How to cope with tough economic times
By Josephine Agbonkhese
Like never before, money is on the minds of every Nigerian. A few months back, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, shockingly revealed that approximately only 5% of people in Nigeria have more than N500,000 in their bank accounts.
And, of course, one knows how grossly insignificant N500,000 can be right now in an inflation-ravaged economy such as ours.
Money and the economy have, therefore, increasingly become significant stressors.
But, like most of our everyday stress, this tension can be managed with healthy strategies.
Here are tips that will sure help.
Don’t panic
There are too many negative stories in the news about the state of the economy. While you should, of course, pay attention to what’s happening around you, do all you can to refrain from getting caught up in doom-and-gloom hype, which can lead to anxiety. Remain calm and stay focused.
Identify your stressors
Take stock of your particular financial situation and what causes you stress. Write down specific ways you and your family can reduce expenses or manage your finances more efficiently. Then, commit to a specific plan and review it regularly.
Be careful how you deal with stress related to money
In tough economic times, some people are more likely to relieve stress by turning to unhealthy activities like smoking, drinking, gambling, or emotional eating. The strain can also lead to more conflicts and arguments between partners.
Turn challenge into opportunities
Times like this, while difficult, can offer opportunities to take stock of your current situation and make needed changes. Think of ways that these economic challenges can motivate you to find healthier ways to deal with stress. Try taking a walk or having dinner at home with your family, which may not only save you money but help bring you closer together.
