Here are six ways large families can survive the harsh economic situation:
Bulk purchase
A developmental economist and tax expert, Mr Ade Dayo, told Saturday PUNCH that buying in bulk saves families a lot of money. “When you buy things in bulk, they are sold wholesale most times and they are discounted. It helps to budget more thereby saving money for the family,” he said.
Cut costs
“If your family eats five times in a day, this is the time to make it two,” said Dayo, while speaking on how cutting costs could save the family a lot of money. He also noted that there were a lot of things that families do not need that they end up buying during shopping, adding that large families must begin to learn to trim their budgets.
Always budget
Budgeting is one way experts have identified families can always stay in check when shopping. Ajidahun added that when one shops without a budget, they tend to either over-buy or buy what is not necessary while leaving out the most important. “When budgeting, write a list of things you need and those you don’t but may need much later and arrange them in order of preference and see how budgeting can help you achieve all you need with the cash at hand,” he said.
Multiple streams of income
A life coach and accountability partner, Esther Ken, in an interview with Saturday PUNCH, noted that it was almost impossible for families to survive with just one stream of income in a harsh economy like Nigeria’s. “Sell something on WhatsApp, offer a service, learn a new skill, change your job but make sure that you don’t depend only on your salary to survive. One day, you may wake up and notice that you have only been living from hand to mouth,” she said.
Cut energy usage
If there is anything that saps the resources of families, it is the cost of energy. From gas to electricity, large families may have to spend almost triple on their energy needs.
Dayo said turning off the lights and opting to bathe in cold water instead of using the water heater were simple ways to keep energy costs down.
Go for cheaper protein
Instead of chicken, turkey and beef, which have become pretty expensive, Ajidahun urged large families to go for eggs and fish. “The main point is getting the required nutrients and these other cheaper sources of protein will do the same thing,” he said.
