If you ever wonder how to overcome the hardship of subsidy removal, there is an expert advice that you should see.
The period we are in is a time everyone will have to tighten their belt and face the hardship that is here.
We all saw what happened around Lagos on Monday immediately after the president’s announcement that ‘fuel subsidy is gone’.
This has shot Nigerians into a period requiring some form of understanding and knowledge to navigate.
Petrol marketers have, for a long time, been warning that petrol subsidy removal without adequate plans will lead to increase in the price fuel to between ₦800 and ₦900 a litre.
Read Also: 7 Fuel Subsidy Removal Benefits Nigerians Are Not Seeing
Stock Your Homes With Food Items
We are at a point where everybody should be prepared for the hard times ahead.
So, a little advice, from experts says you should do the under listed.
1. Stock Up On Food
One of the very things you have to do now is to get food stuff and stock your homes.
The coming days will now attract price increase to accommodate the new reality.
Transport has shot up, with more than 200% and it will reflect in the prices of goods soon.
Buy food items in bulk so that you can save more.
2. Reduce Fuel Consumption
This is not a time to begin to use petrol like before. Do not take your vehicles out like you use to.
Arrange with people in your area to use a person’s car while you pay to the person to fuel and also maintain the vehicle.
This carpooling will help.
Also, you can walk, use a bicycle or take public transport instead of driving.
Also, efficient driving, like using cruise control, avoiding sudden acceleration and braking, could help lower your petrol consumption.
3. Consider Switching To Sola Energy
Generating electricity is one way that you use petrol more. You can consider switching to solar energy now and lower how often you use petrol.
4. Cut Back On Other Expenses
This is a time to bring your knowledge of scale of preference to bare.
Look at your budget and cut back on unnecessary expenses.
Some areas to look at are checking how often you eat out, considering your subscriptions to different services.
Look for cheaper alternatives to your current products and services.
5. Increase Income With Side Hustle
If you have not considered having a side hustle, this is the right time to begin. Look in the area of content creation, especially videos.
You can use your vehicle for hailing service like Uber.
You Can Also Read: Subsidy Is Gone: NNPC Adjusts Pump Price To Reflect New Reality
Also, freelancing and selling of crafts and your knowledge and experience could become a good side hustle if you get the training necessary for selling them.
6. Save And Invest
Currently, the pump price of fuel dangles between ₦500 and ₦600, while the official price has not changed from ₦186.
There are hard times coming, and you are only able to fall back on your savings at a time like this.
However, if you have not been saving, this is the next right time to begin.
Also, lay aside some money for investment for therein lies the liberation that you need for a secure financial future.