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2019 will not be any better as many hope, this is how to prepare for hard economic times this year.

By Ephraim Njega via Facebook

I know I have discussed many times about how one can prepare for hard economic times but that question

By Ephraim Njega via Facebook

I knowI have discussed many times about how one can prepare for hard economic timesbut that question keeps on coming. For a reminder these are some of the thingsyou can do;

1. Hold ontocash or invest in liquid assets. You can sell some illiquid assets such asproperty in favour of cash holding. The saying cash is king is never truer thanin times of economic crisis. You can be asset rich but cash poor. It will behard to sell assets when everyone else is doing the same.

2. Prepare for an alternative lifestyle. For instance, if youhave an upcountry home and land start working on a possibility of moving thereshould it get to that. There is nothing shameful about retreating upcountry inorder to regroup financially. This should always be part of the plan.

3.Save as much as you can. Cut spending and downgrade your lifestyle in favour ofsaving more. Treat every shilling you earn as if it is the last. That way, youavoid forward and impulsive consumption. Have spending plans and stick to them.

4.On the extreme, you can also convert some shillings into dollars to hedgeagainst forex risks.

5.Keep records of your income and expenses. This is the best way to controlspending and cut excess fat. You will never succeed in managing personalfinances without accurate data on your spending habits.

Itis clear this corrupt, clueless and incompetent government will not own up toits economic errors soon. The best thing is to protect yourself againstpossible economic meltdown. At the moment, only a miracle can prevent that fromhappening. We are on a sure path to economic ruin.


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