MANAGING PERSONAL FINANCES IN RECESSION
MANAGING PERSONAL FINANCES IN A RECESSION Over the last 5 years, Nigeria has continued to witness a persistent increase in the price of goods and services, this is happening at a geometric rate. This is owing to the fact that the fall in oil prices in the global market is piling pressure on Nigeria to devalue the Naira, as such this has seen the Naira weaken from N199.56/$ in 2015 to N385.91/$ in 2020. The reality today is that while goods purchased 5 years ago have either doubled or tripled in prices the average salary of Nigerian citizens have either remained unchanged or witnessed a minimal increase. How the Recession Affects Personal Finances: While salaries remain constant and the prices of goods continue to increase, you will realize that one can only do a little with the same salary compared to the number of things he can a few years ago. Let us look at Mr XYZ's personal budget below to understand how the recession hits our personal finances. His salary as of 2015 was N50,00...