Your financial stability during Hard Economic times

Guuuys!!! what’s going on?! How can a liter of fuel be Shs159, who knows how to make petrol at home? I’ll buy the ebook!! Yes, I’m aware of the aftermath of the COVID 19 pandemic, the Ukraine war, and the election period, but mannnn! how are we supposed to survive these hard economic times and there is no pay raise in the income?

The other day I bought a pack of 10 tissues, a tray of eggs, and cooking oil and the bill came to Kes 3000!!! Am now open to all the life hack on how to make these items last as long as possible, no more wasting tissue, deep frying foods three times a week, or making sweet pastries with eggs.

In addition to being an election year, this is the worst time for a recession and high inflation. While we appreciate our leaders for subsidizing the fuel, the price remains the highest it’s ever been. The economic situation is affecting the whole world, so this may be a temporary fix.  

Costs are skyrocketing and income is dwindling, the first thing to be affected is people’s ability to purchase, save and invest. Below are the steps I would suggest you take and achieve financial stability.


The purpose of budgeting is to tell your money where to go and what to do with it. You can reduce your spending on things that are getting too expensive to keep buying through budgeting.

You should re-evaluate your expenses and your monthly budget at this time. Can you reduce any excesses and reduce the things you can reduce? 

By adjusting your budget, you can set aside money for saving, investing, and paying off debt.

Leverage Opportunities.                     

Take advantage of any bargains. Most of these for me are some conveniences I was paying for like online shopping and delivery for groceries, food, and other door services. 

To save me some money, I have now decided to do the shopping myself instead of paying delivery charges. This way, I can see what brands are cheaper than the ones I have been using. For example, The brand of cooking oil I have always preferred is 700 shillings more expensive than other brands made by the same company.  

Diversify your investment

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During hard times, it is important to keep an eye on your riskier investments when deciding what to invest in. Unless you have sufficient knowledge about cryptocurrency or forex, this is not the time to experiment. 

In case you had money in riskier investments, it’s time to cash them in and invest them in more stable investments like mutual funds, money markets, and stocks.

Buying low is a good idea, but don’t buy in sectors that may not be stable if things don’t work out during the election or if the recession continues. Invest in sectors that offer essential products and services like food.


Increase your emergency fund

During hard economic times and periods of high inflation, many businesses struggle, and the chances of job loss are high.

It is wise to prioritize increasing your emergency fund so you have at least 6 to 12 months of your expenses because it may take you longer to get a job or build your stable income on your hustle.

Create multiple streams of income

The average millionaire has seven streams of income.

 Find out what jobs you can do to generate income. Increase your income from your passion by finding part-time jobs, selling things you have but don’t need, and trying online jobs. If you lose one stream of income you will have a fallback option.

Industries that offer essential services are the best places you need to identify as an opportunity. Food, water, children’s clothes.

Payoff debt

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Pay off debt with high interest or you can opt to pay off the smallest debt first so that you can have wins as you go along.

If you have lost your job, make minimum payments or talk to your bank and rearrange the payments. Paying debts when you don’t have an income to survive is not wise, however since it is still your debt, try and make small payments until you can pay it off completely. 


DO NOT PANIC! The hard economic times will not last forever. 

Once the elections are done and dusted things will start getting better financially, and if we can look for new opportunities and leverage them you may just become a recession millionaire.

The economic hard times affect everybody, rich and poor. Your mindset will help you get through the season. Stay positive because it will either be very hard for you or you will leverage opportunities that come your way.