Truth be told recession is just a word. A simple Slowdown in activities over the course of a normal business cycle can breed recession. (what analysts may call a negative growth over two successive quarters).
We are presently experiencing economic recession that is a headache but we should start praying against depression (although I don't see that coming). With increased borrowing and spending we may stimulate activities and get out of recession.
My major concern is family. How can the family enjoy financial freedom during recession?

1. Get a list of all the items you regularly spend on in the house. Your car, your refrigerator, Air condition, Pay TV, Gas cooker, internet etc now check the percentage of your monthly income that is allocated to service these items. (although some items do not require monthly servicing but you can do the breakdown and fit it in on a monthly basis). After a thorough check you should not allocate more than 25% of your monthly income to service these items.

2. Learn how to save, spend and invest. Most people don't know the difference between saving, spending and investing. In the practical sense even some learned people don't. Ideally you should not save to spend. A family should not save to spend rather save to invest. I have come across people who believes saving their money is the same thing as investing. A family should save with the intent of investing (making more money) rather than spending. That is why you should have several accounts for different intent. Account a will service expenditures and account B will strictly be for investments.

3. Do not involve in non profit activities yet. What will it profit you to travel down to your village spend 50m erecting a magnificent structure then lock it up and travel down to lagos or where you came from? Avoid such thoughts during this period. It is good to have a house in your village but if the house is not brining in anything and no one is living in it then it is a waste of resources. So I will advise you to tell your architect to design your house in such away that some parts can be let out and money can be made by collecting rent/lease (if you insist on building the house)

4. Financial education should be taught to the children as well as basic management principles (instead of teaching a child sex education). This could save the family some pennies. If a child constantly loses his/her toys you may have to spend money replacing it. My sister told me about a child who smashed the neighbours windscreen (recent benz car) with his basket ball. And the neighbour insisted full payment for the damage. Teaching your child to be orderly can save you unnecessary expenses.

5. Cost of feeding and eating right can be properly looked into. The family can save a lot if they eat right and stop being gluttons. A long time ago I told my niece not to consume all the milk in a can once it is opened. She likes unsweetened evaporated milk a lot and can actually consume 2 cans per day (morning and night) I spent almost 7000 for her milk consumption monthly. When I instructed her to use 1 can a day I saved 50%. According to a nutritionist we often eat more than our body can actually absorb (it is not a must you consume two sizeable piece of chicken). So we can check our family eating habit and ensure we eat healthily at the same time cut excessive eating pattern.

6. Entertaining guest can also eat into your savings. Ensure you have totally planned it out before inviting a guest over because it is African for you to entertain your guest. I could remember running into an old colleague and she said "wow marxwel I just want to know your place"....it was cool though but financially it wasn't. So think before you tell some one to come over. When someone tells you "I just want to know your place" do not forget it may involve cost. So the family should turn down any frivolous or unwarranted visit from guest during this period.

7. Don't create a competition. Please don't get desperate because your neighbour just changed their car then you remember it's time to change yours (I hate neighbours) or your colleague at the office just changed theirs and you are tempted to follow. Learn to flow with your budget and be rigid about it.

8. You may hold on the next issue. If you already have three kids and thinking about the fourth you should probably calm down a bit. Although your company may pay child support, education allowance and your health insurance may cover the fourth child. Please note that some unseen financial implications comes with a child even when you think you have it all figured out. Also I think it's best you engage your wife if she not engaged.

9. A close knit family can save cost during this period. This is because items (clothes, shoes, wrist watches bags etc) used can be passed from a member to another toms shoe can be worn by Jerry if it is still in good shape. This will save you from buying an additional shoe on the short run. Also you may patronise not too expensive designers during this period eg Michael Kors, Zara etc

10. This may not be a good period to cheat on your spouse. Having a side chick (according to NL) is an additional cost. Cheating is expensive. Let me say quit flirting. Yeah you might just want to flirt with a lady and she requests for something expensive and you may ending up paying with your debit card. the list is endless.

Having a wonderful family is the best thing that can happen to anyone. Family is amazing. Watching my niece scream, ask irrelevant questions, jump around, get fascinated by trivial things is the most wonderful thing I have ever experienced. Children are blessings. You should not trade your family for anything in the world. Sadly people get divorced because they don't know the joy in having a family. I wish every NL family a financial breakthrough during this recession.

11 Pray to God for direction (jashar may kill me if I don't add this to the list).......................this article is not error free...........................

Nice post senior man...I will dig this up when I finally get married to my Nairaland Crush

CuteMorriz:
Nice post senior man...I will dig this up when I finally get married to my Nairaland Crush

lol I hope you find her soon.

This write-up is explicit! I love it, I adjusted my spending habits since this recession of a word became popular.
Thank you for the tips

Marxxx:


9. A close knit family can save cost during this period. This is because items (clothes, shoes, wrist watches bags etc) used can be passed from a member to another toms shoe can be worn by Jerry if it is still in good shape. This will save you from buying an additional shoe on the short run. Also you may patronise not too expensive designers during this period eg Michael Kors, Zara etc

Laughing at your not expensive list.

inemani:
This write-up is explicit! I love it, I adjusted my spending habits since this recession of a word became popular.
Thank you for the tips

wow smart you. I trust you are enjoying your family. Indeed it's a popular word. Effective management and cost control is germaine during this period

jokepearl:


Laughing at your not expensive list.

well I said not too expensive. And they really not too expensive. With $70 you can get good MK wrist watches. You can't compare these designers with Oscar de la renta or Louis vuitton or even prada, chanel, gucci, dior these are very expensive designers compared to what I wrote in my article....but you are quite funny...

Nice write up. 5, 6, 7, 9 are very key points to note.

With regards to point 10, are you inferring that cheating is allowed when finances are good? Unless I don't understand you very well.

dfrost:
Nice write up. 5, 6, 7, 9 are very key points to note.

With regards to point 10, are you inferring that cheating is allowed when finances are good? Unless I don't understand you very well.

No...not at all. The article simply implies that prior to recession if you were cheating; you should discontinue.

Daivde470...you guys should do justice to this. We all need measures to control cost don't we? At least cute families can get to manage properly with these simple ways.

Marxxx:
No...not at all. The article simply implies that prior to recession if you were cheating; you should discontinue.

Aha, because cheating is bad, recession or not. Ciao!

dfrost:


Aha, because cheating is bad, recession or not. Ciao!

True! Sometimes the consequences does not worth the risk.

Thanks a lot. Most especially number 8. Nigerians should please learn family planning, don't give birth to children you can't take ADEQUATE care of (it's cheap to procreate and expensive to RAISE; properly). Thereby increasing the number of ridiculous individuals in the society.

Another one: don't LEND (no matter what) money to anyone during this period. Most Nigerians are bad debtors.

Gerrard59:
Thanks a lot. Most especially number 8. Nigerians should please learn family planning, don't give birth to children you can't take ADEQUATE care of (it's cheap to procreate and expensive to RAISE; properly). Thereby increasing the number of ridiculous individuals in the society.

Another one: don't LEND (no matter what) money to anyone during this period. Most Nigerians are bad debtors.

That is true. Like I often say "don't lend more than you can possibly bear"...

Good writeup sir. I sent you an email a while ago. Did you get it? Marxxx

Op Kudos, s/o once said dis recession period is a test of faith 2moro it will b ur testimony. It's nt easy 4 some ppl esp does who lost dere job and if u re comfortable just thank God and plan well as op said.

Gerrard59:
Thanks a lot. Most especially number 8. Nigerians should please learn family planning, don't give birth to children you can't take ADEQUATE care of (it's cheap to procreate and expensive to RAISE; properly). Thereby increasing the number of ridiculous individuals in the society.

Another one: don't LEND (no matter what) money to anyone during this period. Most Nigerians are bad debtors.

.

1. Family planning is key but have you thought about multiple babies no one plans for, or you are saying that a couple that discovers that the woman's first pregnancy will produce septuplets, should terminate some and leave a few? Please clarify.

2. That statement is really harsh. Haba bros . Nobody is ridiculous. Time, opportunity and environment are the factors that affects humans. Nobody obviously wants to be a miscreant.

Don't be offended if my response makes you feel otherwise. Who am I to tell you what to say or type, it's your opinion. Adiós amigo.

dfrost:
.

1. Family planning is key but have you thought about multiple babies no one plans for, or you are saying that a couple that discovers that the woman's first pregnancy will produce septuplets, should terminate some and leave a few? Please clarify.

2. That statement is really harsh. Haba bros . Nobody is ridiculous. Time, opportunity and environment are the factors that affects humans. Nobody obviously wants to be a miscreant.

Don't be offended if my response makes you feel otherwise. Who am I to tell you what to say or type, it's your opinion. Adiós amigo.

1. What I implied is: couples/individuals should prepare ADEQUATELY for any unforeseen circumstance that might occur. However, things happen. If the couple procreate children more than they can ADEQUATELY take proper care of, giving some for adoption (using your case, give out 4 take in three) is not a bad idea if you ask me. In summary, before the act of procreation is initiated, people should prepare. Have a plan A, B and even C.

2. It might sound harsh. Unfortunately, most Nigerians tend to learn the harsh way. Yes, nobody wishes to be a mis-fit in the society, the more reason people should give birth to the number of children they can ADEQUATELY take proper care of. Most miscreants come from families where: children were 7, 8, parents not earning enough, poor environment etc. For parents to give their child(ren) the best (education, healthcare, nutrition, good environment, good parental care; which every child deserves), they should give birth to the number of children they can ADEQUATELY take proper care of.


Thank you.

Gerrard59:


1. What I implied is: couples/individuals should prepare ADEQUATELY for any unforeseen circumstance that might occur. However, things happen. If the couple procreate children more than they can ADEQUATELY take proper care of, giving some for adoption (using your case, give out 4 take in three) is not a bad idea if you ask me. In summary, before the act of procreation is initiated, people should prepare. Have a plan A, B and even C.

2. It might sound harsh. Unfortunately, most Nigerians tend to learn the harsh way. Yes, nobody wishes to be a mis-fit in the society, the more reason people should give birth to the number of children they can ADEQUATELY take proper care of. Most miscreants come from families where: children were 7, 8, parents not earning enough, poor environment etc. For parents to give their child(ren) the best (education, healthcare, nutrition, good environment, good parental care; which every child deserves), they should give birth to the number of children they can ADEQUATELY take proper care of.

Thank you.

Thank you. I like your style of conversing intelligently. I agree with you on point 1. On point 2, I agree with you but not totally. My grandparents had 13 albiet 10 are surviving. None is a miscreant. Let me surprise you the more: they grew up in Ajegunle. Go figure.

dfrost:


Thank you. I like your style of conversing intelligently. I agree with you on point 1. On point 2, I agree with you but not totally. [/b]My grandparents had 13 albiet 10 are surviving[b]. None is a miscreant. Let me surprise you the more: they grew up in Ajegunle. Go figure.

Thank you too.

Then not now. Cost of living has skyrocketed. Then was communal, now is individualism.

Mystiqme:
Good writeup sir. I sent you an email a while ago. Did you get it? Marxxx

Most mails sent to my box goes directly to my spam box. You can ask any question here on NL just quote me, I will give my suggestion and air my opinion about the subject (although it may take a while). If I feel it is not cool discussing such here I may provide another email. I trust you are making exploits? Ensure you enjoy every moment spent with family...that's all you got

This writeup is very relevant for now and in coming months.

The Mods need to push this to the Frontpage for the benefit of Nigerians.

Lalasticlala
Ishilove
Seun

If everyone is doing their best to save money, money will be more difficult to make. This causes a deflationary spiral, which intensifies recessions.

Nice tips...kudos to the OP

Desperate time calls for desperate measures

Seun:
If everyone is doing their best to save money, money will be more difficult to make. This is called a deflationary spiral, and intensifies recessions.

seun, seun

Seun:
If everyone is doing their best to save money, money will be more difficult to make. This is called a deflationary spiral, and intensifies recessions.

Hahahaha... This is damn funny but true.