By Sidney Kawimbe

Many Zambians are affected by the present economy. The prices of commodities are climbing yet salaries and wages remain stagnant. With GDP annual growth rate expected drop from the current 3.7% to a paltry 2%, it is important for Zambians to develop some habits discussed in this article so that they can cope with the current situation till things get better. Below are some ways to reduce spending so you can survive and avoid running into debt.

1.Map Out Your Financial Plans

Many find themselves in a financial mess because of the failure to draft out a proper spending plan. If you have a clear vision of what you want to achieve financially, what you want to spend and what you want to save, it is easier to maintain a particular budget and not get carried away by unnecessary spending.

2.Learn to Save

No matter what you earn, be sure to dedicate a particular percentage to normal savings, as well as an emergency fund that you can fall back on in case of sudden events like loss of job.

3.Go Out Less

Most people spend a fortune on going out, watching movies at cinemas, hanging out with friends and buying impulsively. Steer clear of friends or female folks that only drag you out to spend lavishly. Learn to say no to them. If you can find ways to limit the way you go out, you will be saving yourself a great deal of money.

4.Avoid Lending

Because everyone is struggling and cash is hard to come by, the rate of borrowing is usually high during harsh economic times. As such, it is important you avoid lending money to people because the likelihood that you will be refunded is very low.

5.Diversify Your Income Sources

A single source of income, say salary is definitely not adequate at the moment. In fact, it is biblical. King Solomon writing in Ecclesiastes 11:2 commanded us. “Invest in seven ventures, yes, in eight; you do not know what disaster may come upon the land.”

The Author is An Entrepreneurship Trainer

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23 COMMENTS

  1. This is common sense, the writer has not said anything we do not know already. The answer to surviving this economy is, spend with in your means, do not spend so that neighbor ani wone and find another source of income.

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    • Yah it may be common sense, it may not be to many others. However, this what we need to propagate on social social media, not insults and lies. It was refreshing.

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    • Nonsensical advise….telling people to do whats known already…the writer sounds like a fsiled and broke entrepreneur….these are the same broke guys that ask people to pay them money so they can teach them how to make money whilst they’re dead broke themselves….entrepreneurship trainer…my assssss

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    • thanks for this article ba Sido, such advise won’t make sense to pf cadresians, because to them it’s parte after parte.

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    • This would be good advice in North America. In Zambia, we don’t save instead we invest our money in things like raising chickens and backyard gardens. We also two jobs are impossible, and for many even one is like winning lottery, so advise is do side projects, may sell vitumbuwa. Don’t put you money the bank, inflation is to high.

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  2. Vote out PFoools and scatter teeth, the ka worst president in the world… Jona Meno Meno AKA Jona kamwendo, AKA Jona runway speech…. what a toser

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    • He is UNELECTABLE! H-ask Profensor No HANSONI or ask him to write the UN on a UNIVERSITY letterhead HAGAIN! He is still an H-UNDER FIVE CARD.

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  3. How to Survive the Harsh Economy in Zambia is by booting out P-F F-o-o-l-s who are blocking or in the way of citizens to achieve the things you suggest.

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    • This thinking is the reason why we deligate our own individual economic responsibility to a Govt. No Govt has the resources to put food on your table. The article is a straight forward intelligent advice on what you need to do at your personal level. It is not surprising that at more than 55 years of independence there is no worthy noting private company on by any Zambian (Mainly tuntemba) only hand to mouth companies. The many reason is the mindset that Govt must do it for me.And also there is no common sense on how to grow our companies. Poor leaders also accept that they must provide for the people and so they promise haven on earth, only to realise that they cannot and poor citizens cry again for change of Govt. and the cycle continues. It is time we begin to do things right at ours…

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  4. There is an elephant in the room: irrespective of different cost of living, there is a factor of at least 40 difference in wealth between the poor in Africa and the poor in the west. The solution which is needed is to persuade people in rich countries to share more of their wealth. There is enough money in the world to feed everyone comfortably. People are kept on the edge of starvation by greed, pure and simple.

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  5. This is simple advise and i find nothing wrong with this article. Learn to appreciate people for the little they sucrifice to do for you. Not Everybody knows about such, don’t politicize everything Bane…

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  6. Avoid slay queens, prostitutes and friends who are scroungers. Unfortunately, these are plenty in Zambia. Also, avoid spending to show off and buy shortlived staus, which is again common in Zambia. If you consume alcohol, do so in moderation and go for your local Misi or castle Lager, not these branded fake spirits and wines which leave you sick after drinking them.

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  7. For you to survive the economy today, you need to plan well and to stay calm. And also stop putting the blame on the government just concetrate on working hard. And have faith that things will change for the better soon.
    The government is not happy that we are suffering,he feels heart brocken and his doing something about it. Be strong!!

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  8. Zambians you young Zambians you were not yet born when things were bad in Zambia economically, some of you are even saying HH could be the solution to the small problems you have to day , by the way HH and his friends are the actual people who caused the hardships you are talking about , those characters were jumping up and down looting what Zambia had prided in selling them on a song.
    State asserts were looted and companies were closed because everything was taken away by those greedy characters whom you are calling your redeemers.
    The years between 1996 and the 2005 were harder than today, people lost jobs in the mines and Lwanshya was the worst hit workers at Kafironda and more and Indeco companies were looted leaving workers with nothing but to die due to depression, people…

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  9. What is your point?

    The writer’s advice makes sense under normal circumstances where people are paid their salaries on time every month if they are employed. In today’s Zambia, what work do you do in urban areas without electricity? You lose me when talking about entertainment. Those who do spend on entertainment surely can’t listen to such basic advice. I would have liked to see something about how to earn money to pay rent and for utilities whose prices do not decrease whether you use them or not.

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    • “ There has been load shedding in Zambia for the last 55 years of Independence”? We Africans like living very artificial lives, when things go wrong in the world we are the first victims. The article is a very good piece of advice. We do not have the right priorities.

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  10. Hello there,
    Are you in need of any type of loan to help meet your financial obligation?
    If yes, then let’s introduce you to Altara Loans firm. We give out loans to both government and nongovernmental employees alongside businesses and farmers at just 8% interest rate.
    Does that sounds too good to be true? Then why not try us out? You can reach us via email at [email protected] or WhatsApp +3197005030217. Trust me when I say that you’ll be glad you did.

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  11. Hard work brings more wealth in the family, folding arms and waiting for someone to do it for you brings hunger, poverty, frustrations and shame in the family. Talking will not bring food on your table, as empty buckets makes alot of noise. Stay focus and teach your children and your family how to work hard in life. Successful people are always ahead of time, they believe that time is money. You can think of changing the government or the President today, still if you’re not focused and beliving in yourself you will remain behide as your friends progresses.

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