitting. Getting worked up won’t magically make them fall into place. It’s the same with money—stress doesn’t solve money problems; it just makes them more complicated.
Take a deep breath! Feeling stressed is okay, but freaking out won’t help. Step back, look at the situation calmly, and tackle one thing at a time.
9. Don’t Isolate Yourself (Seek Support)
Facing financial challenges without seeking support can be very lonely, confusing, and frustrating. Being alone when dealing with money problems could mean you miss out on valuable advice, ideas, and comfort.
Financial challenges are tough, but having support makes the journey easier. Don’t think you have to figure it all out by yourself. Reach out to friends, family, or financial advisors. You’ll be surprised how a friendly chat can make things feel lighter.
We all need a little help sometimes, and it’s okay to seek others’ support.
10. Don’t Give Up
Quitting might seem easy, but it won’t get you to where you want to be. Giving up robs you of the victories ahead. Take breaks if needed, but don’t stop moving.
Remember, small steps forward are still steps forward. Giving up is like turning back on a journey when you’re just a few steps away from your destination. Keep moving, keep hustling, and remember “Na who give up, fuck up.”
Conclusion
Navigating a tough economy demands resilience, smart choices, and a collective effort to emerge stronger.
Remember, don’t bite more than you can chew—prioritize responsibilities, diversify income sources, and be mindful of your spending. Save for the rainy day, focus on solutions instead of complaints, and plan ahead for the long term.
Seek support when needed, as facing financial challenges alone can be isolating. Tough times don’t last, but tough people do. Stay strong, focused, and keep moving forward!
1 Comment
This is timely! Thanks so much for the knowledge shared! A stitch in time saves ten now ..