COMMON THINGS TO AVOID WHEN YOU HAVE LOW INCOME
At a point in your life you could have a downtime that it will need some extra ordinary precautions that you have to take to remain buoyant at a certain level before help eventually comes around or before you are finally able to decide on your getaway strategy.
The economic situation in Africa and using Nigeria as a case study, is not quite stable. If a little bit of intelligence is not applied on your own end, you might end up being miserable and never able to survive the low point you might have found yourself in.
It is not an uncommon experience that we all must have come across of about someone that used to have and eventually stopped being financially strong. This could be as a result of so many factors, but for if at any time you find yourself in such a situation. You can always survive it if only you could have some strong control over your spending habits and lifestyle. This will go a long way helping you to beat the adverse condition and perhaps you could have a breakthrough.
There are a lot of activities that I want to itemize here. Activities that we regularly get ourselves involved with, but are not so beneficial, especially to those with a low income. It could be your actual lifestyle to engage in such activities, but if you want to remain buoyant, these have to be seriously avoided;
1. ==> Going on an expensive vacation.
This is just one activity that you have to avoid like plague. Because it is quite expensive to even take a break, not to talk of a vacation. If you find yourself in a situation whereby your income has dwindled, I will so much advise you to cancel any prior vacationing plan you must have had or to never involve yourself in one pending the time you get yourself back on track.
2. ==> Loan money to someone else, or co-sign for them.
Having no money for yourself means you also don’t have money for anyone else. Co-signing is included here because cosigning a loan is essentially accepting the responsibility for the monthly payment if the other signor can’t make it.
3. ==> Spending money on non-necessities.
One of the hardest things to do, when your income has drastically reduced, is to rein in your spending and keep it only to the things you need. It’s important, however, to keep your spending to a minimum until you can afford to spend more. Not everything available are of necessity, you might have been an expensive milk drinker, you could for the main, due to your low budget, decide to go for a less expensive one. Not that your derivative nutrients are so much reduced, but insisting on the brand you are used to will continually eat deep into your pocket.
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4. ==> Eating at restaurants.
You don’t need to be told that eating out will surely have a toll on your spending and eventually your pocket. It is quite cheaper when you get your stuffs at the market and cook on your own. Ironically, you might even be spending equally as when you eat in some restaurants, but definitely when you cook, you tend to get more value and even have more as remnants to fall back on later in the day. This will limit your consequent spending for the other period of the day if you have decided to eat at the restaurant
5. ==> Paying for common house chores
Don’t pay someone else to do things you can do yourself. Paying someone may save a little time and work, but when you’re financially strapped, you just can’t afford to pay for these things. If you can barter for them, that’s a different story.
6. ==> Buying expensive gifts – or any gift.
A period of downtime in your life is a very sensitive period that if care is not taken, you might lose loved ones and therefore lead to emotional downtime, which is quite disastrous just as well.
You need to make your loved ones understand the situation and that the gifts they have always gotten will or might be reduced due to the financial constraints the family is passing through. When you make them understand this, then the urge to get expensive gifts will be overridden.
7. ==> Buying new gadgets devices.
You barely have time to break in a device before there’s a newer one, more lightweight and with a better screen. Resist the temptation to keep up with the latest gadgets. The changes are usually so minor that you really don’t get a significant benefit by switching to a newer version.
8. ==> Buying an outfit you’ll only wear once.
It is common practice in Africa, particularly Nigeria to always want to please others so as not to be considered an outcast or something. But the situation at the time does not call for that. More cautions will have to be taken when it comes to expending cash on outfits for a party or an occasion. You should never be involved in this. Certain occasions will call for apparels that you can only wear one time. Try to avoid these occasions if you’re not in a good place, financially. Renting (or borrowing) an outfit may be cheaper.