Seunfunmi Joshua
Inflation, the silent wealth eroder, can significantly impact your purchasing power over time. This has become a major concern for Nigerians in Nigeria who are having to deal with this reality on a daily basis.
Recently, a certain X app (formerly twitter) user shared an image of a flight ticket from London to Lagos which cost exactly #96,406, which led to a lot of conversations about how times have changed really quickly in the country and the inflation rate has surged to 28.92%, marking the highest level in 27 years, and the situation continues to deteriorate with each passing day.
In this blog post, we will explore 5 strategies to not only survive but thrive during inflation. These hacks aim to help you overcome the challenges that come with rising prices, especially at a time when more people are considering moving abroad, a trend commonly known as “JAPA.”
For those of us who cannot or choose not to make such a move, these hacks provide practical ways to navigate through economic challenges.
- Don’t Delay Gratification When It’s A Need
As the prices of things skyrocket every minute, this is no time to delay gratification especially when it’s a need. It is common knowledge by now that when the prices of things go up, it never comes down in Nigeria.
- Bargaining Power Is A Super Power
A lot of us millennials and gen z didn’t realize how important it was when our moms used to do this in the market when we were kids. Some might have found it embarrassing back then, but now it’s essential if you want to save money. You’d be amazed at how much more money you can save by doing this.
- Avoid Billing like A Plague
This is where the “No Gree For Anybody” attitude becomes important. Whether it’s family, friends, or acquaintances, resisting the pressure of financial obligations imposed by others can be beneficial in a high-cost economy.
- Make More Money
It might sound hard, but making more money is crucial to keep up your quality of life despite inflation. Increasing your income is a smart way to protect your lifestyle during times of inflation.
Don’t feel bad or too loyal to any company – even your employer is constantly on the lookout for better-paying opportunities and ideas.
- A Flexible Budget Might Just Do
Keep to a budget, but keep in mind that situations may change. Understanding that it’s Nigeria, and not necessarily a result of your financial choices, can provide a sense of reassurance if things deviate from the original plan.
Final Thoughts
Doing well in a time when prices are going up a lot needs you to plan ahead, be flexible, and think carefully about your money. If you follow these practical tips, you can make your financial situation stronger, keep a feeling of doing well, and handle challenges that come with uncertain economic times. Just remember, with the right way of thinking and taking action early, you can not only get through tough times but also come out even stronger in the face of inflation.
NB: This is not financial advice.
