Inflation at it peak and my tips on survival
Why am i not so surprised with the inflation at the highest in my country, this is inevitable when the leaders think more about themselves than for the welfare of the citizens, sometimes i wonder why we need so many denominations of our currency....
We have the #5, #10, #20, #50, #100, #200, #500 and #1000 and the 5 naira is a useless currency among all now because i am not sure there is anything selling for that rate in my country anymore, the 10 naira is getting to its useless state too as only few things can be bought with that, things like pure water and sometimes even pure water price can go as 20 naira per one...
Then suddenly they plan to introduce the #5000 note, they plan to destroy the country completely when we are still struggling to survive the harshness economy, the #5000 naira will not only causes more inflation but the government will be able to loot more as it will be easier for them to steal more money when the currency have higher note like the 5000 naira...
Gone are the days of our fore fathers, 1 naira can buy a lot of things when they go to the market and there will even be change left, they give their children kobo to school and they enjoy lot of snacks and other goodies but now, 1000 naira can't cook a good soup, you need something like 4000 naira upward to cook a better soup...
It only get worse with each passing year, i could remember sometime in 2011, you can buy 150 naira bread and 100 naira beans and eat to your satisfaction, but now 100 naira beans is like giving a toddler food and 150 bread now sells for higher amount, infact the 150 bread of that time is bigger than the one they sell 300 naira now, so it is only getting worse!
Air condition that sells for 40 000 naira 4 years ago is now 180 000 naira, it is finished and what annoys me more is the silly excuse they give, that things are now costly but i do not believe that ! it is people making life difficult for people.....Someone want to import goods from other countries to Nigeria, the custom will collect their share, the transporters will collect their share, some other nuisance i don't know working for the government will also collect their share and by the time the goods lands, the owner will want to make its profit too plus all the money he spent settlings those he met on his way, so a good he bought for 200 000 naira will be sold for 500 000 naira and this is exactly one of the reason for the hardship we are going through in the country...
If government stop this unnecessary tax and billing by their workers, life will be easier and that can help reduce the inflation a bit...
As an individual, how do i cope with inflation....
Prioritizing my needs over wants : Money is so easy to spend since things are now over costly while the salary and wages remain stagnant, the best way to save ourself is to buy what we really need, our want can come later when we have money in excess to beat the inflation but for now, surviving is what really matters...
Avoiding things that cost much more to maintain: I am really avoiding things that will cost me more than i bargain for, things like car, we all know fuel is costly and having a car means fuel must be a constant thing to buy, days of flat tyres and other car maintenance too will be there so i support the use of commercial vehicles, cheaper, and when there is traffic, you can easily find your way around but if it is your car, you can't abandon it to find another way home lol..
Have a dealer: It is better to have trusted dealer that sells things for you at the normal rate than trying out different ones, sometimes you get to pay for more than it cost, funny part is sometimes you will feel like you got a good deal but you would be shocked they gain like times 3 from you with your purchase lol... I have my dealers when it comes to clothes and gadget and they always do me well, like the cloth that cost 17k in boutique, my dealer sells it for me at 12 or 13k and still make her own gain....
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Sometimes, when I buy bread #200, it doesn't add up in my stomach. It's as if they just blew air into the bread. Price of goods are going up while the quantities are less. Things are so expensive these days that the only thing we can do is to learn how to manage and focus on our needs rather than wants.
it is not just you, eating 150 bread nowadays is like taking snacks, and things only get worse, what is the way forward😫
The rate at which the cost of goods go up baffles me...so many items are more than double the price and I wonder how it will look like in few years to come if nothing is done about it. We are finished indeed.. lol
But then, finding ways to cope is the goal...I like the tips you gave on how you cope
Thanks for sharing
we are finished in advance😁 i do not see any hope of the price of things going down, only up!
May God continue to enrich our pocket
Smiles
Amen oo
This post has been curated by Hive parkistan.
It's just getting worse and they keep giving different excuses of what the cause is when in reality they are the main problem. Inflation has skyrocketed over here too in the past few years. I find the last tip of having a dealer really useful ;)
There's the market price and there's the real price.
yea you got it bro, the market price atimes is based on how you dress, some people are like robinhood, they sell high to the rich and sell low to the poor which is not suppose to be like that, sell your goods at the normal rate for everyone
Indeed bro. The price they sell you at is based on your appearance. Thank goodness appearance can be deceiving but the thing is that selling at the normal rate to all people is really the right thing to do.
Omo
The inflation is everywhere ooh
This is what a lot of people need to know so that they will not continue to blame our country alone
yes, not just nigeria, i have a friend in sweden that complains about the same thing
Seriously, I am always sad when start to think on how our government are treating us , they only love themselves.
I just pray God saves us all from this wicked governments of ours.
if we change the people ruling, unfortunately those that will occupy the seat will do the same thing cos everyone's mindset is the same, and that is what we need to change first
Yes needs over wants should be practiced always. This will really help us cope with inflation.
yea right
Having a trusted dealer is good, however having them in multiple is better, Incase they start thinking about monopolizing the price of goods
this sounds good too, having multiple dealers will put you on the safe side and not put total trust in one
Yes, there's inflation everywhere but the rate of inflation in Nigeria is higher than the rate in most countries. The prices of things don't only go up, but the quality and quantities of the items go down. For instance, my daughter used to get satisfied with 2 packs of noodles, but now she takes 3 because the quantity of each pack has reduced tremendously.
Then, it took her a month or more to finish a carton of noodles, but now it takes her about 2 weeks to finish a carton. Another ugly trend that I have noticed is that if your vendor says a particular product is out of stock, by the time he/she restocks the very product, it's price would have shot up drastically. For example, I used to get a pack of Lipton tea for N300 long ago. It gradually went up to N400. And a few weeks later, the price hit the N500 mark. Now, it's N600. My wife and I have no choice but to switch to Top Tea that goes for N400 currently. That saves us N200 on each pack.
So, in addition to prioritizing your needs over your wants, you could also go for cheaper alternatives. We can only hope that things will get better.
Thanks for this post.
this is a nice tip you give out too,, honestly i don't see things getting better... price only goes up while the quantity and quality of the goods reduce
Recently the government reduced the price charged by customs on imported goods. Prior to that, someone that bought a second hand car in Us for 600k will end up paying custom almost a million for clearing. My friend once abandoned the bags she bought because of the amount of money they called for clearing which was way expensive than the bags.
just imagine, this is why those goods are expensive tobuy, i blame the government and custom, all this cars ain't suppose to be that expensive but what do we do