Fuel has changed colors, and so has the price

It is no longer news that the lingering fuel scarcity of the past few weeks has now been compounded by a sharp hike in the pump price of fuel, especially from the nation’s indigenous state-owned oil company, NNPC ( Nigerian National Petroleum Company).

Pump prices have gone up from  ₦565-617 to ₦855-897, and other fuel marketers are following suit. There will surely be a cascading effect on the economy as the year nears its end. Transporters are already doubling their transport fares. Food cost is bound to follow suit.

How to keep calm amid ballooning expenses

A lot is changing for the average household in the country, that much is certain. The pertinent question is, how can you manage the effect for yourself and your loved ones?

✅ Know where your money is going. Get yourself tools that can help you track how much you spend on household essentials like power, water, groceries, and so on. Knowing your monthly petrol or diesel and grid power consumption for those managing estates will be invaluable in planning your finances.

✅ Buy in bulk, as much as you can. In these times of ever-changing prices, buying items that will last you for months can help you save a lot when the price of that item doubles in the future. Also, it makes better financial sense to buy in large quantities, you save more.

✅ Focus on essentials. Yes, we know, it is easier said than done, but it is possible. Shelter, feeding, clothing, transportation, important miscellaneous items like drugs, skincare, and so on. These are some of the basic needs of most people, make them top on your priority list.

We all need tools that would aid us in fighting against the money-grabbing hands of fuel increase-induced inflation, both for single residents and for families that are raising children in living communities. One such tool, especially for estate managers and residents is Venco.

The Venco platform is great in helping residents and community management alike track their utility consumption and expenditure including power and water which assists with funds management. You also get to keep your community safe with a strong access control system in addition to other community-facing functions. It is your complete community management solution.

Check www.venco.africa for more information, and watch out for our next useful tip.