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.
Exactly my point, no one cares if there's inflation or not till they are affected. You've narrated the situation nicely. Kudos!
Very good advice you've shared.
That's the country tradition, we don't react to things until we are affected and that's the reason why Nigeria is where it is today.
I think creating multiple sources of income isn't an easy task and very few people can do it. Most of people at the current time trying to cut down expenses to cope up with the situation. Everybody is badly impacted because of inflation.
Nothing is easy and there are flexible stuffs like selling recharge cards, connecting vendors, and others.
Inflation is indeed a global thing and we all must find our ways around it.
It is so unfortunate that selfishness has taken over our country, many people are having the power to do something in regards to this inflation but they wouldn't because they are not affected by it.
You have said a lot brother, and if only wishes were horses.... The only option we are left with now is to look for ways to cope with this disease until the day a cure finally arrives, else we would be reduced to nothing.
If the people up there can be reasonable, we won't be struggling with a lot of things in this country.
The price of food items isn't smiling and we have lots of empty lands and people who are ready to farm but the government prefers to keep funding dead refineries they have been working on for ages.
We just have to cope and there is no other option aside that.
Thanks for the beautiful comment bro.
These are some of the basic reasons why this country is not going forward at all. The rich man is becoming richer each day yet if the poor man gets what to eat alone is a threat to him. What have we been benefiting from all those projects they have been spending millions on? What will benefit the people is not their concern. All they are after is their accounts. If these people will promote agriculture in Nigeria, I bet you, it will take this country a long way.
I guess the rich are feeling this current inflation already but I am not sure if our top government officials are feeling the heat otherwise they will take action and stop speaking grammar
It baffles me on how things go from bad to worst everyday...I feel like crying sometimes at the sound of the cost of goods in the market
It's no longer funny and most times I am scared of the future.
I am already implementing the tips here.. hopefully we will survive
You know there are levels to riches and that's why some are feeling the heat and the others aren't. Until some set of politicians are affected nothing can be done.
The prices of things would make one cry truly because it is hard to even keep money these days and if not for the different sources of income, I wonder how many people would be surviving.
All this tip of how to cope with inflation is the best thing to do because it seems like saving up is not possible if care is not taking
Yes, doing these things can be very helpful, and if they are working for me, it can work for others too.
That's true anyway
Yes, I like your views on it. Even if inflation seems lower, when you compare today's price of products with the last few years then we understand that the increase is much higher. When the prices of daily needs are increasing then it creates problems for the peoples in country.
The hike in price is definitely creating problems for a lot of people and if the truth must be told, I don't see things returning to normal and we just have to adapt.
I want to say that I just LOVE your cost reduction strategy. I also really like the bulk buying strategy. I've been looking at every place that I could cut my spending and its amazing what I've found to be unnecessary in the end.
I will admit that giving up my car has been a little depressing but honestly. Walking is better for me :)
Thanks for posting.
I understand what it means to let your car go, considering the maintenance at a time like this can make one sad, and the action you took tells that you are being honest with yourself because not everyone will admit that they have to let their cars go just to save them money, they will keep managing until they can't cope anymore.
Actually my reason was a little different than most in letting my car go. I have enough money to pay for the car. I have enough to pay for the maintenance and repairs. However, as I get older its so easy to get lazy and take the vehicle everywhere which is bad for the environment and bad for my health. Rather than have temptation sitting in my driveway I got rid of the car and now I must walk and make less pollution.
Also, I tell my sons and others that people should drive less and be good for the environment. I want to lead by example to others.
Even if it makes me look crazy 🤣
Thanks for the reply
Wow, this is quite impressive sir. That's a lifestyle of a minimalist and putting the environment into consideration tells how kind-hearted you are.
The earth is ours and if we are honest, our actions have put the earth in terrible condition. We all have a role to play in bringing things back to normal and nothing will be possible with us as individuals taking a step.
You didn't just take a step but also choose to serve as an example to people, I admire you sire.
Humans are wired to adapt,it's not easy but we all adapt to the change,their is nothing we can do about it,I can remember when rice was #25,#30 per cup but now it's #150,#170 per cup,look at the high difference,it's really hitting us bad but what can we do? Even me,I'm already cutting down on my expenses.
Adapting is one thing humans find very easy to do and just have to keep doing that if we truly want to survive because I don't see inflation ending any time soon.