Recently, I have wished many times we can just go back to the pre-locked-down era. When just about 200 dollars can feed a family of two for one month. Those days I remembered going to the market with a budget of $200 and coming back home with loads of household commodities of things we need for one month. I will have to hire a taxi because it will be so much that I won't just be able to pack them on my own with a bag.
But these days, 200$ can no longer feed my hubby and me. I will go to the market with the same amount of $200 of the pre-locked-down era and I will carry my goods comfortably in one single bag. To tell you how worst we are feeling in this part of the world.
What is my survival strategy?
Financing our adulthood is a tough job and tougher in the present economy with the daily rise of inflation. In other to succeed one needs a good financial strategy. Below are my survival strategy
First and for most;
Make sure I do not fall sick by eating healthy food. Falling sick is not only suck but it will eat deep into your pocket. Therefore, prioritizing my health saves a lot of money than you can ever think of. I can't remember when last I fall sick. I eat healthy food and on time as timing is as important as healthy meals.
Second strategy is buying only the things I need
Gone are the days I will go on shopping sprees, and sometimes I ended up buying stuff I don't need. This day, before going into the market I will do a list of things I need according to their importance and if something is not very important it will be cut out of my list. This is one habit I will like to keep even when my income increase. It has helped me check my spending and increase my savings.
Thirdly, shopping from the local market and in bulk.
I have come to realize that the local market is cheaper and fresh stuff is sold there compare to the supper markets. There is this one local market not that far from my house, they have their market day once a week. This market is where I do my weekly shopping of foodstuffs mostly vegetables as other things like rice, beans, and yams are being shopped on monthly basis.
My fourth strategy is doing a lot of DIY
Things like washing my hair by myself, fixing the kitchen sink, and preparing my coconut oil for my hair instead of buying from the market help me to save more money for important things.
Fifth; Is the cultivation of savings habit
Good Savings habit is one thing that can help one survive and strives in the current economy. No matter what I earn I make sure to have some savings from it.
I set my hive goal in such a way that I don't spend more than 30% of my earnings no matter what. This way my account keeps growing and also I'm earning a compounding interest from it. I just have to work harder till at least 30% of my income is enough to sort me out.
Up my bargaining skills game
As a business person myself, I'm very much aware that most sellers will give you the price of their goods based on how well you look. So, I have learned to beat down prices when purchasing things from the market.
Go for quality durable stuff
I saved more by going for quality durable inexpensive brand products, this way it saves me from future purchases. This inflation does not look like is going anywhere I better think ahead of it. When I'm buying, cheap buys are not my priority but quality and durability are.
Bulk buying
Buying in bulk for storage when products are in season, that way is cheaper. For example, food products like beans, corn, tomatoes, and, pepper are currently in season. I usually buy some that can last me for weeks or months depending on the product, and in large quantities. Store them in the freezer for the perishable ones.
This is how I have been copping with the current reality of our economy, I'm only hoping that things get better, until then, we try our best to manage the situation.
This is my entry into the ladies of the hive contest #115 I know is late right, you can put some blame on Jr as he has been taken a lots of my time lately since his grandma left to her place.this topic interests me a lot so I'm posting it anyway and I hope that it might interest someone.