It would seem almost redundant to say the Ghanaian economy is acutely challenged. Spiralling inflation, escalating interest rates and the obvious plunge in the real incomes of many Ghanaians is a morbidly less than desirable state of affairs. Many are barely scraping to get by and the pressures of our crisis-ridden economy has instigated and pushed many into frequent, open, covert and psychotic rants of eeei, aaah and ajeei!

The ability to navigate such periods of economic tumult requires a deliberate adoption of some tactics that would ameliorate the effects of these challenges and hopefully ease our ride and eventual rise out of that quagmire. In his book “Good Money Habits in Bad Economic Times”, Richmond Kwame Frimpong recommends unequivocal intentionality in deciding you are going to act in a specific way 100% of the time. I discuss below six techniques that would help you not only survive but also thrive during these trying economic times.

Create a budget: Creating a budget is one of the most important steps you can take to thrive during difficult economic times. This will assist you in understanding where your money is going and identifying areas where you can save money. A budget is simply a plan for how you intend to spend, save, or invest your money. Everyone makes use of a budget in some capacity. We all have an idea of how much money we have and how much we can afford to spend. A budget forces you to prioritize your spending by tracking your monthly income and allocating a portion of that income to various spending categories such as housing or rent payments, groceries, or savings and investments. A budget keeps you from spending money you do not have by ensuring you plan for and track where your money goes. You are able to put your spending in check, save money off purposeless undertakings and consistently taking daily steps towards your more pertinent life goals.

Reduce expenses: Once you've established a budget, next is to look for ways to cut expenditure. Cutting back on what you may consider luxury items, negotiating lower bills for any personal care or service providers, or finding cheaper alternatives for everyday items. Instead of eating out, consider eating at home. Get some simple, tasty recipes that you like and stock your refrigerator. If you find cooking difficult, pick up Dr. Alberta Bondzi Simpson's book "Serving Ghana," which contains over 70 everyday Ghanaian recipes with step-by-step cooking instructions. You would have the added advantage of managing your health by controlling what you eat. Shop wisely and don't be tempted to spend money on something merely because it's on sale or on promotion! Non-essential recurring bills, such as club memberships you don't use, monthly internet services you hardly use, Netflix and other pay TV subscriptions you never watch, and any other subscriptions with little or no practical value, should also be eliminated. Use low engine capacity vehicles and creatively reduce your electricity bills by turning lights off and using low consumption devices and if at all possible consider Doing it Yourself(DIYs) for routine activities like laundry, gardening and carrying a lunch pack. Explore less exorbitant options for having fun, and for the brothers forget big “nyash” and boobies or if at all necessary, focus on just one pair. Even that is enough to kill you.

Avoid Debt: In difficult economic times, borrowing to maintain a certain lifestyle may seem justified. But borrowing in such situations is akin to digging further when you are already in a pit. The religion of Islam forbids any kind of borrowing that requires the payment of interests and the Bible warns that the borrower shall be a slave to the lender. In his book on Frugality, Bishop Dag Heward-Mills discusses: The Principle of Gathering Crumbs, Counting your penniesdetermining to waste nothing. Instead of borrowing, determine to live firmly within your means, avoid buying on impulse and engaging in any unplanned spending. Whenever possible, pay in cash or in advance for anything you buy and do not defer a payment especially if you can afford it. And, if you cannot afford a thing, your personal peace is unquestionably more valuable than the stress of owing anyone. If you own or run a business, do not aim for steroidal growth by engaging usurious lenders. You would be operating a camouflaged servitude rather than actually running a business for profit.

Increase your income: Increasing your income is another way to thrive during difficult economic times. Taking on a part-time job, starting a side hustle, or negotiating to get paid higher for the work you do. If your job offers overtime opportunities, make the most of it. If you have spare rooms in your house, consider enlisting on AirBnB or Booking.Com. If you have a spare low engine capacity car, get a sensible driver to work on Bolt or Uber and bring you sales, otherwise get on the road yourself for a couple of hours every day after your 9 to 5 and on weekends. You should seek creative and innovative ways to monetize your hobbies or the skills you already possess. If you are good at writing or are a voracious reader, consider creating or writing for blogs and offering proofreading services. If you are great at cooking, you might want to start a cooking channel on YouTube to showcase your recipes. If you possess oratory and public speaking skills, consider emceeing events. Other skills that could quite easily be monetized include Gardening, Photography, Video editing and Comedy. Starting out on any side hustle requires a bit of time to enable you gain mastery and recognition but it would most certainly bolster your personal cash flow position overtime. Finally, if you have excess money and are not sure what to do with it, invest safely or consider collaborating with persons that have complementary abilities and shared values on an entrepreneurial venture.

Create an emergency fund: An emergency fund is a savings account or a highly liquid investment that can be immediately accessed and used to cover unexpected expenses like a medical bill, car repair or supporting a loved who is in trouble. Putting money aside for an emergency fund gives you financial security and peace of mind and your financial situation does not get significantly altered should any such emergencies occur. There may also be unexpected life events such as a job or income loss and having an emergency fund would help you better manage that transitional period. Your emergency should only be touched or accessed except in an emergency or taking out a percentage for investment in a prudent and beneficial project and not over some spurious extraneous pressure from within or without.

Invest in yourself: Difficult economic times offers an excellent opportunity to invest in yourself and getting prepared for emerging prospects whether in your field or others. Taking a course to improve your skills, starting a business, or pursuing a new hobby are practical ways of adding value to yourself. Some of the most in demand skills today include digital marketing, Search Engine Optimization, Freelance Writing, Photography, Video Editing, Graphic Designing, Web Designing etc. Nearly all these courses can be taken on either Coursera or Udemy. Some of the courses are also available for free while others are periodically offered at great discounts. 

Be Informed: While you seek to add value to yourself and enhance your earning opportunities, it is important to remain up to date on the economic situation and be mindful of any changes that may either affect or be beneficial to you. During most periods of economic slump, there are often pockets of opportunity whose careful pursuit could bring relief and help you bounce right back. Staying informed would allow you make more reasoned judgments about your finances and prudently guide how you can make the most of any of all potential opportunities.

In tough economic times, it is important to maintain a healthy mindset and be proactive in confronting all the challenges you are faced with. By implementing these strategies you would be able to gracefully ride through tough economic times and in a little while, your Eeiiiiiis would get transformed into Yo! Yo! Yo!, Praise the Lord and Alhamdulillah!

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The writer, Muniru Husseini, is a Marketing Strategist and lecturer. You can contact him via Email: muniru.husseini@gmail.com