SEC17 WK4: The effects of economic hardships on families

The effect of COVID-19 on the world economy has not been subdued for the past few years and it became more intense with more economic crises experienced across the world.

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The present crisis experienced in each country is not limited to the region alone, all regions across the world experience it, well it's minimal in some places. Let's talk about the impact of the present economic crisis on my family.

The direct answer to this will be YES. I have been directly affected by the present economic crisis across the world particularly in Nigeria. The intensity of the hardship set off after the federal government of Nigeria chooses to remove the fuel subsidy.

Even if the government have a solid reason to do this, we can't deny the fact that fuel subsidy is the only direct benefit citizens have enjoyed over the years. There are claims that there is mismanagement of fuel subsidy funds which prompted the federal government to scrap the project.

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The price of commodities skyrocketed with fuel subsidy removal, of course, that is expected because products rely on transportation to reach where they are needed. We now buy things x5 and more of what the price used to be.

Furthermore, floating the NGN against the USD contributed to the hardship because products either imported or not are not extremely expensive. Vendors have largely leveraged the devaluation of Naira as a means to hike products' prices. And all these have a strong effect on my family finances.

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Let me share some scenarios with you:-

Scenerio 1

My family intended to get a mattress around two months ago, we first went to the store to enquire about the price and it was 154,000 NGN. We weren't ready then so we didn't visit the store after that time.

After a week, we felt the ever-increasing price of commodities may affect the price of the mattress such that I visited the store and made a payment of 154,000 NGN, but we didn't pick it up that day.

The second day, I went back to the store to pick it up and I was told that I was lucky to have paid the previous day. In less than 15 hrs, the price has moved from 154,000 NGN to 175,000 NGN. That's how crazy things have gotten.

Scenerio 2

So we saw this rubber wardrobe for babies some time ago and we felt that would be great to cut down expenses. It was 32,000 NGN the first time and after 3 weeks, we got to the same store and the price has moved to 54,000 NGN.

The rate at which commodities increase in price these days isn't a joke anymore and almost every family felt the impact.

The first thing we do is to limit our purchases to things that are extremely important for household use and not in excess. For example, my twin girls consume two tins of NAN baby milk every week which costs 15,600 NGN, even though this is essential we only get them when we are about to exhaust the last one hoping their mother's lactation will be sufficient for them in the coming weeks.

In addition, we only cook what the house can finish at once to leave no room for excess around the house. I remember a few times when I would forget to refrigerate our excess food only to wake up the next day to see them spoilt. We have not given room for such wastages again.

We plan our trips now, we live in a far distant place to the town as such we ensure we get all that would be needed once until the next time we need them again. This has helped to reduce the number of trips we take in a week and the cost spent on transportation.

Proceeding from where I stopped in the last section, there is a popular slang on the street of Nigeria that says Double your hustle, which is vulgar slang for working twice as much. As a web3 expert working with a project, I deemed the stipends can no longer sufficiently support the family as such I have ensured I'm always on the lookout for more opportunities.

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I have also tried to improve on my investment research to ensure we get more from the investment world, you don't want to miss some important moves. Of course, that affects my sleeping time but still within a healthy range to balance finances and well-being.

Learning new things will pave the way for new opportunities as such I have not stopped learning some important skills to get ready for the what opportunity might present itself. This is one of the few precautions that will help to meet the family's needs when they arise.

In conclusion, the financial crisis across the world has affected a lot of families and mine is one. We can't complain in the face of difficulties and expect to win as such I have taken steps to do more and complain less with the hope that the family will win over the difficulties sooner. It's a pleasure taking part in this and I would like to invite @ruthjoe, @inpsiracion and @irawandedy to participate.