We spend more on food than any other commodities. What we can do to reduce the rising cost of living, and have more to invest and save.

The rising cost of living caused by inflation in the country is on the high side. Most families' purchasing power has been reduced. This has pushed lots of people below the poverty line. Asides from other communities, the inflation rate has affected the prices of foodstuff. The prices of foodstuffs in the market have tripled. This has made families spend more on feeding compared to other commodities.

The economic situation in Nigeria and most countries of the world have pushed lots of people into what I called 'survival mode'. This is a situation where everyone is struggling to eat to survive. Every other thing is considered luxurious and should be avoided. According to nairamatrics.com, the inflation rate in Nigeria rose to 16.82% in April 2022. This is the highest inflation rate since August 2021. This anomaly implies that the higher part of the income of the people goes into consumption rather than savings and/or investment.

It's is no doubt that persistent inflation widens the gap between the rich and the poor, hence, eliminating the middle class and pushing them into the poor class, which represents the masses. However, this has pushed lots of people into crimes and organized begging.

Meanwhile, in an economy badly affected by inflation, greater numbers of people could still live comfortably and beat the effect it has on the people. These recommendations, if succinctly followed, can be helpful. However, remember that these are basically to reduce spending more on buying foodstuff.

Families should buy foodstuff in bulk. Rather than getting your foodstuffs in fragments, which will cost more than getting in bulk. For instance, in this part of the globe, garri is the staple food that every household must consume. A family can buy the garri in a buy, or half of it, depending on their consumption capacity. The same goes for other food items.
Do not postpone bills. In this case, many households have had a pile-up of debts as a result of postponing bills. Some families owe electricity bills that have gone to the level they can not pay off the debt. The point is that households should clear their bills as it arrives.
Do not borrow to give to friends and family members. It's very wrong to borrow for family members and friends. It's also not so nice to borrow to get stuff. You can only borrow to invest, then the return on investment can be used to service the loan.
Avoid buying expensive stuff. Families should resist the urge of getting costly materials like clothing and others. There are places where one could get things at a very cheaper rate. The remaining money can be channeled into other things. Buy necessary things.
Avoid things that you do not need at the moment. For example, two pairs of shoes are not necessary.
Learn to say NO at some points. People must come to ask for money. At times you have to say no to them. Remember that you cannot please everyone because you're not ice cream.
Always cut your clothes according to the size of your cloth. Avoid an ostentatious lifestyle. Organize a party that is within your reach, avoiding the temptation of getting a loan to please other people.
Try as much as possible to diversify your source of income. It is not right to depend solely on a source of income.

It takes a high level of discipline to be able to do the few things that I have listed above.

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