Recession-Proof Your Finances Using these African Life Skills

As talk of a coming recession looms over us, we can’t help but wonder what our ancestors did during the pre-colonial and post-colonial periods of affluence to weather tough times of scarcity. not available. Africa is rich and resourceful, but of course its people and assets have long been exploited. Most African countries had their own currency and form of commerce, although the former were mainly objects of value such as shells, beads, jewellery, and even textiles, they used banknotes and coins to define money. It’s not the same way you do it. and digital credit. That said, this article believes that learning is a lifelong process and that you can use the skills you gain from your geographic background to go further. I would like to share my thoughts on how you can use these African life skills to help your finances survive a recession.

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Whenever possible, use available cash when shopping

Africa may not be recession-proof, but for the most part the country has always been a cash society. is. In fact, it will help you save more money in the long run. You can budget properly and think more about spending on things you do need but don’t actually need. In cash societies, you wait until you have the full amount of funds to make a purchase, and once payment is made, the item is kept forever. If you don’t have enough money, you’ll have to wait until more money becomes available. Things are clearly changing in some countries, where credit and debit cards are becoming cashless societies, but at the heart of it is that cash will always be an important way for people to buy goods. is to be

Grow your green thumb and learn how to grow your own food

You’ve probably heard it all: inflation, supply chain problems, food shortages. With grocery store food prices skyrocketing, it may be time to get back to basics. Learning how to grow your own food can help you avoid food hoarding caused by inflation. Gardening is a recession-proof idea that will save you more money and reduce your overall food bill. You can eat expensive delicious food. What about leftover food? You can store it at any time of the year, or for months when you don’t have a garden, such as winter.

Practicing group economics to keep small businesses alive

You really have to “take the village” to keep the community alive. And from what I can remember, combined with my personal research, before the emergence of large government systems and structures, small groups of people (often from the same tribe/clan or village) created group economies. In practice, they know they can do both…and their communities thrive. What is group economics? Well, it can be understood as the ways and means by which groups of people with common economic interests can achieve secure and sustainable economic well-being for themselves. pool resources towards specific goals or choose to buy from local Black-owned businesses.

Become a minimalist who consumes discreetly

Consumerism promotes the ideology that the more people spend or consume, the better the economy. This mentality has already permeated the West, especially North America, where there has been a major shift towards materialism, competition and individualism. One of the effects of consumerism is the rapidly widening wealth gap between the rich and the poor. That means more profits in the hands of those who own all the means of production. In contrast, African societies have always valued sharing and community. Entire communities have been able to move forward. Spending intentionally avoids overspending and keeps money in your pocket longer.

Given the current state of our global economy, becoming more self-sufficient and saving money to potentially recession-proof your life is not only an important idea, but a welcome one. An idea. Many countries and communities in Africa are actually putting these skills into practice to help their communities thrive.

Which of these recession-proof life skills will you try?

Jamila Cali

I’m a writer and communications strategist covering the latest topics in African fashion, beauty and lifestyle. Subscribe to our newsletter to get the latest trends!

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