How do you prepare for the price hike situation?
This is hard especially on most people whose source of income remains relatively the same, or has no change in salary . These times call for you to take some necessary steps to adapt to removal of fuel subsidy situation or else go broke. Here is my advice:
1. Accept the situation and get ready to make changes: After all we are in the change regime, the situation calls for you to adapt, except you have enough influence to change the president's mind, the fuel price ha been fixed. Now work with and around it. Reduce expenses, make budgets, draw up a list of luxuries, necessities and frivolities, know your priorities, be ready to make cuts .Leave the car at home and walk to cover short distances, it helps to keep your body in shape.
2.Learn How to handle increasing food prices: Current market price of tomato and Garri, the most popular food items in Nigeria are the worst hit, 5 pieces of tomato are sold as high as N700, even Garri, used to be known as common man's food is not so cheap for the common man again, so what do you do?
- Stock up and preserve food especially dry goods: Tomato prices are unpredictable, buy baskets of tomatoes and preserve them, see how to store tomatoes , alternatively Substitute Tin/Canned tomatoes for fresh tomatoes,this is the time not to be choosy .
- Buy food from grocery stores: Large grocery stores like Shoprite, grandex, Foodco will offer discounts, sale and coupons not obtainable in markets, collect and use them when necessary, and because they buy from the manufacturers directly, their prices may be cheaper.
- Grow your food: I f there is one advantage to this situation, it is that more people are becoming seemingly aware of the food shortage that exits and to have access to fresh foods, many are taking up gardening and owing small farms to grow fruits, vegetables and food crops. No matter how small, in your backyard, at least grow one type of vegetable or pepper, it will ease the costs of buying food.
- Do more of home cooking: No more N50 beef to go with a plate of rice, most restaurants and canteens have reviewed their costs of meal upwards, a decent plate of food costs N500, save more by preparing your meals at home,save the leftovers in the fridge to microwave them later or used for another meal later. For example , ripening plantain can be used for dodo , giz godo or small chops.Use this period to Sharpen your cooking skills .
- Consume less: Know the number of required calories that you need to have a balanced diet in a day and dont eat excess.
3. Invest in fuel saver treatments: There are fuel treatments sold in reliable filling station that helps to save engine fuel consumption and make your petrol lasts twice as long. Before setting out, plan your trips ahead, though a difficult thing to do in Lagos because of unending hold -ups , but avoid unnecessary detours, take short cuts with good roads if possible.
4. Save and Contribute more to your emergency funds: Everyone should have a habit of saving, especially for emergency purposes, now is the time to make more contributions into your emergency funds to be able to withstand the rising unsteady economic situation.
5. Find another source of income: That business you have been considering, now is the time to put more effort, to successfully come out of the tide of increasing price hikes unscathed, one must have two or sever la sources of fund to maintain the standard of living one is accustomed to. You can be working, have a career or a job and still have another business , you dont have to be in a physical location, you can monitor it online, see online businesses one can do, there are other options, agriculture, network marketing, affiliate marketing, investments (precious gems, Forex, ) search the internet to discover any that suits your interest.