There’s a lot of talk about the coming recession, but we have to wonder what our ancestors were doing to overcome the difficult shortages before and after the colonial era. Africa is wealthy and resource-rich, but of course African people and wealth have long been exploited. And most African countries had their own currencies and forms of commerce. The former are primarily valuable objects such as shells, beads, jewelery, and even woven fabrics, but are not currently the same way to define money using banknotes and coins. And digital credit. However, in this article, learning is lifelong learning, and I think you can use the skills gained from your geographical background to go even further. In this case, I would like to share my opinion on how you can use these African life skills that I am also learning to practice to protect your life from recession.
Use always available cash for purchases whenever possible
Africa may not be resilient to recession, but in most cases African countries have always been cash societies. The advantage of it is that when you spend cash, you are less likely to overuse it, so you can manually track your spending. It actually helps you save more money in the long run. It allows you to budget properly, and think twice about spending on things you don’t really need but want. In a cash society, it’s up to you to wait until the money to buy is full, and when the goods are paid, keep them forever. If you don’t have enough money, you will wait until the moment you have it, so living beyond your own means is by no means an option. Obviously, things are changing in some countries, with the introduction of credit and debit cards becoming a cashless society, but at the heart of it is the important way people pay for goods. Regardless, it’s cash.
Grow your green thumbs and learn how to grow your own food
Inflation, supply chain problems, food shortages – you’ve probably heard everything about it. With soaring grocery prices in grocery stores, it may be time to get back to basics. Learning how to grow your own food will help you avoid paying arms and legs for your groceries due to inflation. Gardening is a recession-resistant idea that saves you more money and reduces overall food-related costs. In addition, if done properly, you will eat delicious, fresh, organic and nutritious foods, all grown from your own garden. Do you have any leftover food? You can save it for the rest of the year, or at any time during the months when there is no garden, such as winter.
Practicing group economics to keep SMEs alive
To keep the community alive, it really “takes a village”. And, as I remember in combination with personal research, before the emergence of big government systems and structures, small groups of people (often from the same tribe / clan or village) were in group economics. We know that we can practice and enable both and their community will thrive. What is Group Economics? Well, it can be understood as a way and means by which groups of people with common economic interests can achieve safe and sustainable economic well-being for themselves. For example, pool resources together for specific goals for the benefit of the entire group, or choose to purchase from a local black-owned company.
Become a minimalist who consumes carefully
Consumerism promotes the ideology that the more we spend or consume, the better our economy will be. This idea has already permeated much of the West, especially North America, and has led to a major shift to materialism, competition and individualism. One of the effects of consumerism is the rapid widening of the wealth gap between the rich and the poor. In short, it brings more benefits to those who own all means of production. In contrast, African societies have always valued sharing and communities, where money is often spent on necessities as well as luxury. As a rule of thumb, those who shared more with few people were able to move the entire community forward as a result. When you spend intentionally, you can avoid waste and keep money in your pocket longer.
Given the current state of our global economy, becoming more self-sufficient and saving money to potentially protect your life from recession is not only an important idea, but a welcome one. is. Many African countries and communities are actually practicing these skills to help them thrive.
Which of these recession-resistant life skills would you like to try?