10 WAYS TO REDUCE UNNECESSARY EXPENSES AND SURVIVE THE RECESSION.

Nigeria is passing through one of it's hardest times and the scary part is that it seems to be getting worst. People are being laid off their jobs and most of the ones being retained have their salaries slashed. The rates for importation of goods have shot-up while dollar is continuously on the rise against the naira. 

The situation begs the question, HOW DO WE SURVIVE? 

Below are 10 things you can do to reduce routine expenses and save more, you will be surprise how much little things and expenses matter.

      1. REDUCE OR STOP TAKING BIKES (Okada)

Bikes are one of the most common means of transportation mainly because it helps one get out of traffic, but some people have gotten so used to it that they hardly ever take other means even when the roads are free (am guilty as charged). Cutting down on this can save you some good amount of money. imagine you take bike to the office everyday at 300 naira (1,500 per week and that's just for getting to the office) where buses can get you for a 100 naira. you would be saving 200 naira everyday and 1000 naira a week. Wow!

      2. BUY GENERIC ( STOP BUYING ONLY TOP BRANDS)

Are you one of those people that call every noodles indomie (laughs...). well here is the thing, You can save a lot by trying out new brands of products that are relatively cheaper than the ones you use and can still serve its purpose. I am trying not to mention brand names here as my blog is not fetching enough money to fight law suits, but i am sure you get the message. 

      3. GET A PREPAID METER FOR POWER SUPPLY

UP NEPA!!! That never gets old, does it? well, the annoying part is when you get served an exorbitant bill for power you never used. This is a national cry at the moment but hey; we know they hardly hear our cry so here is my advise, GET A PRE-PAID METER. and pay for only what you use. 

I know you are about to say the process isn't easy but be sure you have tried it because you make that post. besides, the end result is totally worth the stress. 

      4. REDUCE YOUR CALL RATES

I need not say much here, guys (especially the single ones) do take note. This is eating up more than you imagine, if you usually load 1,500 naira everyday try reducing to 1000 naira and learn to manage it. 

      5. REDUCE UN-NECESSARY OUTINGS/HANGOUTS

Now this is a killer, how much un-accounted expenses did you make last weekend? You may try reducing the rate at which you go out. Learn to stay home for the weekend, at least on some weekends. Learn to go straight home after work and save that beer money TGIF is not noted only when you go clubbing. 

I am not asking you to stop completely as this is also important to manage stress but reduce the rates, as the financial stress it will cause in the long run may be more damaging. 

      6.COOK YOUR OWN MEALS AT HOME PACKAGE SOME FOR LUNCH

Learn to cook your own meals and reduce take-outs, you can even cultivate the habit of packing your lunch from home. (Forget all those fast-food service wey no go even belle-full person)

If you are the type that may not have the time (like the early risers) but usually patronize fast-food restaurant, this is the time to discover that corner bunker that works wonders.  

     7. TURN OFF THE GENERATOR AT NIGHT

Save on fuel usage, give yourself time to put off the generator at night and obey it. 

     8. BUY NON-PERISHABLE ITEMS IN BULK

where you can afford it, learn to buy your non-perishable items in bulk and store for usage, they come cheaper that way.

     9. WASH YOUR OWN CLOTHES

Its time to patronize the dry cleaners less. You have to learn to wash your own clothes, and if you are the type that hates washing like me; then you may want to consider getting a washing machine. 

Trust me, you will be saving a lot more in the long run.

    10. BUDGET ALL EXPENSES.

Have you read my post on 5 REALLY BAD HABITS OF FINANCIALLY SUCCESSFUL PEOPLE (go read it now) budgeting all expenses is a really great way to manage your finances and I promise you, it works wonders.

Now there are many other things you can also try but I don't want this to become a punishment so let just stick to the 10 above and you will go through the recession just great.

Thanks.

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