Spending Wisely In These Times

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In Nigeria today, too much money is chasing few goods presently as a result of inflation. The populace is feeling the harsh effects of this economic challenge, in this article from Naijassador, we delve into ways you can spend wisely in times like these.

To better help solve this problem of inflation here are some things to do to avoid its effects:

Be financially intelligent

Financial intelligence is understanding numbers, and how money works. Once one has known and understood how money works though this won’t stop inflation from happening but it would in most cases make you beat the effects that come with it, imagine Dangote going through financial crises because of inflation, well, you and I know that’s not going happen, cause why, he’s very rich and influential.

And so one reason it’s important to be financially buoyant as a result of financial intelligence is that it helps us fight and beat inflation every time.

Buy goods in bulk

One of the strategic ways to beat inflation is by buying goods in bulk, that is in large quantities ahead of time especially where and when they are cheaper, these will save you a lot of expenses and money when these goods hike. You can even offer to pay in advance for goods and services when you’ve got enough cash at hand ahead of future endeavours.

The rate at which inflation can happen might be unpredictable and so it is expected of us to prepare ahead of time so as not to be caught unawares. Imagine a bag of rice is been sold for N20000 previously as against the present cost of  N90,000, with the way inflation works these prices can increase to N150,000 overnight so if you’ve got the money why not buy in bulk let’s say like 10 to 20 bags when you’ve got the money to beat inflation ahead of time.

Having a good source and plug for these goods would go a long way to help tackle this problem.

Live according to your means

Sure, enough many of us want the good things of life and all that it offers, and then naturally man has greed and desires for things that are in most cases not theirs, the more man has the more they will desire.

Whichever and whatever be the case they are not always satisfied desiring more and more by the day, many because of these attitudes go into debt and lack which will in most cases end them in poverty. Whatever the case does ensure you get what your pocket can offer. Be simple and live according to your means, this will go a long way to save you from a lot of troubles and issues.

Imagine a man who earns just N200000 a month but then lives in a rented apartment of 5 million Naira and then drives a car worth 10 million naira, gosh, that’s the beginning of suffering, poverty, lack and want. The truth is those people we are trying to impress in most cases do not even care at all, all these emanate from one state of mind.

In whatever you do just know that inflation might never stop any time soon so it’s important we prepare ourselves ahead of time and to be guided so as not to be caught unawares. Stay cheerful.

Written by Elisha Bamaiyi

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