It is no longer news that Nigeria is in recession. What would become news is Economic Depression (a very severe form of recession).

What really is Economic Depression? According to Economic Experts, a depression is a sustained, long-term downturn in economic activity in one or more economies. It is a more severe downturn than an economic recession, which is a slowdown in economic activity over the course of a normal business cycle.

Nobody would wish this to happen. Yet, if the current Economic Crisis or Recession is mismanaged, it will lead to Economic Depression, which in turn, would throw this country in Economic Comatose.

Since this has not yet happened or may not even happen to be optimistic, how can we survive in the ongoing recession?

Here are some tips:
1. Reduce your Expenses: You can achieve this by changing your lifestyle in the following areas: (a) Eat in (b) Walk short distances rather than drive (c) Spend more at home (d) Save more/Invest more.

2. Track your daily expenditures: You can either track by writing down your expenses against your income or use Mobile Apps designed for that purpose such as Mobills, Mint and Good Budget.

3. Start an Emergency Fund: There are many Financial institutions to help you such as Stanbic IBTC Money Market Fund amongst others.

#besmart #bewise