Tuesday, 2 February 2016

6 ways I intend to fight the financial crisis this year

Hey Lovelies
If you are in this part of the world, you would have heard about the financial crisis that has become the most vivid thing on almost every Nigerian's lips lately.


I hate being broke and I am not even looking at allowing this crisis get to me. I was just thinking about all the ways to overcome it and I thought I should share some with you.

Peep them below:
1. Find locally sourced services and products.
Most foreign transactions will rip off your income. Be sure it is your best bet before you choose them.
I am just happy that at this point I am done with the self funded studies. It would have been hard. To be honest, except you have a real strategy to make it work, it's not the best time to embark on studying abroad on a self funded basis. If you have a savings that you expect should see you through your studies, do not leave them in Naira. Save it in dollars/pounds or any other strong currency. If you watch the trend, the naira devalues as everyday passes, your money may not be as substantial  as you anticipated along the line. Find an exit route if you are one of those stuck with funding yourselves abroad. You certainly do not want to drop out.
If you get a means of income that comes in a strong foreign currency, you will be winning.
Most important message - try to find locally sourced equivalents for most of the things you spend money on and you will be saving a lot this year.


2. Invest wisely
This year is going to see a lot of businesses crumble or at least, have poor turnouts.  It is not the best time to invest on huge projects without being pretty sure of the prospects. Most people would not be keen on trying out luxurious services.
Jason Njoku of Iroko TV was just narrating how this is gradually affecting the number of people patronizing Iroko TV.
This should tell you that even the established businesses are feeling it. If you are just trying to gain your share of the market, you should lean more on things that cater to basic needs and not grandeur. Introducing affordable ways to cater for basic needs will sell this year than prestigious services. I decided to hasten the launch of a local project this year, while putting some ideas aside for now.

3. Save more, Spend less
Very straight forward as it sounds. If it is not necessary, nip the urge to spend and throw the money in the bank instead. It might be a real life saver when you least expect and you will be only grateful that you did.
I have started a savings with the money I usually put out for "socials".
I want to see how much that will bring at the end of the year. Making out time to hang out with friends and family is an absolute must. I am still thinking of creative ways to make sure that isn't jeopardised but I do know that the money I put out for those stuffs, could be better used.

4. Travel smartly
 I love to travel a lot. My body always requires that break to just rejuvenate. I look forward to taking trips so much that I'm pretty sure it would affect my mood and productivity if I totally eliminated that. I would try to cut down on the numbers, find deals and visit mostly places that are not expensive. I am planning on visiting more African countries this year. And try to find some elements of reward in every place I travel to - basically do more than just having fun.

5. Find diverse sources of income
Diversifying my income has been something that has been on my mind for as long as I can remember. My only problem is that I am very risk averse and I like to commit to one thing at a time. The past years has been mostly about trying to check all the obligatory boxes with regards to my career. Having settled most of them, this year, I intend to break out of my comfort zones and see how I can monetize more of my skills. I am also looking at making out time to accommodate more opportunities that come my way.

6. Last but the most important of them all, I'll be letting God do his thing this year as usual. When I read about the economic melt down, Job 22 : 27 - 28 came to my mind. It's amazing how God really knows about these things before they happen.

And that my dears is how I intend to navigate through this year still being every bit of the JB that is happy, fulfilled, inspiring, fabulous and everything in between.

Found something to add to the list?
Share some of yours too

Love always
JB
Twitter/Instagram: @janylbenyl

Remember you can link in with the shorter URL - www.jbshares.com


18 comments:

  1. Helpful tips Janyl. Tnx for sharing

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  2. I am all for spend less and save more. U would be pleasantly surprised at how fast those little drops do make a mighty ocean....

    A lady stated online that she has not bought any new clothing in 2 years. Her clothing allowance for those 2 years of abstinence (she put aside the money she would have used to buy clothing each month) has bought her 2 mighty plots of land. I am cutting down on takeaway and unnecessary snacks......

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  3. great tips! super helpful!

    www.prettyinleather.net

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  4. Lovely post! I am new follower GFC and hope you can follow me too) xx

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  5. Great tips full of wisdom. Its good you are sharing it with all of us. The only contribution I will make is that tip number 3 needs modification. In times of devaluation of a currency it is not advisable to keep your money in the bank for a long time. You can keep it there in the short term and then invest it in shares, land or anything that will appreciate in value. If you keep the money in the bank for a while the value of that money declines any time the currency depreciates. For example if you save the equivalent of $1,000 in Naira in the bank by the end of the year that money could be worth $800 and the interest you earn will not be enough to cover the $200 shortfall.

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    Replies
    1. Hi Activeghman
      Thanks for the compliment.
      I appreciate you spending time to read and contribute.
      For your concern, please read the first point on the numbered list and you'd see that it was duly addressed.

      Delete
  6. Thanks for sharing the tips!
    Many thanks for your kind comment on my blog. Do you want to follow each other?
    xx from Bavaria/Germany, Rena
    www.dressedwithsoul.com

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  7. helpful tips :) thanks for sharing :)
    http://www.youtube.com/c/MissLovelyAttitude
    http://lovelyattitude.com

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  8. Great tips and hope u do well! All the best!
    Thestyletune.com

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  9. Beautiful post! I'm your new GFC follower # 151 if you want to come on my blog ^ - ^

    www.beautywithterri.blogspot.it

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  10. I like your thinking. Thinking about solutions instead of moaning!

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  11. I like your thinking. Thinking about solutions instead of moaning!

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  12. Practical and doable. We need these to secure our future.

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Thanks for your feedback!
I enjoy reading them :)

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