SEC17 WK:#4: The Effects Of Economic Hardships On Families

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The economic situation in Nigeria has caused hardships for many families. Everyone including some so-called top politicians is feeling it, indeed what we experiencing in my country is just so hard to deal with. High Inflation has made the cost of living increase by 500% and the majority of families are struggling daily to make ends meet. Prices of food and other basic goods have risen sharply and many families couldn't or are struggling to afford the basic commodities now.

There's an increase in unemployment rates, and a lot of families and people don't have purchasing power this has led to a decrease in demand for goods and services resulting in a decline in business growth. Eventually, so many businesses have resorted to downsizing, to cut down costs which in turn leads to more families heads and people losing their jobs and a vicious cycle of economic decline continues.

My family is no exception to this, we've cut down on the luxury lifestyle, and over time we've learned to cut down on our expenses too and save more, we've planned before spending and it seems economic instability in my country has become the new normal now, stay connected as I dig deep into this interesting topic.

The Effects Of Economic Hardships On Families

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Economic hardships have a long-lasting and significant negative effect on families. Some of the effects are:

Most families are experiencing financial stress due to economic hardships, they are struggling to make ends meet, pay their bills, and provide the important necessities for their family.

The economic hardship is dealing with one of my family's friends so badly, my husband's friend was a business owner, he had a provision store, and a minibus he normally used for transportation, but has lost everything during the pandemic in the year 2021, well, he later migrated to his hometown in Eket Local Government area Akwa Ibom State to find greener pastures while his family is still in my city. He found a job as a truck driver but when things seemed to be moving the right way he lost his job in 2022 and since then no work for him.

His wife is a graduate but still unemployed, and the husband is not back with them, their 4 kids are out of school, they hardly eat 2 times daily, and our friend lost everything! Well, we used to help them from time to time, buying foodstuffs for the wife and giving her upkeep money weekly, but for how long will this continue? I've asked her to register the kids in government primary school because education is so important for the kids and they shouldn't miss out because at least we can help with their packs every day.

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Well, for now, nothing is improving for that family they are 80% dependent on people to survive 😭 they couldn't afford healthcare services, the last time one of their kids was sick the expenses were on us, and she has difficulty affording healthy food and the kids are suffering from malnutrition and all this is due to economic hardships.

As I'm writing now there's conflict in that family, the wife doesn't want to understand her husband again, and she used to abuse the man verbally because he couldn't provide for his household, financial struggles led to this conflict, and as tension arose they argue about who mismanaged their family finances.

You can now see the devastating effects of economic hardships on families' well-being and it is vital to give support and resources to help families overcome these challenges.

Some Certain Adjustments A Family Can Make To Cope With Economic Hardship. Here Are A Few:

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1) As I said before it hasn't been easy for us, but creating a budget and sticking to it helped me and my family, I used to track our expenses, and find ways to cut costs, and this has moved us toward financial stability. So I'm calling on others to set a budget that rhymes with their income and stick to it, trying as possible as they can to prevent excessive spending.

2) I've tried to reduce my household expenses, for example, I used to turn off lights that are not in use, which helps in reducing electricity usage, I cook most of our meals instead of eating out, and always opt for more affordable clothes and other necessities.

3) I've made an effort to increase our savings monthly, it doesn't matter even if it's a small amount. This helps prepare for any unexpected emergencies.

4) I Look for ways to increase my family income, blogging on Steemit is one of them, dropshipping too, and I'm thinking of picking up a job, come this September or starting up a new business and monetizing a unique skill set

5) My family has had to cut back on non-essential expenses like going to movies (weekly), eating out(always), and traveling, to make ends meet, cover our expenses, and help others too.

If need be, change your kid's school, to a more affordable one, or take on a second job if there is a need, the current economic situation in Nigeria has left us struggling with limited financial resources to comfortably run the family budget and take care of needs talk less of want.

6) After doing all this if you still find it hard to cope then seek assistance from either government or non-profit organizations, families and friends can assist too so don't keep quiet.

In summary, to be able to manage economic hardship one needs to possess qualities like patience, discipline, resilience, and creativity. We must be adaptable and make little adjustments like setting budgets, reducing expenses, increasing savings, finding additional sources of income, and seeking assistance as these can go a long way in sustaining a family through tough times.

I would like my friends @ngoenyi, @stef1 and @heriadi to take part in this contest.