• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Financial Literacy

A Guide for Nigerians on Managing Personal Finances in Turbulent Times

Opeoluwa Dapo-Thomas by Opeoluwa Dapo-Thomas
August 29, 2023
in Financial Literacy, Personal Finance
Personal finance

Image credit: Freepik

Share on FacebookShare on TwitterShare on Linkedin

In an era of economic instability and rapid change, efficiently managing personal finances becomes even more important.

Navigating through challenging times requires a combination of strategic planning, intelligent decision-making, and agility for Nigerians.

The turbulent times are not peculiar to Nigeria but are a global issue. The financial landscape from a global perspective for Nigeria’s economy can be volatile and unpredictable. Moreso, given the current economic challenges in Nigeria with soaring prices of goods.

RelatedStories

Investing

Why the average Nigerian should consider investing rather than financial trading

March 17, 2024
How inflation affect your personal finance

How inflation affect your personal finance

August 13, 2023

It’s important to have some tips to navigate turbulent times.

Have a budget

The importance of creating a budget cannot be overstated, and it is most important to stick to the budget. In turbulent times such as this, it’s important to create a budget from your daily income. This helps you stay focused and be financially disciplined, knowing full well that volatility can rob you of the little you have saved or invested.

Cut out unnecessary spending

This stems from creating a budget. In turbulent times, it’s important to cut out any expenses that you consider unnecessary or non-essential. During turbulent times, it’s not the time to gather or spend lavishly; it’s a time to be prudent with your finances.

Also similar is the fact that you have to prioritize your essential expenses. You have to always consider essential things such as food, housing, and healthcare.

Emergency Fund

As much as it’s difficult during these times, you should strive to have an emergency fund that helps you get things done quickly. If you are an individual who is self-employed, you can create an emergency fund that will help you get any of your tools fixed as quickly as possible when they’re faulty.

Save energy

This is also a time to conserve and save energy to cut the cost of some of your bills. You might consider making some changes, such as turning off appliances in your home when not in use, to save money.

Stay informed

This period also requires you to make conscious efforts to stay informed and glued to platforms that keep you updated and abreast of economic and financial changes on a daily basis. A change in the FX market could affect your business or income.

Invest wisely

At this point, people become desperate due to the nature of the economy and will readily jump on any available investment scheme to make extra income. You might have to consult the services of a financial adviser before you make any commitment to investing in any business, as Ponzi schemes are usually on the rise during this period.

It’s important to keep in mind that maintaining financial stability during difficult times requires a combination of short-term changes and long-term preparation. In order to successfully navigate economic issues, it’s important to continue being flexible and proactive with your money management.


Follow us for Breaking News and Market Intelligence.
Tags: Personal Finance
Opeoluwa Dapo-Thomas

Opeoluwa Dapo-Thomas

Dapo-Thomas Opeoluwa is a British-Nigerian International Financial Analyst. He has vast experience in managing portfolios across Africa, Europe, and Latin America, with strong interests in Crude Oil, Cryptocurrencies, and Financial Markets. Find all his articles here https://nairametrics.com/author/opeoluwa-dapo-thomas/ You may contact him via his email - opeoluwadapothomas@gmail.com.

Related Posts

Investing
Financial Literacy

Why the average Nigerian should consider investing rather than financial trading

March 17, 2024
How inflation affect your personal finance
Economy

How inflation affect your personal finance

August 13, 2023
Personal finance
Financial Literacy

Personal finance tips for the month of August

July 31, 2023
Insurance, Personal finance
Financial Literacy

Why you should consider insurance in your personal finance

July 21, 2023
Personal Finance  
Financial Literacy

The importance of setting personal finance goals and tracking your progress

July 19, 2023
Important factors to consider before buying into any company
Investment Tips

Important factors to consider before buying into any company

June 24, 2023
Next Post
FG announces date for introduction of HPV vaccines 

FG announces date for introduction of HPV vaccines 

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

nlng
Zenth Bank
Emple
first bank
Zenth Bank








DUNS

Recent News

  • Empowering Nigeria’s Backbone: SeedFi and Winich Farms unlock access to credit for farmers 
  • MicroStrategy acquires 7,390 Bitcoin worth $764.9 million amid rising institutional adoption 
  • Ibadan airport to begin international flight operations by June 2026 

Follow us on social media:

Recent News

Empowering Nigeria’s Backbone: SeedFi and Winich Farms unlock access to credit for farmers 

Empowering Nigeria’s Backbone: SeedFi and Winich Farms unlock access to credit for farmers 

May 19, 2025
Bitcoin

MicroStrategy acquires 7,390 Bitcoin worth $764.9 million amid rising institutional adoption 

May 19, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics