5 ways a family can manage a slim budget

5 ways a family can manage a slim budget

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Despite the fact that Nigeria is technically out of recession, it is important to note that the nation may fall back into another lull if the price of the crude oil in the global market drops again.

Managing Partner, Nesbet Consult, Dr. Alaba Olusemore, warns that once in every eight years, the economy melts down and recession sets in. It is no longer news that the Federal Government has declared that Nigeria is technically out of recession but while the government works to reposition the economy and return the nation to the path of prosperity, Nigerians must take certain decisions to better their lot under the recovery stage.

Below are five measures, according to economic experts, to adopt in order to save more money, and be in control of your spending.

while the government works to reposition the economy and return the nation to the path of prosperity, Nigerians must take certain decisions to better their lot under the recovery stage

BE A SMART BUYER

It is important for you to be a smart consumer that does not buy the first thing he sees in the market or that knows the right time to approach sellers. There are multiple methods of saving money while shopping.  You may find a better offer and save; you may pick a different similar product; you may use coupons or discounts; you may go to the market in the evening when sellers won’t mind selling at low prices as they are about to close for the day; you may buy things in larger number to get some discount, etc.

If you are shopping for foodstuffs on a regular basis, you should find the best outlet, which allows you to save some money regularly. In some places, they offer weekly or monthly discounts.

AVOID BUYING ON IMPULSE

A lot of Nigerians buy on impulse and end up buying what they want and not what they need. Buying on impulse is the worst enemy of saving and that is the reason all marketers explore it for their advantage by luring you into an impulsive shopping mode. In most cases, they know you don’t need it but they create a need for you.

How do you push your emotions aside to avoid buying on impulse? You may leave money at home and go looking for the things you need cash free.

If you are using bank cards and go shopping to the outdoor market, do not cash much. You cannot pay with the bank card there and it would keep you from making unnecessary purchases. Another tip is to take along, someone who is less given to impulsive shopping than you.

PREFER HOME MEAL TO RESTAURANT’S

Eating in restaurants can be so expensive except if it is mandatory in your office or inescapable. Eating or taking food from home to the office is far cheaper because most of the ingredients used are at home. If you can keep your receipts and compare expenses with money spent at home by the end of the month, you would realise it takes a fortune to eat outside. Besides, you get an additional bonus for cooking at home: you always get the guaranteed fresh meals and healthy food in the style you like the best.

PREPARE A FAMILY BUDGET

Budget is the best measure to put in place to avoid passing one’s financial bounds. Sit down with your partner (and children as the case may be) and draw a scale of preference. Then set numbers in each of them. Sort them by opportunity cost.

Single out those categories and bills that have to be paid, no matter what. Find the optional ones. Set a special category for savings and make it your top priority categories. Do not go shopping right after you get the money. Go home and do one key thing: set aside the money for the savings. Get envelopes and sort out all the money to cover the bills in your budget. This is how you minimise the overspending risks.

NEGOTIATE FOR THE BEST

You have a right to bargain for the best price except the prices are not negotiable. Take your time to negotiate a better price as you can even do it in some small privately owned shops. When you shop at the larger stores, there are also the ways to get a more affordable price.

These guides can work for everyone that is ready to save more and be richer. You can come up with your money-saving strategy and get enough funds for some big projects in your life, such as home
building, car purchase, or gainful trip.

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