How to survive the global economic crisis
Oct 31, 2008
<b>Wallet Talk</b><br><br>It is too early to tell precisely how the global economic crisis is going to affect us but we know it has increased the dollar exchange rate, forcing fuel prices to rise immediately.
Wallet Talk
It is too early to tell precisely how the global economic crisis is going to affect us but we know it has increased the dollar exchange rate, forcing fuel prices to rise immediately.
You will recall that whenever fuel prices rise, they do not come down significantly, even if the primary causes are reversed. And fuel prices affect the price of nearly every commodity.
It is, therefore, going to be more important than ever to watch your wallet.
Though your earnings may not necessarily rise to match the increased cost of living, you still have to ensure that you do not spend more than you earn.
Therefore, you have to begin cutting costs on almost everything, and here is how you can do it.
- Take on credit only items that you absolutely cannot do without.
Carry less cash in your pocket to avoid temptation.
- Spend only on things you planned to spend on. Basing on your income, work out how much you can afford to spend weekly, on what, and stick to that.
- Buy in bulk. For instance in Nakawa market, where a bunch of sweet bananas with eight clusters costs sh5,000, just one cluster may be sh1,500.
- Where you have to make contributions for weddings, etc, consider giving it in kind.
-Take time to compare prices before buying.
- Before you purchase anything, ask yourself whether you cannot do without it.
It is too early to tell precisely how the global economic crisis is going to affect us but we know it has increased the dollar exchange rate, forcing fuel prices to rise immediately.
You will recall that whenever fuel prices rise, they do not come down significantly, even if the primary causes are reversed. And fuel prices affect the price of nearly every commodity.
It is, therefore, going to be more important than ever to watch your wallet.
Though your earnings may not necessarily rise to match the increased cost of living, you still have to ensure that you do not spend more than you earn.
Therefore, you have to begin cutting costs on almost everything, and here is how you can do it.
- Take on credit only items that you absolutely cannot do without.
Carry less cash in your pocket to avoid temptation.
- Spend only on things you planned to spend on. Basing on your income, work out how much you can afford to spend weekly, on what, and stick to that.
- Buy in bulk. For instance in Nakawa market, where a bunch of sweet bananas with eight clusters costs sh5,000, just one cluster may be sh1,500.
- Where you have to make contributions for weddings, etc, consider giving it in kind.
-Take time to compare prices before buying.
- Before you purchase anything, ask yourself whether you cannot do without it.