No doubt we are presently experiencing one of the toughest times in our economy system; the situation has so gone so bad that even an unborn child in the stomach could attest to it. This has practically changed our social life and activities, in response to the present economy turmoil it is necessary we cut down our excesses just like the way the Nigerian Federal government is cutting down economical expenditures. All hopes are not lost; here are few essential tips that should help-out in the present economic situation.

1. The letter V Financial technique
I personally created and presently use this technique. Now this is how it works; just like the top of letter V is widely open, you widely open your doors of opportunities and incomes flows. And just like the bottom of the letter V is closed, you should close all excesses and try to reduce expenditures to its minimal. At this point in time your spending power should drop in accordance with the economic situation, spending the in the usual way when the economy hasn’t gone bad like the way it is now would sooner or later put you in a financial crisis. While the government makes works tirelessly financial approach to curb the present financial crisis so for now it would be advisable to embrace The V financial technique.

2. Placing your Needs over Wants
Placing more priorities on basic factors of life should be topmost in your expenditures, wants are basically things you desire by impulse they are not necessarily needed; I call it a temporal desire that would disappear with time. I’m not totally kicking against you going after your wants because wants adds spice to our lives but at this very moment of financial crisis it should rate the least is our scale of preference. Like the popular saying goes, if you continue buying things you don’t need, you will end up selling those things you need.

3. Be entrepreneur conscious
At this very hard time surviving with just one source of income is not advisable, your entrepreneurship traits should be geared up. Look around and search for the problem that your money lying fallow in the bank can solve and in return make you smile to the bank. For example you live in a community populated by idle youths, get them engaged with activities that would fetch them cash, entertain, make them look good or physically engaged and at the same time smile to the bank. So raise high your entrepreneurship tentacles to opportunities and grab them as they come.

4. Open an account with a strong Microfinance Bank
No commercial bank is ready for a deal as low as a million naira, but a microfinance bank grant you loans in hundreds of thousands and bellow as long as you a loyal customer and you meet their all their criteria’s for granting loan. So your best bet is looking out for the strong Microfinance bank with mouth watery investment packages and selects the package that best suit your business plans, ideas or careers. You have nothing to worry about the safety of your money because the CBN has sanitized the industry just like they did to commercial banks in years back.

5. Stay away from Pest
There are people out there who only want to be at the receiving side without contributing anything tangible to your life, we have them around as friends, families, neighbors, colleagues. It is advisable for us to do away with any relationships that don’t add value to our lives, it would save one a lot time and resources giving these kind of people space. I’m not trying to kick against charitable acts but we have to distinctively separate charity and playing the sucker or better still being the ‘Mugu’. There are some who won’t directly collect from you but would indirectly make you do some spending that would be of beneficial to them, the quicker we recognize these people and give them space the better for us.

Be financially prudent, embrace entrepreneurship and lets kick poverty out of Africa!

Source: http://liteworld..com.ng/2016/06/5-essential-useful-tips-for-present.html