5 Simple Strategies To Stay Cashflow Positive In These Trying Times

Fuel subsidy has been removed, transportation costs are skyrocketing, food costs are doubling, taxes are being worked into different aspects of living, university autonomy is gradually going to become a thing, and the poor can hardly breathe. Costs have increased for most people while income is on the same level, people’s take-home pays can no longer take them home. It’s time to restrategize.

Managing expenses and finding ways to increase income can be these times. Here are some strategies that can help people stretch their income, increase earnings, and manage finances effectively:

1. Budgeting: Create a detailed budget to track your income and expenses. Prioritize essential expenses, such as housing, utilities, and food, and limit discretionary spending. Set aside a portion of your income for savings or emergency funds.
2. Reduce Unnecessary Expenses: Identify areas where you can cut back on expenses. Evaluate your subscriptions, eating out habits, entertainment costs, and other non-essential expenditures. Consider alternative, cost-effective options.
3. Increase Income: Explore opportunities to supplement your current income. Take on part-time jobs, freelance work, or gig economy jobs. Consider utilizing your skills or talents to offer services or products on a freelance basis.
4. Upgrade Skills: Invest in your personal and professional development. Acquire new skills or certifications that can enhance your employability or open doors to better-paying jobs. Look for free or low-cost training programs, online courses, or workshops.
5. Start a Side Business: Launch a small business or a side hustle that aligns with your interests and expertise. Identify gaps in the market or areas where you can provide value. Leverage online platforms and social media to reach a wider customer base. If you need ideas on businesses you can start with less than N150,000 ($200) you can reach out to me.

Above and beyond all of these, you may need to talk with a Finance and Business Intelligence coach to guide you with templates to develop your budgets, ideas on businesses you can do with minimal capital, personalized strategies, investment advice, and ways to optimize your financial situation. Then it’s one thing to get good advice and yet another thing to execute it with discipline and commitment.

Kind Regards,

Adeolu Akinyemi.