Currently, kenya is facing the toughest economic crisis since independence. This has been caused by the drop in the shilling, lack of jobs for the youth, harsh business conditions and high taxation. But what can one do to survive and beat these times.
One can save more. These are the times that you don’t save for the future, but save for tomorrow. People don’t get enough to use and save. The little you get today can save you tomorrow. Therefore, learn and adopt a saving culture. Your savings will save you incase of an emergency.
Cutting expenses can be another way to survive in these tough times. Basic needs should be given a priority and secondary needs should be minimised. This is in a bid to ensure that the little you get remains in your pocket to avoid frustrations.
Income diversification can come in handy in proving alternative incomes. This is by identifying different ideas that can help you create money. It can be through business, online like:Dropshipping- Make Money Online Without Owning A Store and many other options that you see fit. Depending on one source of income in times like these can be risky to your financial growth.
Budget and planning is also a good tactic to beat this harsh economy. Alway plan for the funds at hand. Strt with the needs. Ensure you plan and budget for your money to avoid overspending on unnecessary items and avoid panic buying.
LIVE WITHIN YOUR MEANS. This is the most important of all. Living within your means simply is living off what you can afford. Don’t ruah to upgrade when you know you can’t mantain that lifestyle for long. Take your time and always plan your moves. Living within your means can help you even save more by shedding off unnecessary pressure.
As a country, we are in an economic crisis. Finding side hustles to keep more sources of income is essential. But it will be useless if you can’t buget for the income well. Overspending can throw you off the radar. Therefore, cut your expenses, budget well and diversify your income. Good luck.