This archive report was first published on 20 April 2020.
Surviving the economic ravages of coronavirus ¶
As of April 20, 2020, the coronavirus pandemic has hit the Kenya economy hard, significantly hurting millions of households and threatening to send spiraling effects on the economic well-being of individual households and the country in the coming years.
Big, small, and medium-sized businesses have closed down or cut down on their operations in the short-term, leaving many households struggling to make ends meet.
According to economic data, diseases are one of the biggest causes of poverty, and the Covid-19 pandemic is expected to cause much of it.
Households are facing reduced incomes, and it's essential to find ways to mitigate and survive the Covid-19 consequences.
Here are a few pointers on how households can survive with reduced incomes:
- Save on food by cutting down on unnecessary expenses, growing your own food, and substituting meals with cheaper options.
- Minimize housing expenses by considering sharing a roof with someone else, shifting to a cheaper house, or negotiating a better payment plan with your landlord.
- Reduce entertainment costs by cutting back on non-essential expenses, such as alcoholic drinks.
- Cut down on transport costs by avoiding unnecessary travel and walking instead.
- Avoid debts by taking minimal loans and negotiating for a moratorium or rescheduling existing loans.
- Leverage on available resources like technology by starting online businesses or using digital tools to earn extra income.
- Help each other by sharing the little you have and trying to carry each other through the tough times.
It's undeniable that no income can be extremely stressful, but it can also be a blessing to others who can build the right mindset.
