5 Ways to Be Financially Free During and After the Recession

5 Ways to Be Financially Free During and After the Economy Recession

It is no longer a news that there is a general economic downturn all over the world. Companies are laying off staffs, countries are facing increasing inflation rate, unemployment rate is on the increase, and immigration policies are getting tight. It is evidently clear that things are quite difficult economically and financially.
Despite all these, we can see individuals (young and old) living in financial freedom. Then the big question is: How are they doing it? In life there is no hard and fast rule to financial freedom but there are principles that if judiciously applied would do the same magic.
Below are 5 ways to be financially free during this economic downturn:

1. Have a Budget: Budget is an estimate of your expected income and expenditure for a period. As an individual that is desiring to be financially free, it is very important for you to have a financial budget. The importance of budget cannot be overemphasised. Budget is useful in keeping tab on your income and expenditures .Also, budget gives you  a clear direction of what you want to do and the funds to be committed to achieving this, hence it guide against haphazard spending.

2. Cut Down Frivolous Spending: In the words of Warren buffet “if you buy what you don’t need then you would sell what you need”. To enjoy financial freedom during and after this harsh economic conditions, you need to cultivate the habit of cutting down spending on things that are not necessary or germane. As an individual you need to set some precautions concerning how you spend your money. A lot of people are always tempted to buy things out of spontaneous reactions or just trying to keep up with the Jonesses. You don’t have to copy other peoples’ consumption pattern.

3. Buy quality but less expensive product: being financially free requires a lot of cost cutting measures. During this period you don’t have to start buying very expensive products when you can get same quality product for a cheaper price. You need to hone your negotiation skills because those little money or kobo you save from negotiating can add up to do some other things such as buying toiletries, and other small household items.

4. Reduce Wastage: If prior to this time you have a not too good utility usage culture then it is high time you work on it. On average we spend 10% of our income on utility bills which is a huge sum of money if you are to sum it up. Where it is practicably possible make use of energy saving light bulbs, when you want to prepare tea use the water heater to boil your water instead of using the gas cooker. Cook the portion of food you can finish, use data saving web browser so as to conserve your data. Through this you save some kobo or cents and these little funds can be used to meet some other more important needs.

5. Invest in Profitable Ventures: Recession should not be an excuse for you not to invest or save. Even though there is economic downturn, you can still take advantage of investment opportunities around you. For example, Government treasury bills; Starting an online business; Retailing e.t.c by during this, you increase your streams of income. Please beware there are a lot of Ponzi schemes springing up on daily basis with mouth-watering Return on Investment be guided don’t fall victim. According NDIC report, over 3million Nigerians lost 18billion to a Ponzi scheme. Be guided.
I am optimistic that if you follow these basic steps then in no time you would be on your way to financially freedom even during and after the Economic Recession.

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