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With the way hardship is biting hard in the country in recent times, it is essential for one to learn how to manage funds in order to survive. Nigeria is not easy for anyone presently, both the rich and poor. Making do with one source of income has turned out to be difficult in the country because of the high cost of commodities and groceries.

Here are five ways you can manage your funds in these financially challenging times.

Create a monthly budget: having a monthly budget to help you track how you spend money is pertinent. This is one way you can become financially prudent and survive at the same time. Creating a budget would help you spend wisely and not end up buying things that are not needs, it helps you curtail impulse buying which is the main culprit for unnecessary spending.

Pay up your debts: having the thoughts of debts to pay can be emotionally draining, pay up debt as at when due so that you won’t be stuck using your income meant for offsetting bills to pay recurrent debts. This would help you discipline yourself and spend wisely.

Prioritize emergency fund: setting aside a certain amount of money for emergencies is very important, it’s a top priority you should learn to inculcate as its advantages can’t be overemphasized. This saves you when you find yourself in a fix, you could have emergency medical bills to pay or a need to fix gadgets. The list is endless, don’t wait for a ‘village uncle’  to insult you in times of distress.

Get a side hustle: it’s difficult to survive in the country with just one means of income, you can consider getting a new skill to make you employable, learn entrepreneurial skills, start a small business for daily income, render virtual assistance online for pay. Just think of a legit way to make money aside your routine job.

Revisit your monthly budget: Desperate times calls for desperate measures, in this time of financial challenge, you can consider taking a second look at your monthly expenditure and budget to see if you need to make some adjustments. If at the end you find it too much to handle, you could make amendments to suit your current earnings and situation. Things like App subscriptions you aren’t using, leisure budget, shopping budget etc. Some budgets understandably cannot be cut down but you can consider adjusting your short term budgets.

Photo credit: Loanspot

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Written by Promise