The prevailing uncertain economic situation has left many Nigerians feeling unstable. A large majority feel their lifestyle has been affected by the current economic conditions. Taking steps to better your overall financial well-being is more important than ever.

The economic condition of a country’s citizenry is, to a great extent, dependent on the national economy. Also, the way you manage your personal finances has an impact on the overall financial well-being of the country. What are you doing to ensure your family enjoys a strong and stable financial future in the face of an unstable economy?

Consider the following steps to help weather your financial storm in an unstable economy as such as we have here in Nigeria:

- Be familiar with your financial situation. Write down all sources of income. Next, subtract all of your monthly living expenses: things such as rent, utilities, food, transport, etc.; followed by debt payments. When times are tough, it’s critical to pay priorities first.

- Pay down existing debt. High interest debts take money that could be going to a better use. Devote any extra money to freeing yourself from the bondage of debt. This is a good time to consider a part-time or weekend job with all of that extra income dedicated to settling the debts.
- Don’t take on any new debt. Hard times won’t last forever. Unless you have home or vehicle repairs that can’t wait, delay any large expenditure until you’re on more stable ground. Be willing to forego the luxuries for a while.

- Start or add to an emergency fund. Everyone should have a savings account for the inevitable emergency. Without it, you’re one trip to the emergency room, one flat tire, or one leaky roof away from financial distress. Understand that it’s not “if” the emergency is going to come along, but “when.” Prepare by putting aside 10 percent of each salary. That’s a small amount of money that you’ll never miss, but certainly will be glad you have it when you need it.

Finally, learn to pay attention to national economic stability. Many studies are carried out in order to gather information on consumer spending and debt levels, as well as how debt is being handled to help predict economic stability and trends for the future.

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watch your tithes budget. Carefully
.

voltron:
watch your tithes budget. Carefully
.

You are right. I believe tithe budgets, especially for non-salary workers, is a good metric for checking economic trend. A lower tithe budget depicts lower revenue which in turn suggests gloomy economic situation for the tither.

I think Pastors and Church accountants should be mandated by Ministry of Finance to produce yearly tithe charts (flow charts) of their respective churches.