Six Effective Ways You Can Cut Cost In Economic Hardship

There is no gainsaying that the current economic situation in Nigeria has forced many individuals and families to think of ways to cut costs, save money and what to do to earn more. As we all know, inflation is on the rise but income is in coma. However, saving money doesn’t have to be a difficult task. Here are six effective ways you can adapt in these hard times.

1. Cook and Eat at Home

This is very essential because it is most certainly one of the compulsory daily engagements you must have. Eating out can be tempting and convenient, but it can also be very costly. Cooking and eating at home not only saves money but also provides an opportunity to eat healthier. Cooking at home allows you to control the ingredients and portions you consume.

2. Use Public Transportation and Plan your Movements

Sentiments set aside, owning and maintaining a car particularly at a time like this, can be very expensive, but using public transportation can save a lot of money. Public transportation, though it comes with so much hassles, is not only cost-effective but also good for the environment. Carpooling or cycling can also save money while providing a good exercise routine.

Another important thing you should do is to plan your movements. Basically, this is not about avoiding to go to some places but more about synergising your movements. You don’t want to find yourself in a situation where instead of stopping at the market on your way from office, you had to get home and then return again to the market. That is not smart. This is the time to have a plan book where you can itemize your to-do list.

3. Buy Smartly

Purchasing groceries in bulk, comparing prices, and taking advantage of sales and discounts can result in significant savings.

Shopping at local markets instead of supermarkets can also save money on groceries. Make a grocery list and stick to it to prevent impulsive buying.

For instance, do you know that there are very cheap and more voluminous data subscriptions that can save you money? Data is life and no doubt, many of us now spend a chunk of our income on data subscriptions. A smart buy would be to go for the more voluminous data plans at cheaper rates.

4. Cancel Unnecessary Subscriptions

Subscriptions for streaming services, magazines or other monthly services can add up quickly and become a significant expense. Take a closer look at your subscriptions and cancel any that you don’t use or need. You should consider sharing subscriptions with friends or family to split the cost.

5. Repair Instead of Replacing

When something breaks, it’s often tempting to replace it with something new. However, repairing items instead of replacing them can save a lot of money in the long run. Learn basic repair skills or take broken items to a repair shop instead of immediately buying new ones.

Recently, I was able to overhaul all my old shoes simply by taking them to a competent shoemaker to remake them with new leathers. Guess what, it only cost to fix three shoes the same amount it would cost me to buy just a single shoe. This is a time to get creative.

6. Negotiate Bills and Contracts

Negotiating bills and contracts can result in significant savings. I know some of us could be so tender-hearted when it comes to haggling but hey, this is not a time to turn father Christmas. Always do an on-the-spot analysis of value derived from any product or service you are billed for and negotiate accordingly.

Don’t be surprised, many traders and service providers just indiscriminately adjust prices on hearsays. And without any thorough analysis, they wrongly inflate prices against the actual value being given. The truth is this, they are business men whose goal is to make profit. You are the one that needs to be smart by negotiating every bill in fairness to the value you are getting.

By implementing these six ways to cut costs in hard times in Nigeria, individuals and families can further reduce expenses and improve their financial situation. It takes some effort and discipline but cutting costs is an effective way to save money during tough economic times.