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Franklin Odigwe
Franklin Odigwe
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The economic collapse which has led to so many job cuts, salary cuts and unpaid leaves have put many families and individuals in serious financial hardship. Many are truly finding it difficult to cope this period because there are no jobs and no money coming in. I mean it has not been an easy ride for a lot of folks however, in times like this there is always a way out.

So, in this article, I want to share with you 15 tips to manage your expenses. The reason I want to share this with you is so that no matter what you face or go through this period, you will be equipped with the right information on how to scale through this period. So, let’s get started


If there is one thing that happens when you are running out of money and there is not money coming in, is fear. People tend to get very scared because of the thoughts of how will I survive? They ponder so much on this to the point where they enter into panic mode and are no longer able to take control of the situation. But this shouldn’t be your case because it is not the right approach. It is true that the money you have left may be running out or you may not have any money at all, but fear clearly will not solve the problem. What solves the problem is courage and boldness. When you are bold and courageous it helps you to maintain your composure and think of the right steps to take in that situation. As little as this may seem, it is way better than fear and it can make all the difference. Because it helps you to handle that situation with a clear head.


In a situation where your salary has been cut or you don’t have a job yet, one of the best things you can do for yourself is to be cautious of your grocery bills. This is one bill that we sometimes don’t think consumes a lot of money but it does. So, to avoid spending so much, you have to deliberately work on it and buy only things that you know you can’t do without. I mean there are so essential things that should be in the house. Only those things you should go for, any other thing that you know will not be needed should be avoided. I know that sometimes it may not be easy but you have to cultivate that discipline to let go and get it some other time. Remember, any money you spend now will not come back. So, you have to spend wisely, pending when you will get a new job.


Again, this is another important thing you should do to help you manage your expenses. We all have some valuables that we might not be using often. Such assets should be sold off to generate extra cash. It could be your shoes, jewelries, clothes, or even car. I know that this might not really go down well, with some people as they would say “I don’t like selling my belongings” and I get it. But in a situation whereby you are running out of cash and there are no signs of income, it is better to sell off some things to raise money. Especially those things that you know you are not really using anymore. There may be some clothes or shoes that you may not be using for the past three months, such things should not continue to gather up dust when it can actually generate money for you. Sell them off and don’t be sentimentally attached to them. Remember, this move is just for the moment, when you get another job or establish another way of getting money, you can buy more of those things, but right now, you need to survive. You might say but where do I sell these things? Well, that depends on the country where you are located. Different nations have different websites where these things can be sold. For example, if you reside in the United States, you can sell on ETSY.COM, If you reside in India, you can sell on OLX.COM, if you are in the United Arab Emirates, you can sell on DUBIZZLE.COM and the list continues. All you need to do is look for a portal online where you can sell used stuff and there will be a lot of them.


I know there are some ideals that people hold dear and they say things like, “I can’t buy used things or I don’t use used things” and they have different reasons for talking like that but you see there are times when you may have to change some of those Ideals, because you current situation does not permit such ideals to continue.  Instead of resorting to begging or looking shabby or lacking some things in your house, it is better to buy used things just to save up some cash than to buy new things and use up all the cash. It doesn’t make you cheap or foolish, it doesn’t reduce you or change the man of principle that you are. It only shows you are wise and cautious of your spending. And don’t forget it is only for temporary measures till you bounce back. Let it not become a habit because that is where it becomes a strong hold that could hold you back in your financial life for a long time.

Now, when we talk about used things, I want you to know that it’s not everything that you can buy as used things. So, in going for these things, make your selection very well and have some reservations as to what you can buy and not buy.


Again, this one very important thing you must do to manage your expenses. You and I know that even though there is limited income right now, the bills are unending. You can’t say you don’t want to pay your water bill or electricity bill. You can’t avoid them but you can make the decision to pay on time to avoid late fee charges. In many societies today, there is always a late fee attached to these bills to encourage you to pay early. If you delay, you will have to pay a late fee which in most cases might be very high. So instead of delaying and shelling out more money to fix that bill, it is better you pay your bills on time. But if the delay is caused by no money at all, then it’s a different case and should be approached differently. But whatever maybe the case, don’t ignore this part because those extra fees will eat into your budget and cause you to spend the kind of money that you did not bargain for.


Another silent expense that you should give attention to are the monthly subscriptions or membership. They take money from you so silently to the point that you might not even know that you are spending a lot of money on it. So, it is important that you review this to know what and what you may have to cut down on. Go over the subscriptions and look at those things that are not generating money for you or helping you in anyway and cut it off. It may not look like it will save you any money, it will trust me. Every extra dollar counts at this point. But remember, in cutting off the subscriptions, you should make sure it is those things that are liabilities to you, not the assets.


I know there are times when homemade food gets boring and tiring but in times when you are facing salary cuts or unpaid leave, you will have to discipline yourself to eat only homemade food because eating out could cost you so much money. Although I know that there are times when you might feel like spoiling yourself a little bit and I get it. If it is within your budget or something you can manage, then go ahead. But for the most part, it is better to stick to homemade food. If you don’t know how to prepare it by yourself, learn it or contact someone which I will not advise because that too will be expensive. And if you have always eaten out, you have to change that routine and habit, so that you learn something that will help you economize money.

So, that will be all for the part A of this article, to read the part B of this article kindly follow this link. 

Until I speak to you again, keep in cracking the money code. God bless you!

Understanding Financial Freedom

Discover The True Secrets of Achieving Financial Freedom

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