1. Diversifying Income Through Side Hustles

One of the most effective ways to combat the rising cost of living is to generate additional income through side hustles. Depending solely on a single stream of income is no longer sustainable for many. Whether you have a 9-to-5 job or run your own business, side hustles can help you cover the gaps in your finances and create more stability.

Some popular side hustle ideas include:

– Freelancing: With platforms like Fiverr and Upwork, Nigerians can offer services such as graphic design, content writing, social media management, and software development to global clients.

– E-commerce: Online platforms like Jumia and Konga provide opportunities to sell products ranging from clothing to household items.

– Ridesharing/Logistics: Platforms like Bolt, Uber, Chowdeck and Glovo are popular among those who have a vehicle or motorcycle and want to earn extra income by offering transportation or delivery services.

– Agribusiness: Given the country’s agricultural potential, small-scale farming, poultry farming, and vegetable gardening are lucrative ways to increase income.

2. Budgeting and Cutting Costs

Another crucial survival strategy is proper financial management. The high cost of living can be mitigated by adopting smart budgeting techniques and cutting non-essential expenses. Here are a few tips:

– Track your spending: Regularly review your income and expenses to identify areas where you can reduce costs.

– Buy in bulk: Purchasing items in bulk can lead to significant savings, especially for food, toiletries, and household items.

– Cook at home: Eating out regularly is expensive. Cooking at home and meal prepping can drastically reduce your monthly expenses.

– Negotiate: Don’t be afraid to negotiate prices, especially for rent, utilities, and other services.

– Avoid debt: While it may seem like a quick fix, relying on loans or credit cards can worsen financial situations due to high interest rates.

3. Developing In-Demand Skills

Upskilling is key to staying competitive in today’s job market. As industries evolve, the demand for specific skills increases, and staying relevant can open doors to higher-paying jobs or freelance opportunities. Consider taking online courses in areas like:

– Data analysis

– Digital marketing

– Coding and software development

– Project management

– Graphic design

By investing in your skills, you position yourself to earn more, either in your current job or through new career opportunities.

4. Investment Opportunities

Though it may seem counterintuitive during tough economic times, setting aside money for investments can provide long-term financial stability. Nigerians are exploring various avenues, such as:

– Real estate: Owning property, even on a small scale, can generate rental income or appreciate over time.

– Cryptocurrency: Despite its volatility, crypto has provided high returns for many Nigerians. It’s essential to research and understand the risks before diving in.

– Agricultural investment platforms: These platforms allow individuals to invest in farm projects and earn profits when the produce is harvested and sold.

5. Leverage Cooperative Societies

Cooperative societies offer a collective way to save money, access loans at low-interest rates, and benefit from group investments. By joining a cooperative, mid-class citizens can pool resources to purchase land, invest in businesses, or provide financial support to members in times of need.

 6. Maximizing Social Capital

In Nigeria, strong social networks can be a lifeline during tough times. Maintaining connections with family, friends, and community members can help you access job opportunities, business partnerships, or even financial support in emergencies. Never underestimate the power of community during challenging economic periods.