Kemmy Adekunle loves luxury and her antennae seem to be trained to seek out the most expensive things on offer. She shops at liberty, sneaks off for a drink at one of the most expensive bars on Victoria Island, and likes to loaf in fancy spas.
But that was then. With downward review of her salary late last year, courtesy of the 2011 bank reforms and acquisition, her banking job is no longer blooming.
There is no much to spend again after meeting life’s necessities. This is a disaster for those who do not want to live in frugality; life that is cheap to run.
But she seems opposite of her architect husband who she thinks is frugal. With her current financial reality, she thinks the likes of her husband now have reasons to justify their thriftiness.
She is not alone in the situations as many find it difficult to meet basic needs nowadays. The days of jumbo salary seems over as many corporate organisations now resort to salary and allowance cuts to safe the ever-growing cost of doing business in Nigeria.
For the financial experts, even if the economy continues to weaken, hoping for the best is not a strategy; planning ahead is the best way to protect the family and build a strong financial future.
The first step in dealing with financial crisis is to list the family’s fixed expenses and flexible expenses, in order to identify where the family can cut back such expenses.
People should learn to be more spiritual these days because, it will draw then closer to God and most importantly, help then refrain from some lifestyle that make them spend unnecessarily. “Those that indulge in hard drugs, alcohol, and luxury life need to stop and use the money on things that will positively impact their lives,”
However, hardship is again, a hindrance to many youths that hope to further their education with the hope of living better life afterwards. But the high level unemployment is one other hurdle that awaits every aspiring young person in the country today.
The battle for survival in these hard times can only be won with those who are financially discipline, hardworking and with investment no matter how little it is.Goldmyne Media.
