3 minute read

How to financially survive difficult times Part 2

By Coach Princess - Award in Financial Planning (CII, UK), COP (ZW), ToT (BW)

Times are very hard now, and many families are stranded financially. In part one we discussed the essence of doing odd jobs, starting a business, and cutting down on costs as some crucial ideas during tough times. In part two, we look at how individuals and organizations can increase income or cut down expenditure through selling some properties and belongings, move in with parents or friends, share accommodation, back to the village, share transportation, etc Move in with parents or friends. When the economy becomes so uncertain and difficult, you may have to temporarily move in with parents, relatives, or friends. It is not the best option, but it can be helpful. If you happen to move in with loved ones, it is encouraged that you should contribute money to the expenses in the house or to help with manual labour. This helps to avoid you becoming a burden to the loved ones. Reminds me of Letso who once came to me for financial coaching and explained that his life was messed up because relatives did not love him. I sat down with him and asked about his habits at the house where his uncle took care of him. I quickly realized that Letso was no willing to help at home with any chores. Who on earth wants to take care of someone who only eats, drinks and sleeps? Nobody does that. I had to counsel Letso to go back home and get responsible. I am glad that when I met with him after two weeks, he told me that he was so glad because his relationship with the loved ones had vastly improved. This was due to Letso’s changed attitude and ability to help with chores and gardening when he was home before and after running his micro enterprise. Back to the village Sometimes it can be helpful to consider moving to the village during the economic downturn. This applies mostly when you become either underemployed or unemployed. This reminds me of Peter who lost his job and asked for advice from his mentor. He was advised to move to the village and ask for land from the authorities. He did so and got three hectares of land. Peter asked for manure from one of his aunties who had a lot of cattle and goats. Of course, he got the manure for free. He went ahead to plant sweet potato cuttings which he got for free from neighbours. To cut the long story short, although it was hard work for Peter, he harvested an enviable number of sweet potato bags that caused him never to want to leave the village for three years. However, after planting sweet potatoes for three years and saving about P120 000 from the farming projects, Peter was able to get back to the city and start a small carpentry shop which had been his childhood dream. In ten years, the small carpentry shop had grown into four carpentry shops, hence Peter employed fourteen people. Thus, you can see that when one door closes, do not lose heart, just open your eyes to new possibilities. Share transportation Before these very difficult times, some people had already started sharing transport when going to work. One will park her car and use the neighbour’s car for a month. Then the following month they use the other friend’s car. In some cases, depending on the arrangement, the neighbours or friends contribute money for fuel. So, instead of each neighbour fuelling their vehicle daily, four neighbours can use one vehicle. The same applies to transportation of children to schools. Some friends or neighbours use one motor vehicle to transport the children and save on time and fuel. One must always look outside the box to find ways to cut costs and increase income.

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Thank you for reading this article. I hope it inspires you to find ways to reduce expenses and to increase income during these tough times. Stay safe and strong.

I hope to see you when I bring article part three.

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