Managing your finances in turbulent times

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In an era of economic instability and rapid change, efficiently managing personal finances becomes even more important.

Navigating through challenging times requires a combination of strategic planning, intelligent decision-making, and agility for Nigerians.

The turbulent times are not peculiar to Nigeria but are a global issue. The financial landscape from a global perspective for Nigeria’s economy can be volatile and unpredictable. Moreso, given the current economic challenges in Nigeria with soaring prices of goods.

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It’s important to have some tips to navigate turbulent times.

Have a budget

The importance of creating a budget cannot be overstated, and it is most important to stick to the budget. In turbulent times such as this, it’s important to create a budget from your daily income. This helps you stay focused and be financially disciplined, knowing full well that volatility can rob you of the little you have saved or invested.

Cut out unnecessary spending

This stems from creating a budget. In turbulent times, it’s important to cut out any expenses that you consider unnecessary or non-essential. During turbulent times, it’s not the time to gather or spend lavishly; it’s a time to be prudent with your finances.

Also similar is the fact that you have to prioritize your essential expenses. You have to always consider essential things such as food, housing, and healthcare.

Emergency Fund

As much as it’s difficult during these times, you should strive to have an emergency fund that helps you get things done quickly. If you are an individual who is self-employed, you can create an emergency fund that will help you get any of your tools fixed as quickly as possible when they’re faulty.

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Save energy

This is also a time to conserve and save energy to cut the cost of some of your bills. You might consider making some changes, such as turning off appliances in your home when not in use, to save money.

Stay informed

This period also requires you to make conscious efforts to stay informed and glued to platforms that keep you updated and abreast of economic and financial changes on a daily basis. A change in the FX market could affect your business or income.

Invest wisely

At this point, people become desperate due to the nature of the economy and will readily jump on any available investment scheme to make extra income. You might have to consult the services of a financial adviser before you make any commitment to investing in any business, as Ponzi schemes are usually on the rise during this period.

It’s important to keep in mind that maintaining financial stability during difficult times requires a combination of short-term changes and long-term preparation. In order to successfully navigate economic issues, it’s important to continue being flexible and proactive with your money management.

Do you have an important success story, news, or opinion article to share with with us? Get in touch with us at publisher@thepodiummedia.com or ademolaakinbola@gmail.com Whatsapp +1 317 665 2180

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sanya-onayoade

Sanya Onayoade

Continental Editor, North America

SANYA ONAYOADE is a graduate of Mass Communication and a Master of Communication Arts degree holder from the University of Ibadan. He has attended local and international courses on Media, Branding, Public Relations and Corporate Governance in many institutions including the University of Pittsburgh; Reuters Foundation of Rhodes University, South Africa and Lagos Business School. He has worked in many newspaper houses including The Guardian and The Punch. He was the pioneer Corporate Affairs Manager of Odua Telecoms Ltd, and later Head of Business Development and Marketing of Nigerian Aviation Handling Company (NAHCO Plc).

He has led business teams to several countries in the US, Asia and Europe; and was part of an Aviation investment drive in West Africa. He has also driven media and brand consultancy for a few organizations such as the British Council, Industrial Training Fund, PKF Audit/Accounting Firm and Nigeria Stability and Reconciliation Programme. He is a Fellow of Freedom House, Washington DC, and also Fellow of Institute of Brand Management of Nigeria. Sanya is a member of Nigerian Institute of Public Relations (NIPR), Advertising Practitioners Council of Nigeria (APCON) and Project Management Institute (PMI). He is a 1998 Commonwealth Media Awards winner and the Author of A Decade Of Democracy.
Morak Babajide-Alabi

Morak Babajide-Alabi

Continental Editor, Europe

Morak Babajide-Alabi is a graduate of Mass Communication with a Master of Arts Degree in Journalism from Napier University, Edinburgh, United Kingdom. He is an experienced Social Media practitioner with a strong passion for connecting with customers of brands.

Morak works as part of a team currently building an e-commerce project for the Volkswagen Group UK. Before this, he worked on the social media accounts of SKODA, Audi, SEAT, CUPRA, Volkswagen Passenger Cars, and Volkswagen Commercial Vehicles. In this job, he brought his vast experience in journalism, marketing, and search engine optimisation to play to make sure the brands are well represented on social media. He monitored the performance of marketing campaigns and data analysis of all volumes of social media interaction for the brands.

In his private capacity, Morak is the Chief Operating Officer of Syllable Media Limited, an England-based marketing agency with head office in Leeds, West Yorkshire. The agency handles briefs such as creative writing, ghostwriting, website designs, and print and broadcast productions, with an emphasis on search engine optimisation. Syllable Media analyses, reviews, and works alongside clients to maximise returns on their businesses.

Morak is a writer, blogger, journalist, and social media “enthusiast”. He has several publications and projects to his credit with over 20 years of experience writing and editing for print and online media in Nigeria and the United Kingdom.

Morak is a dependable team player who succeeds in a high-pressure environment. He started his professional career with the flagship of Nigerian journalism – The Guardian Newspapers in 1992 where he honed his writing and editing skills before joining TELL Magazine. He has edited, reported for, and produced newspapers and magazines in Nigeria and the United Kingdom. Morak is involved in the development of information management tools for the healthcare sector in Africa. He is on the board of DeMiTAG HealthConcepts Limited, a company with branches in London, Lagos, and Abuja, to make healthcare information available at the fingertips of professionals. DeMiTAG HealthConcepts Limited achieved this by collaborating with notable informatics companies. It had partnered in the past with Avia Informatics Plc and i2i TeleSolutions Pvt.

Out of work, Morak loves walking and also volunteers on the board of a few UK Charity Organisations. He can be reached via http://www.syllablemedia.com
Ademola-Akinbola

Ademola Akinbola

Publisher/Editor-in-Chief

Brief Profile of Ademola Akinbola

Ademola AKINBOLA is an author, publisher, trainer, digital marketing strategist, and a brand development specialist with nearly three decades of experience in the areas of branding, communication, corporate reputation management, business development, organizational change management, and digital marketing.

He is the Founder and Head Steward at BrandStewards Limited, a brand and reputation management consultancy. He is also the Publisher of The Podium International Magazine, Ile-Oluji Times, and Who’s Who in Ile-Oluji.

He had a successful media practice at The Guardian, Punch and This Day.

He started his brand management career at Owena Bank as Media Relations Manager before joining Prudent Bank (now Polaris Bank) as the pioneer Head of Corporate Affairs.

The British Council appointed him as Head of Communication and Marketing to co-ordinate branding and reputation management activities at its Lagos, Abuja, Kano and Port Harcourt offices.

In 2007, he was recruited as the Head of Corporate Planning and Strategy for the Nigerian Aviation Handling company. He led on the branding, strategic planning and stakeholder management support function.

His job was later expanded and redesigned as Head of Corporate Communication and Business Development with the mandate to continue to execute the Board’s vision in the areas of Corporate Planning and Strategy, Branding and New Businesses.

In 2010, he voluntarily resigned from nacho aviance to focus on managing BrandStewards, a reputation and brand management firm he established in 2003. BrandStewards has successfully executed branding, re-branding and marketing communication projects for clients in the private and public sectors.

Ademola obtained a M.Sc. Degree in Digital Marketing & Web Analytics from Dublin Institute of Technology in 2016, and the Master of Communication Arts degree of the University of Ibadan in 1997. He had previously obtained a Higher National Diploma (with Upper Credit) in Mass Communication from Ogun State Polytechnic, Abeokuta.

He has published several articles and authored five management books.

He has benefitted from several domestic and international training programmes on Brand Management, Corporate Communications, Change Management and Organizational Strategy.
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