Issues: How To Survive A Recession

Many countries in Africa are actually passing through recessions, and there are probation that more countries would be involved soonest. ...

how to survive a recession in Nigeria
Many countries in Africa are actually passing through recessions, and there are probation that more countries would be involved soonest.
You may be scared of this economic epidermic and of course who isn't? ๐Ÿ˜Œ So we need to fight together to stamp it out and the struggles begin with our personal purses. 

Even if you come from a wealthy country like the United States of America, if you're not feeding fine, you'd generalize it. You cannot be poor and claim that your country is rich and what about our ๐Ÿ’–lovely๐Ÿ’– Africa, where many of us are actually not living up to the average financial standards, then shouldn't we struggle for our heads? 

We need to carry on with life, along with our friends and families. It's the survival of the smartest, and according to Harsh Agrawal of ShoutMeLoud, it's not the most hardworking that survive, but those who are hardworking and smart. You'll be deformed if not informed, and then you'd not be smart.

#1 Build Up Emergency Funds

It's very necessary to build up emergency funds in case of a recession. Set apart some particular percentage of your monthly income to a separate account fro where you can survive should anything happen. Don't touch it no matter what happens, treat it like it's not yours till you actually need it.

#2 Make Sure You're Debt Free 

You can't be struggling to live and still be struggling to pay off your debts. Pay them off when things are still good for you and you can live freely when things are not so favorable. Anytime you notice that things are going the wrong way, hurriedly pay off any debts you have already procured too. It's very essential. The debtors will also be in recession and then they'd remember you. 

#3 Generate Extra Sources Of Income

Don't kill yourself waiting for that your employer to pay you enough money. You can be a teacher and a poultry farmer. You can even combine up to three businesses to make ends meet. There are always bills to carter for and the kids must be in school. Anyhow you'll do it, just make sure you have more than one jobs. You can see some of the jobs you can begin without any capital. If you can write articles, then use your spare time to begin a freelancing career. You should also read these ten major business opportunities for Africans.

#4 Have A Family Talk 

You should make out time to discuss with your family members. Let your kids know that things are no more the same and so they shouldn't expect the left over meals they have been having again. They should also try to reduce school bills bringing home only the essentials. Make them more financial conscious.

#5 Reduce Your Expenses 

Cut your spending habits to the minimum. Avoid reflex buying at the supermarkets and malls. Always make a list whenever you're going to the market to help control your spending habits. You can also control your spending habits by buying things online from sites like Konga.

#6 Save More If You Can

There is no limit to how much you should spend, only avoid being stingy to yourself. Make sure everyone is comfortable and then you save the best you can. It's very necessary. 

#7 Improve Your Work Ethics

Get up on bed on time and sleep late. Even if you have a job that gives you time, you can start up any of these jobs that don't actually require any capitals to begin.

#8 Give Your Employees Quality Training

To get the best out of your business, you need to get the best conversions for your investments. Always plan training and tutorials for your employees to educate them on new developments as soon as their is.

#9 Resist Profit Eating Deals 

There are times you'd get profit eating deals, and they're nice of course. But have you thought about how they can send you into debts? Business is all about debts but apply wisdom to maneuver these mouth watering offers.

#10 Be Superior In Your Niche 

Whatever services you're rendering, always be superior in it. That will bring you potential buyers and generate more income asap. 

Before you go, why not check out our new e-book, Making Millions In Your Dark Room? It's more than a home tutor and will guide you all thorough your career in any niche online. You can find out more about it HERE

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Information Guide Africa: Issues: How To Survive A Recession
Issues: How To Survive A Recession
Information Guide Africa
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