5 Easy ways to survive Nigeria’s present economic hardship

3. Plan a budget and save

Now is the time to have a strict saving and budgeting routine. Although there is the universal 50/20/30 rule, which means you should allocate 50 percent of your income for essentials (like housing and food), 20 percent as savings and the remaining 30 percent goes into your life style choices like the cable TV or nights out.

However, when preparing for a recession, one has to be frugal. Therefore, a more appropriate approach to surviving an economic downturn would be to divide your monthly income using the 50/30/20 rule, where you save 30 percent of your income. That way you can have enough to fall back on in the case of an emergency.