STAY STRONG: 5 Steps To Improve Your Finances In Recession

STAY STRONG: 5 Steps To Improve Your Finances In Recession

We live in a society where we’ve been made to believe all we need to live life is graduate with a good grade and get a good job. The mistake with this ideology however is that it doesn’t teach how getting a good job will improve your earnings; that is if it does. Little or no step is taken towards financial education in the country hence; people lag behind in their earnings.

Moreover, monthly stipends paid by most organizations to their staff have blindfolded them; as a result, they pay little or no attention to the instability in their earnings. Let’s use the situation of this nation as a case study; with recession setting in, prices of goods skyrocketing, hut it appears one thing still remains stagnant despite  the changes; ‘finances’.

finances

The cost of living has increased but salary which serves as a basis for over 50% of the population’s finances remains the same. The implication of this is you can purchase lesser goods for the same amount of money.

However, finding means to boost your income in this period of recession is a great step towards financial freedom. Below is a list of things to do in order to improve your income even in recession.

FINANCES IN CRISIS: WAY OUT

Clear Off Debts

Being in debt is a huge threat to your finances, try as much as possible to clear them all and watch your finances improve greatly. Not only does being in debt rob you of your peace of mind, it also consumes a large part of your finances.

 

Monetize Your Skills

Several people are talented in one skill or the other. Start making money from that/those skill(s) of yours and boost your finances.

Save

One not so good habit of most people is to spend first and save the rest, this is harmful to your finances. Reverse the order; save first and spend the rest and also inculcate the discipline of leaving your savings as what it is ‘savings’. Don’t be too eager to deep hands into your savings whenever you’re a bit low on cash. Do this and watch your finances grow.

Learn Skills

By now, a peep into the economic situation will open your eyes to the fact that depending solely on your monthly salary is not 100% dependable and reliable. You need improvement in your finances? Learn that skill that will help boost your finances on the long run. The skills you learn today will in turn become an avenue for growth in your finances tomorrow.

Look Out For A Need And Meet It

Moreso, It’s no news that human needs are insatiable. Carve out a niche for yourself through this and improve your finances. Find out what people need and give it to them; they will be more than willing to pay you for it.

In conclusion To wrap it all up, start taking steps today that will in return grant you the desires boost in you earnings.

What are your thoughts? Join the discussion...