Six ways to manage your finance with the hike in fuel price
Hike in fuel price
The Nigerian government in the recent days has remove the fuel subsidy, most Nigerians are worried and anxiety has continue to rise. The panic on how to survive the present hash economic conditions has become a concern for many Nigerians, most citizens are looking for other ways to make more income in other to finance there day to day needs and household consumptions.
Here are the six efficient ways to manage your finance as scotch and stress of the removal of the fuel subsidy increase, these ways will make one to manage and budget for the important needs and wants so that stardard of living will not go from bad to worse, this ways are presented as follows:
Budget for important needs
Reduce unnecessary movement
Stop extravagant spending
Consult a financial expert
Invest the little capital you have
Join a cooperative society.
1. Budget for important needs
Make a budget were you will be able to list the most important things you need in the home, always set aside a reasonable amount of finance for food stuff that can last for at least a month, buy foods such grains and tubers in large quantity so that you will save for the future because no one knows tomorrow, the price of such products may rise and your budget money might not be able to buy those product again unless you will need to add more finance which reduce your finance for other consumables.
2. Reduce unnecessary movement
Before you engage in any movement that requires transportation check very well weather that movement will be of benefit to you or you will be running at lost, this means that any movement that will not increase you both financial or mentally is not needed you can just make a call and attend to the issue since your presence is not really needed , if it is the other way round then you can make the movement and achieve your goal. At this moment it's not the time to undertake on unnecessary movement that will not bring any positive feedback to your life.
3. Stop extravagant spending
If you are the type that like to party and spend money any how then you need to think twice before you go out think meet with friends. Always take along little cash with you, keep your ATM card at home when going to were you know that you will be tempted to spend more. This will help you manage your finance during the hike in fuel prices.
If you have a car and were you are going to is not up to a kilometre you can just take a walk to save fuel that can be use for an important appointment. This will even be good for you because it will be a form of exercise and also saving you money that could be use to buy fuel.
4. Consult a financial expert
Another important but neglected ways to manage your finance as the fuel hike affect the economy is to consult a financial expert who can advise you on how to spend and budget your money properly. It can be a seminar or session with the experts just to help you understand the basics of manage skills and how to go about it to survive the change in economic trends in the country.
5. Invest the little capital you have
Another way to manage your finance with the change in economic conditions is to invest the little capital you have no matter how small it is, you can even start with as little as #10000. The investment will serve as backup for your day to day spending for example you can be selling serchet water at the front of your resident or pop corn, this little investment may seems small but can go a long in helping you with small money that can be use to buy little things in the house like perishables such as vegetables, tomatoes and Cabage for meals at home.
6. Join a cooperative society
The final but not the least way to manage your finance as the economic experience some changes is to join a well organised cooperative society or group that can be trusted and enroll to be a member this will help you during emergency situations were you don't have finance or money to solve your problems. This co-operative society can be able to loan you money to attend to your needs, it can also help you save more as you deposit your money it could be weekly or monthly depending on the plan you registered.
When you apply this ways to manage your finance the hike in fuel will not hit on you badly. As the Nigerian government has made it clear that the subsidy removal is here to stay after the pronouncement by the president elect his excellency ammed Bola tinubu Nigerians are expected to come to terms with reality with the economic policy, one must be ready to adapt with the current changes by applying this ways to manage your finance and live a comfortable life in the country.
Post a Comment