Current data emanating from National Bureau of Statistics indicate that Nigeria has succeeded in moving out of recession with 0.55 percent growth rate in the second quarter of 2017. But the reality is that people are still faced with different sorts of economic hardship.
As a matter of fact, the Marginal Propensity to Consume (MPS) is still increasing while the Marginal Propensity to Save (MPS) decreases.
The prices of goods in the market still remains the same way without any changes. In the same vein, the salary people receive recorded no form of increment. In fact lots of people faces retrenchment. All these contribute to the hardship people are facing.
The same salary you earn before the Nigerian economy became recessive, that is the same wage you still earn.
Naira continues to get weakened against Dollar, thereby decreasing its purchasing power. People can barely take care of your basic needs.
If all these are happening, the implication is that people will continue to spend more instead of saving more.
In this sort of situation, you need to apply wisdom to keep afloat while maintaining your financial obligations.
Seek for more responsibilities
This also means climbing the corporate ladder will require you to develop yourself in many aspects. Be it skills acquisition in leadership, critical thinking, communication, etc., you just need to gather those skills.
When you’re stuck in one position for too long, you need to do an in-depth analysis of yourself. It is either you’re not maximising opportunities, potentials or limited skills.
However, climbing the corporate ladder will see you earn more money than what you make presently.
Add More Value
Every employer is looking for value in exchange for money. Adding more value could mean you equipping yourself with some skill set that would allow you to prove yourself.
This is the long translates to monetary value, therefore adding more money to your financial account.
Your time is as valuable as your life, so it’s important you start channeling your time to adding value.
Don’t spend money on everything
You have to start prioritizing how you spend money. Unfortunately, no matter how you try to cut cost while spending, you still realize that you’re almost paying the same amount of money because things are costly.
Be it as it may, you could still prioritize your spending. Focus on the most important aspect of the things you need and sideline the other things to cut costs.
In conclusion, these hacks could go a long way coping with the economy that doesn’t tell well.