As we have all learned , surviving difficult economic times is quite challenging. Things are becoming increasingly pricey with each sun down. What K 20,000 could buy in January is not even enough to cover half of what you can buy now. Every day, we take turns being stunned by the high expense of living, which is fueled by food and service price increases. We cannot avoid it; the only option is to adapt or drown. There are various ways that have been found to help people get through difficult times; here are a few:
Budgeting: “Plan ahead of time or be surprised “. A clear budget is an important technique since it helps you to easily track and manage income and expenses. This helps in effectively planning bills and other spending, discovering costs that can be reduced, and assists in prioritizing key expenditures.
Upskilling: While working on other things, you can also find time to sharpen your skills as well as acquire new ones. New and improved skills will definitely make you more employable and expose you to different opportunities. Upskilling might also help you uncover alternative sources of income.
Emergency fund: This one might be a little bit harder especially when it feels like you have nothing to spare or are living from paycheck to paycheck. If you can, put aside some funds for an emergency. An established emergency fund is crucial as it can provide a cushion during tough times.
Debt management: No one ever plans on borrowing money, yet borrowing money is sometimes the only feasible choice one is left with to get through a difficult period. When obtaining a debt, it is critical to examine various issues in order to avoid worsening the situation; debt is typically a temporary solution to problems. Some factors to consider include the debt repayment period, one's capacity to repay the loan on time, how to avoid such debts in the future, and, most importantly, interests, repayment period and other terms surrounding loans. Loan sharks and debtors with ridiculously high interest rates must be avoided at all costs.
Mental Health management: Financial stress can quickly lead to anxiety, depression, and other mental health problems. It is critical at this time to prioritize one's mental health; a sound mind is essential in making solid financial decisions and all decisions in general. Stress management, exercise, and a healthy lifestyle are all simple strategies to live protect one’s mental health.
Lastly, a community: We all need someone to lean on when it all becomes unbearable. During difficult times It is important to strengthen the relationships we have with friends, family, colleagues, and our community . A strong community will introduce you to new opportunities and will come to your aid when you require emotional or financial support. This is not the time to isolate yourself; instead, seek assistance from your community to ease your burden.
Remember, adapting to tough times is a gradual process, try not to be too hard on yourself.
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