Broadcasting
5 Tips to Lower Your Living Costs
We are experiencing tough economic times in Nigeria and around the world. The cost of food and other essential commodities has skyrocketed, meaning that most of us will have to adjust our lifestyles accordingly in order to live somewhat comfortably.
As we hope for things to get better, here are five suggestions on how to save money at home.
1. Review current expenses
Start by listing all your monthly expenses, such as rent, food and groceries, transport, airtime, power, water, personal upkeep, and so on. Analyse each item critically, as this will paint a clearer picture of your spending habits and give you an indication of what you can cut back on and what you can do without entirely.
Memberships and subscriptions are loopholes for spending money unnecessarily because people tend to pay and not utilise these services accordingly. Check how you use your monthly TV subscriptions or gym memberships, and consider cancelling them if they are hardly used or switching to less expensive packages that suit your needs. Upgrade when necessary or over the holidays when you have more time to spare. The same applies to internet services as well.
2. Shopping options
Take the time to identify multiple service providers and retailers for price comparisons. Doing this will help you settle on cheaper or more affordable alternatives to fit your budget. Another cost-saving tip is to consider bulk buying non-perishable items, which is becoming increasingly popular in Nigeria as more people move towards bulk shopping from wholesalers. If you live alone and are concerned about the quantity of the goods, pair up with someone else and split the items with them.
Don’t shy away from signing up for reward programmes commonly referred to as “points” offered by local supermarkets. They always come in handy when you have stretched your budget, and you can use them to top up the difference. Keep an eye out for daily or weekly bargains on household items frequently advertised by supermarket chains.
Also, start planning your meals on a weekly or monthly basis. A meal plan guides you when grocery shopping, helping reduce food wastage because you only buy what you need for the meals. This is especially true of groceries, which we are all guilty of purchasing in excess from time to time.
3. Outsource help
Releasing your live-in housekeeper and scheduling a domestic worker from SweepSouth Connect to come in once or twice a week to clean your home is a viable cost-cutting approach if you live alone, have older children, or other adults staying with you. Assign the remaining light responsibilities to the rest of the household.
“Security and safety are important to us, and all our staff go through thorough vetting before enlisting their services,” says Awazi Angbalaga, Country Manager for SweepSouth Connect Nigeria, an on-demand online home cleaning service platform that connects people with trusted domestic professionals. “We understand the need to have someone trustworthy in your home. Once you’ve given instructions, allow them to carry out their tasks with the confidence that the cleaning will be completed to the utmost standards,” says Angbalaga.
“Getting in a cleaner to help you with time-intensive chores like windows, cleaning kitchen cabinets, the fridge and oven, so that your house looks sparkly clean, frees you up to be able to spend time on other responsibilities you may have,” she adds.
For homes with two housekeepers, consider letting one go if you can no longer afford both and hire help as and when the need arises.
4. Save energy
Electricity is one of the most costly but necessary household expenses. Switch from the ‘normal’ light bulbs known as incandescent bulbs to LED bulbs as they are more energy-efficient and last longer. Carefully select and use the most energy-efficient settings on your washing machine and run it only once or twice during the week. If you have a dryer, rather hang your clothes outside to dry. Layer up, whether inside or outside the house, to keep warm so that you won’t have to use heaters unnecessarily.
Other small tips, like ensuring the lights are off when not needed, and taking shorter showers go a long way. Cooking in bulk and freezing the food saves gas and time. It also comes in handy on days when you can’t cook for one reason or another, and then you have ready-to-go meals.
5. Lifestyle
We all like to enjoy the little joys and comforts that life offers. However, when tough times call, we should be ready to scale down on these luxuries.
Reduce the number of times you eat out or buy take-outs in a month. It will save you more money and is also a healthier option for you in the long run. Carpool to work or other engagements with a friend or relative who lives in or around your neighbourhood. Share the cost of fuel or alternate cars every week. Examine how much you spend on grooming each month, and do what you can at home.
There are many ways one can cut costs on the home front. However, for this exercise to be successful, honesty with oneself is required to make an informed judgement when making the necessary changes. If you struggle to be honest with yourself or you need assistance, consider engaging a financial planner to help you shift your focus to the right things, put your money into perspective, and give you sound advice.
Broadcasting
CADEF Launches Platform to Promote Renewable Energy in Nigeria
Consumer Advocacy and Empowerment Foundation (CADEF) has launched a one-stop-shop website to provide Nigerians with information and resources on renewable energy.
The platform, dubbed Distributed Energy Resources (DER), aims to promote awareness and adoption of renewable energy solutions in Nigeria.
Speaking at the launch event, Professor Chiso Ndukwe-Okafor, Executive Director of CADEF, emphasized the importance of exploring renewable energy alternatives.
“It’s not just about solar energy, but also solar cookers and hot water systems,” she said. “The key is to find options that fit within your budget.”
“The Nigerian government has set a target of generating at least 30% of the country’s electricity from renewable energy sources by 2025. While this goal may be ambitious, CADEF is working to promote awareness and adoption of renewable energy solutions”.
The DER website provides information on renewable energy options, including solar power, financing options, and installers. It also offers a platform for individuals and businesses to explore solutions and connect with experts in the field.
CADEF is collaborating with government agencies, such as the Ministry of Environment and the Ministry of Power, to promote the adoption of renewable energy solutions.
The organization is also committed to promoting awareness and adoption of renewable energy solutions, particularly among rural communities.
In response to questions about affordability, Professor Ndukwe-Okafor emphasized that renewable energy solutions can be tailored to individual needs and budgets.
“While solar energy may not be affordable for everyone, it can provide a viable alternative for those who can afford it,” she said.
CADEF’s initiative is a step in the right direction towards promoting renewable energy in Nigeria. As the country continues to grapple with energy challenges, it is essential to explore alternative solutions that can provide sustainable and clean energy for all Nigerians.
Broadcasting
Copyright Commission Warns School Proprietors Against Pirated Books
AS the Nigerian Copyright Commission (NCC) intensifies its public awareness campaign, school proprietors in the FCT have been advised to exercise due diligence by procuring books from legitimate sources to curb copyright infringement and help sanitise the book value chain.
This was disclosed by Mr. Emeka Ogbonna, the Director Operations, NCC, in his address at the General Meeting of National Association of Proprietors of Private Schools (NAPPS), FCT held at Veritas University, Abuja on 9th October, 2024.
Speaking to the participants, Mr. Ogbonna acknowledged the contributions of the proprietors to the educational development of the nation, emphasising the need for wholesome practices to protect the book ecosystem. ‘’If you must sell or distribute books, ensure you get them from the right sources”, he cautioned.
He said the warning was imperative in view of complaints from right owners and publishers about schools selling pirated books. He stated that the NCC is not opposed to schools selling books, but maintained that due diligence must be exercised by ensuring that all purchased books are properly documented with authentic receipts.
Sensitising the school proprietors further on the tenets of the new Copyright Act 2022, the Director said it is a criminal offence to sell, distribute or be in possession, other than for private or domestic use, works that are pirated. Harping on the stiffer punishments prescribed for offenders by the new Act, he said schools selling or distributing books will be treated as booksellers and subject to the same standard of care.
The NAPPS FCT President, Mrs. Ruth Agboola, commended the NCC and other government agencies in attendance and lauded the Management of Veritas University for hosting the event.
The meeting was also attended by the Vice-Chancellor, Veritas University, Abuja, Rev. Fr. (Prof) Hyacinth E. Ichoku and other officials of the University.
Broadcasting
TETFund Suspends Foreign Scholarships Due to Rising Costs and Abscondment
Tertiary Education Trust Fund (TETFund) has announced the suspension of the foreign component of its TETFund Scholarship for Academic Staff (TSAS) Intervention, effective January 1, 2025.
This decision, outlined in a letter dated November 25, 2024, and signed by TETFund’s Executive Secretary, Arc. Sonny Echono, cites the escalating cost of overseas training and an increasing number of scholars absconding as reasons for the suspension. The letter was addressed to heads of beneficiary institutions, including vice chancellors, rectors, and provosts.
“In response to the current excessive cost of training in foreign institutions, coupled with the high rate of abscondment of scholars, the Board of Trustees of the Fund has approved the suspension of the foreign component of the TSAS Intervention,” the letter stated.
TETFund has directed beneficiary institutions to prioritize local training within Nigerian universities, polytechnics, and colleges of education. This shift, according to Echono, is aimed at reducing pressure on foreign exchange, enhancing local capacity, and significantly increasing the number of beneficiaries.
“It is expected that this will conserve and reduce pressure on the foreign exchange rate, boost investment and local capacity in our institutions while significantly increasing the number of beneficiaries of the intervention,” Echono wrote.
However, scholars already enrolled in foreign institutions under the TSAS programme will continue to receive sponsorship until they complete their studies, ensuring a smooth transition for ongoing commitments.
- E-Financial2 days ago
UBA Group Sets Foot in France with Full Banking Services
- Broadcasting2 days ago
TETFund Suspends Foreign Scholarships Due to Rising Costs and Abscondment
- News2 days ago
Stanbic IBTC Asset Management Unveils Anti-scam Measures to Protect Mutual Fund Holders
- E-Financial2 days ago
MoneyMaster Promotes Financial Inclusion, Offers more Bonus to Customers
- News2 days ago
Verve Partners Ali Express On Seamless Cross-Border Shopping
- E-Financial1 day ago
CBN Fines 29 Banks N15Bn for Violation of Money Laundering, Terrorism Financing Regulations
- Uncategorized2 days ago
NAICOM Signs Agreement with NDPC on Data Protection in Insurance Sector
- Uncategorized2 days ago
Zuckerberg’s Mar-a-Lago Meeting with Trump: What It Means for Tech