Inflation is something that seems to be on many people’s lips these days. Prices of almost everything have gone up. Making ends meet is one of the biggest challenges people face right now. Which brings us to the question - How can one beat inflation while living in Nigeria? In this article, we will suggest some ways to do so. The first one has to do with multiple sources of income.
Get one or two new sources of income
At some point in time, one source of income may have been enough. But right now, it is recommended that you get one or two new sources of income to keep afloat financially. Maybe you have a full-time job. Could you create a side hustle that supplements your income? What hobbies or skills do you have? It is a good idea to grow that skill or hobby to the point where it can generate cash. All you need is determination and some patience.
You could be a 9am to 5pm office worker and still work on a side hustle in the evenings or during the weekends. We’re in the digital age. A lot of people make money online with their skills, and selling online is not too difficult. Still, when it comes to expenses, there is something else you need to know.
Cut down on your expenses
Expenses like food, rent or property maintenance, school fees for kids - all depend on how much cash you have to spare. You can easily cut down on them. There is always a cheaper apartment, cheaper meal, less expensive school, and so on. Taking control of your spending in these areas will help you beat the high cost of living.
Think of surviving in these times like a marathon. More ways to adjust will come up. It’s all up to you to spot them. Another way to cut down on costs is to buy in bulk.
Buy in bulk when you can
Yams, rice, beans, garri. What do they all have in common? They are staple foods that can be bought in bulk. You can save a lot of money when you buy in bulk from wholesalers or suppliers. To do that, you may want to get a few neighbours or friends together to make it easier to pay for the products. You can all pool your funds towards making the bulk purchase. Afterwards, dividing the food according to your total number shouldn’t be too hard. This takes us to the last but not the least way to beat inflation. It has to do with transportation.
Use public transportation as much as possible
If you own a car, could you use public transportation sometimes? Car maintenance costs are high, and the more often you use it the more you will need to pay for maintenance. This is especially true when you take the bad roads and traffic jams into consideration.
The longer your car is on the road the more wear and tear affects it. Long distance trips are even worse. This is why you should consider using a service like Transita when you have to travel from one state to another for business or holiday trips. That way, you’ll save some cash and feel less stressed out from driving long distances. If you haven’t used Transita before, you will be glad to know that a 10% discount applies on your first trip.
There are many ways to stay within your budget while dealing with inflation. With the willingness to make adjustments and sacrifices, it can be done. Besides, those are great qualities that we all need.