Cost of Living Crisis: My Coping Mechanisms

6 days ago

Hello Everyone,

I'm very sure that I am not alone in feeling the effects of the cost of living crisis. Prices seem to be soaring, everything is just going Up and nothing seems to come down.
I am from Nigeria, I stay in Benue state which is believed to be one of the top state in Nigeria reliable for Steady supplies of Farm produce and it has a vast amount of land for farmers, so basically 40% of all the population there engages in farming.

I know most of the people reading this post would be expecting the cost of living here to be cheaper but reverse is the case now, every thing is super inflated, even the Farmers we solely rely on are now very greedy, things being sold in the rural area and even villages are very costly and things are sometimes cheaper in the main town than villages recently.

We should all understand that, inflation in the country didn't even trigger the government to work on a lasting solution, they keep doing useless projects, spending millions of Naira of Stupid things that doesn't ease the average Nigerian issue of Inflation and High cost of living, while our incomes are stagnant. It's getting tougher to make ends meet, but I've found that with a solid budgeting plan, I can navigate these challenging times.

What are the cost of things

Cost of feeding
Okay let's go to the basics:
A cost of one plate of food without meat (Rice is #700) with One meat is (#1000)
A cost of swallow (fufu, Eba and Semovita) without meat is #600 and with meat is (#900)

Foodstuffs is also on the high side
Rice, beans , yam and many others are triple their Prices.

What about coat of housing?
Housing has been one vital basic amenities, I remember vividly 3 years a single room could cost you less than #30,000 (thirty thousand naira) but now a single room is #100,000 , a self-contain room is #200,000 plus. I won't even talk much about the Bigger Housing rentage. Please note that all these pricing are just some of the cost here in Benue state, it can even vary from town to town.

What about the cost of Clothing?
Let's talk about the cost of Jeans, we men wear Jeans slot and I must confess, the cost of buying jeans have really tripled too. I remember I usually buy A jean trouser for just #3,000 but now the price varies on the quality and the least amount to buy one is now #10,000.
The same pricing with polo wears and round neck.
But I think the Native materials haven't added much price yet, their have been just a slight change of price.

A possible change of location?

Yeah I have been planning to relocate to another place entirely, I was planning to relocate to Lagos to start a new business and probably a tech career, but considering the situations of things presently in my country, I wouldn't want to relocate back to any place In this country rather I want to travel Overseas. Relocating to places like United Kingdom or United States can be very Expensive these days but honestly I think that would have been a better option to try.

What is My solutions to the present cost of living crisis?

I do a lot of things to manage the situation for example: Tracking My Expenses
The first step in taking control of my finances was to track where my money was going. I started writing down every single transaction, no matter how small, in a notebook. I also used an app to help me stay on top of my spending. This gave me a clear picture of my financial situation and helped me identify areas where I could cut back.

I also Prioritise My Spending:
Once I had a handle on my expenses, I prioritized my spending. I focused on essential expenses like rent, utilities, groceries, and healthcare. I cut back on non-essential expenses like dining out, entertainment, and hobbies.

Another big step I take is Creating a Budget Plan
I allocated my income into different categories based on my priorities. I used the 50/20/30 rule as a guideline: 50% for essential expenses, 20% for savings and debt repayment, and 30% for non-essential expenses.

I also looked for ways to reduce my household bills. I started by spreading my bills over smaller, more manageable payments. I also made simple changes like switching to energy-efficient light bulbs and turning off appliances on standby. And, I reviewed my subscription services and canceled any that I didn't use regularly.

Finally, I explored ways to increase my income. I took on a side hustle, freelancing in my spare time. I also decluttered my home and sold items I no longer needed or used. And, I asked my employer for a raise, which I was fortunate enough to receive.

I've been able to cope with the cost of living crisis. It's not always easy, but I've learned that small changes can add up over time.
Remember, budgeting is not about depriving yourself, but about making conscious choices about how you spend your money. By being mindful of your spending and making a few simple changes, you can navigate the cost of living crisis and achieve financial stability.

Here is my response to #hl-w159e1