Avoid Non Essential Expenses To Survive Naira Scarcity In Nigeria
Prioritizing your expenses is a crucial step in surviving naira scarcity in Nigeria. It involves identifying your essential expenses and ensuring that you pay them first before spending money on non-essential items. This approach helps to ensure that you have enough money to cover your basic needs and avoid unnecessary expenses that can strain your finances.
The first step in prioritizing your expenses is to identify your essential expenses. These are the expenses that you must pay to maintain a basic standard of living. Examples of essential expenses include food, rent or mortgage payments, utilities such as electricity, gas, and water bills, transportation costs, and healthcare expenses. These expenses should be given the highest priority when allocating your funds.
Once you have identified your essential expenses, you should create a budget that outlines how much money you need to cover these expenses each month. This budget should also include an allowance for unexpected expenses, such as medical bills or car repairs.
To ensure that you pay your essential expenses first, consider setting up automatic payments for bills or using a budgeting app to track your expenses. This will help you avoid late fees or penalties and ensure that your essential expenses are always paid on time.
In addition to prioritizing your essential expenses, you should also look for ways to reduce your expenses. This can involve cutting back on non-essential items such as eating out, buying expensive clothes or electronics, or going on vacations. Instead, consider opting for more affordable alternatives, such as cooking at home, shopping for second-hand clothes, or taking staycations instead of expensive vacations.
Finally, it is essential to avoid borrowing money to cover non-essential expenses during times of naira scarcity. Loans or credit cards can be expensive and come with high-interest rates and fees, which can further strain your finances. Instead, focus on managing your finances effectively and finding ways to increase your income through legitimate means such as starting a small business, offering freelance services, or taking on a part-time job.
In conclusion, prioritizing your expenses is a critical step in surviving naira scarcity in Nigeria. By identifying your essential expenses, creating a budget, and ensuring that you pay your essential expenses first, you can avoid unnecessary expenses and achieve financial stability. Additionally, by looking for ways to reduce your expenses and avoiding borrowing money, you can further strengthen your finances and navigate naira scarcity successfully.
