Editorials

5 ways to reduce your cost of living in Nigeria this 2017

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Here is a post which is set to give you the top 5 ways to reduce your cost of Living in Nigeria, especially major cities like Lagos, Abuja, Port-Harcourt, Warri, Kaduna, and Ibadan.

It is a known fact that Nigeria is currently experiencing recession, and this word which most people in the country were not familiar with three years ago, is now very common.

One of the evident manifestation of recession is the high rise in the cost of living of people in that area.

This is why if you are resident of this particular environ, you need to learn how to reduce your expenses, else you might just run into debt.

Do you want to reduce your expenses? Checkout the top 5 tips below. Trust me, they work like magic.

Here we go…..

Get a Budget: This is a must if you truly want to cut your expenses this year 2017. When planning on your budget, you can make it daily, weekly or monthly, this depends on your earnings. Having a close watch on your finances will surely keep you financially stable.

Quit eating Out: It is virtually impossible for you to reduce your cost of living in Nigeria, and continue the art of eating out. The amount spent on eating out can be used on other profitable things (which we shall discuss later on in this article). Taking your lunch along with you to work is one good habit you have to cultivate.

Invest rather than save: It is good to save your money, but it is not wise to save for saving sake, you need to invest. I know you might just be wondering how investing reduces your cost of living, smart people invest in profitable sectors of the economy, rather than buying exotic cars and building houses which are liabilities.

Reduce Shopping: Some people shop for virtually no reason, if you really want to reduce your cost of living, then you have to shop only when it is really necessary. Buying new clothes each time you are going for an event isn’t smart as it is a very wasteful act.

Sell Unused items: Rather than keep some unused items which cost a lot to maintain, you might want to sell some of them. You have 3 cars, why not sell one?

There you have it on this post. I hope you found it helpful.

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