19/07/2023
If you've ever felt worried, scared, or helpless about your financial situation, then it’s likely you’ve experienced financial stress. But you’re not alone. Studies show most people will face financial stress at least once in their lives.
Financial stress can show up in many different ways, but in general, it relates to any stress you feel as a result of your financial situation.
Recent inflation and interest rate rises are putting increasing stress on Nigerian's hip pockets.
Navigating financial difficulties can be an overwhelming experience that can leave you feeling hopeless and unsure of what the future holds. It's important to recognise that these feelings won’t last forever, and there are steps you can take to regain financial stability. The strategies outlined on this page are designed to help you manage your emotions, develop a plan of action, and take practical steps towards a brighter financial future. Remember, you are not alone, and there is always hope for a better tomorrow.
1. Create a budget
If you haven’t already, creating a budget is a great initial step towards resolving your financial problems.
2. Cut down your expenses
Cutting down your expenses and living below your means is a smart way of protecting your financial stability.
Here are some tips for cutting down your expenses so that you can save more money:
If you need to buy something new, check out whether there are any sales happening on that item
Where possible, and if you’re not going too far, walk or use public transport rather than your own vehicle to save on fuel
Cook at home instead of ordering in or eating out
Shop at stores that offer membership programs so that you can access discounts
Use apps and other tools to find good deals and discounts
It can help you reduce feelings of uncertainty, be in control of your finances and identify what changes you need to make to regain financial stability.
3. Find ways to earn additional income
If you have the capacity to put in a little extra time and effort, there are things you can do to increase your income from month to month.
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