Cut it by O.T Genasis is a good song to listen to while reviewing your personal budget especially with the way things are currently going on in the Nigerian economy. With the scarcity of fuel and tomatoes, we thought things were bad. Then came the increase of fuel price and the drop in the naira value compared to other currencies. All this while, personal incomes of a lot of people stayed the same and a lot of companies laid off workers due to budget cuts and other factors. It’s not a surprise to anyone that the economy is getting worse with each passing day and new laws which do not favor the trading market spring up unexpectedly daily. So what can you do to stay afloat and even do well during these times?
Take account of every single personal income and expense you carry out either weekly or daily. This will enable you know how much you’re putting in and how much is going out. Also you’ll be able to identify areas where you spend the most money and areas you spend the least. You have to be honest with yourself when doing this as you might not be pleased with what you see. After having done this, look for areas where you can do without those things causing a lot of expenses. This is hard because you may not want to do without them but you know you have to.
In an economy where things are failing, jobs are hard to find and income stays the same, you have to make some drastic measures not to crash with it. Cutting down on certain expenses is a good place to start from. Have a lovely Friday.