Economic recessions can’t be avoided! The World has had worst recessions than the 2022, but its already scaring a section of the population. Usually recessions are as result of uncontrollable situations for instance wars, diseases, drought etc. However Economically its linked to forces of demand and supply.
2022 is not different. The Russia-Ukraine war created a mega economic recession that nobody can predict the end. Sanctions against Russia was a tool to stop war but economically cut down supply of an important driver of the economy. Limitation in fuel supply led to increased prices of Petroleum and Everything else that’s transported from one destination to another.
Coupled with unfair or rather ineffective laws to regulate prices, Seveer drought in Uganda, locals are depressed, hopeless, but for a few whose purchasing power are inelastic. However with all that said, we can survive through it all by making some adjustments.
Mindset. Believe you can and you will, in hard times, positivity is the only comfort and hope.
Scale down expenditures. In recessions, one owe to become an rational consumer. Purchase what you need and few of what you want.
Resell some items you don’t use. After all items can be bought back any time. Machines, household items and clothes can raise money to off set expenses.
Find part-time jobs. Well, despite employment, if your wallet can’t adjust to current prices, increase your finances by working more hours.
Budgeting for every little thing before purchase. How about you make a price list before heading to the market to avoid impulsive purchases.
The times may be hard, but we can survive by simply accepting lifestyle adjustments.
