‘’Times are hard’’ is a common statement you will hear in every corner of Ghana these days. One may be tempted to succumb to the notion that the situation is peculiar to Ghana. However, the economic difficulties are more global than local. All around the world, currencies are fluctuating and fuel prices are increasing. There are floods, food shortages, and other factors causing serious problems in industries which result in hardship for the citizens. When will it all end? When will things stabilize? Should we brace ourselves for even more difficult times to come? These are among the many questions people keep asking. All of that may be in the future but for now, ‘’man must survive’’. How does one survive amidst the current economic fluctuations? Jumia, Africa’s leading e-commerce company shares a few tips below.
-
Budgeting and Prioritization – At a time like this, making informed financial decisions is critical. In order to better manage the scarce money available, you need to budget. Carefully assessing the amount of money you have, how much is expected from reliable sources, and how much expenditure is in terms of bills are the first steps to survival. Try to make a list of all your bills and prioritize them according to which ones are urgent and which ones can be delayed a bit. Also, some bills and spending can be completely canceled in the meantime until things stabilize and you can afford them. Prioritize needs over wants while also trying to live a good and healthy life. Plan your shopping lists in advance and try not to buy on impulse.
-
Shop online / take advantage of promos – Just like a few years ago during the Covid-19 pandemic we can say ‘’ We are not in normal times’’. In that period of time, online shopping took center stage and was the best thing that happened to us. It helped us so much and without it, we may have found it difficult or impossible to live. This is now the best time to shop online. Apart from the ease and convenience of getting your essential needs delivered to your doorstep, you also can take advantage of super deals, discounts, and promos. For example, Jumia Black Friday sale is upcoming from the 4th to the 27th of November 2022. Top deals and discounts on quality products across various categories will be on offer. In this day when prices of goods are always on the rise due to the fluctuations in the foreign currency exchange rates, shopping online gives you a great avenue to save more money and time.
-
Take advantage of online deliveries – With the daily increment in fuel prices and high costs of transportation, it is advisable to limit your movements as much as possible. If it is not financially rewarding or extremely important, just don’t go. When you order an item, utilize online deliveries as much as possible. These are comparatively cheaper and save you money and time. If you are a seller, bulk up your outgoing orders as best as you can according to geographical locations and sizes of items. Online platforms like Jumia also have logistics arms that enable both individuals and businesses to pick up and deliver packages and goods to clients and consumers.
-
Utilize Online payments – Today, there are a lot of reasons why you should avoid spending a lot of time, queueing in banks or payment outlets just to pay bills. Why are we even spending money to pay money? In such times, using online payment platforms comes with a lot of benefits. Aside from the convenience of staying in the comfort of your home or office, you also save a lot when you shop and pay online. Certain platforms do not have extra charges and even where charges apply, they are comparatively cheaper for transportation to and from the bank. On JumiaPay for instance, you can pay for your water & electricity bills, DSTV subscriptions, gaming vouchers, airtime, and data, etc.
There are several other ways to survive the current economic climate with the hope that things will stabilize soon. You can also try to start a small business to supplement your income if you are a salaried worker. The key to staying afloat is balancing your income and expenditure while taking advantage of platforms and avenues that help you save a lot of money.
