People, the economic recession is upon us here in Nigeria and there’s no running away from it. If before it was good practice to be prudent with money, it is now a matter of survival; and as a wife you’ll find it’s down to you to figure out how to save money at home. Luckily, we’ve come up with five ways you can really stretch your naira and get your family through the recession.
1. Be conscious with your spending
Have a day you set aside every week to review what you spent money on, from electronics to food to even airtime. You might be surprised how much you’re spending on certain things. Then make a budget, a list of what is needed only, and stick to it for the next week. Put aside the money you save and don’t touch it. If you save just N500 a day, you’ll have N168,000 at the end of the year to play with. Now let that accumulate over the years. Now imagine if you save more than N500 a day.
2. DIY, within reason
Learning to do things yourself will save you money you’ll otherwise spend on expensive repairs or replacements. You can learn to sew, even if it’s just hand stitches so that you can mend clothes, curtains and so on. Try some DIY beauty treatments. Do small repairs and minor tasks like changing filters, light bulbs and fuses. However, be careful not to take on major repairs you don’t know much about. You could end up spending more to fix the damage.
3. Save on electricity
Cut down your electricity bill and fuel costs for your generator by eliminating phantom electricity. Make it a habit for everyone to turn off lights and unplug any devices and electronics that are not in use. Only plug them in when you need them.
4. Host a potluck
Just because you can’t go out and spend money doesn’t mean your social life has to die. You can have all your friends over for a fun party without spending much. Host a potluck and have everyone bring their favourite meals and drinks. This way everyone shares the cost and no one spends too much but there will be lots to eat.
5. Use multipurpose products
There are so many different products for different things now, but going back to the basics is just as effective. You can get products like castile soap which can be used to clean the house, wash dishes and clothes, and even be diluted for your skin and hair. Look up home remedies like vinegar and baking soda. They have a ton of uses.