Eight Keys to Financial Stability in Uncertain Times! – THISDAY Style

In these turbulent economic times, it’s no secret that many of us are feeling the squeeze on our wallets and the weight of financial uncertainty on our shoulders. But not to worry, we are here to arm you with some savvy strategies to help you survive and thrive amidst the chaos.

Here are some practical pearls of wisdom to keep your bank account happy and your stress levels in check.

Documentation

Now more than ever, you need to document and ratio your income and expenses. Having it all laid out bare makes it easier to follow the next step.

Assess Your Situation

With what you have documented, assess and take stock of your current situation. Understand your income, expenses, debts, and savings. This will give you a clear picture of where you stand and help you identify areas for improvement.

Create a Budget

A budget is your roadmap to financial stability. Take a look at all your previous expenses and arrange them on a scale of preference. Cut back on non-essential spending and prioritise essentials like housing, food, and utilities.

You don’t have to buy that pair of shoes, you don’t have to buy that ‘aso ebi’, you don’t have to make that trip overseas, etc.

Use cheaper alternatives, e.g., public transport instead of Uber, plan a trip within Nigeria instead of overseas, etc.

Build an Emergency Fund

An emergency fund acts as a safety net during tough times, so allocate a portion of your income towards savings and emergency funds.

Aim to save enough to cover at least three to six months’ living expenses. Start small if you have to, but make saving a priority. This financial cushion can provide peace of mind and protect you from unexpected expenses or job losses.

Increase Your Income

Finding ways to increase your income can provide much-needed relief during tough times. Explore opportunities for side hustles, freelance work, or part-time jobs. Also, consider upgrading your skills or pursuing additional education to enhance your earning potential in the long term.

Invest

There are easily accessible platforms that can help you choose where best to invest such as Risevest, Cowrywise, PiggyVest, etc. If you’re not sure about these platforms, you can engage a professional and get advice on how and where to invest. You can start small with low-risk and short-term investments, then build your way up.

Practice Self-Care

Remember that financial well-being is closely linked to mental well-being and otherwise. Take care of yourself physically, emotionally, and mentally during tough times. Engage in self-care activities like exercise, meditation, spending time with loved ones, and seeking support from friends or support groups. Avoid overthinking your financial situation; instead, actively seek solutions and follow the steps listed above.

Stay Positive and Flexible

Finally, maintain a positive outlook and be flexible in your approach to financial challenges. Understand that tough times are temporary, and focus on the things you can control. Stay adaptable to changing circumstances and celebrate small victories along the way.