Many people have been wondering about issues relating to the economy: Will it crash soon? Is the level of corruption increase going to negatively affect the economy? How do people view their economic circumstances based on consumption? And even how to improve it.
To be able to clearly understand various topics that touch on it, one needs to first understand what the economy is; the economy holds the sum of transactions that make it up. It is the state of a country in terms of the production and consumption of goods and services and the supply of money.
Sometimes we face the problem of having limited resources that will fulfill our needs and wants, this forces us to make tough decisions on how to spend our money. For us to do this, we need to prioritize on what we need versus what we want.
It is also important to review your regular spending for things to eliminate or reduce, you can do this by:
- Writing down a list of where most of your bills are spent- the odds of having one or two items that you don’t need will probably arise. This will eventually help in understanding your expenses.
- Look at how much you earn, subtract your expenses from your total income and if a negative number shows, this should create a warning that you need to cut back.
- Get rid of debt- no one likes it and we certainly don’t like to hear about it. If you start a payment cycle and continue on, you will find that soon all your debt is fully paid off.
- An emergency fund- it’s never too early to start saving for one. If you stay prepared, chances are your personal finance plan will remain healthy.
How then can we make the country’s economy better?
We could start at shopping for products made in our areas/ countries. Surprisingly, most people do not know the abundant number of good-quality items their countries provide. Maybe your next clothing item or a hair product could be purchased locally and it will be very beneficial.
More employment opportunities should be created, when a government creates opportunities for people to work and earn, this in turn reduces its support on finances for the unemployed while increasing spending for the employed.
Improvement of the educational system creates a knowledge-driven economy. The knowledge provided gears people into innovative thinking and creating economic progress.
Our actions now may not seem to affect some of us, but when you look deeply, they actually are and they most likely will affect the future generation in even a greater way.
When we strive to grow the economy, it creates a world of positive points on the global scale.