Top 5 Money Mistakes You Must Not Avoid In 2018
Key aspect of life you should take responsibility for is certainly your finance, however, the availability of a good job today does not in any way guarantee a secured financial future. Except you plan your financial life to surmount financial challenges ahead.
Prevalent job lose in a turbulent economy like that of Nigeria calls for a great concern, as such the importance of treating once finance with every discipline it deserves.
This article is not to warn you about money mistakes, rather to again call your attention to impending danger that lies ahead for you to make possible and necessary arrangements as to forestall future effects.
You are certainly bound to make these money mistakes, as they almost seem unavoidable, but beware of their ugly possible effect to your financial life.
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Read the below unavoidable money mistakes and apply caution going forward.
MONEY MISTAKES: HOLIDAYING EXPENSE
Who said is a bad idea to proceed on holiday, to at least stay away from work and office calls for some time and possibly get recharged and freshen up.
There’s virtually nothing wrong about holidaying, the question is the extent of cash outlay for this purpose and where you intend to spend the holiday.
Sadly enough, some folks will embark on an expensive trip holiday they’ll hardly afford. This will only increase your debt profile at long run, your finance may not really be healthy enough to foot the bills and the expense trip especially abroad. The choice here is yours to make.
MONEY MISTAKES: DONATIONS TO CHARITY
I’ve not come to preach a contrary gospel to that of Christ in the area of giving and showing manifold love to mankind. It has been in the habit of some persons to give just to expect earthly glory to their title profile as well to get relevance in the eyes of the people.
In real sense, how financially stable are you to overcome the effect of giving out more than you can afford to manage in charity and community building, it’s a money mistake you must strive to put to an end, if a successful financial future is anything to go by.
MONEY MISTAKES: FESTIVITY BUDGETS
Festival is one ritual that must dug a hole in your pocket, you don’t have to cherish it before you spend. However, you’re spending because it’s customary to spend at those times and for the reasons. In practice, how much of that money do you need to spend?
How does that contribute to your financial portfolio, you’re definitely making a callous sacrifice, because it’s time not because it’s necessary.
At this point, your ability to identify and spend for the right reason is buttressed. You do not owe anyone explanation if you choose to stay away from excessive festive spending even when it’s dead obvious to affect your cash flow.
Learn to live by the attitude of real and successful millionaires, they simply do not spend unnecessarily irrespective of the pressure.
MONEY MISTAKES: EXPENSE BEFORE SAVINGS
Eighty percent of working class population are guilty of this financial offence. It’s mostly a disservice to embark on expenses without first of all considering your savings.
The practice should be save for investment from what you have and spend what is left not the other way round.
You struggle financially because you’ve refused to see the importance of making your investment savings a life priority, you must invest appropriately as this is the way out of poverty.
The choice is yours to either spend before saving or saving before spending for whatever reason.
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MONEY MISTAKES ON DATES
Budgeting heavily and unnecessarily for dates is a cancer that has eaten so deep into the cells of the younger generation. Must you go out of your way to impress a lady, probably to send a signal that you’re the man and in charge of finance?
Did anyone say you aren’t the boss? Change your mentality, a woman should not determine how your money is being spent on a date, do not act to impress her, take her to an eatery you can afford it bills with ease, besides moderation says it all.
Money mistakes will always haunt you, it doesn’t matter if you‘re willing to give heed to its appeal. Investment of proceeds however supersedes every expenditure no matter how important you think it is. Learn to sow the seeds of your income in investment today and live a happy and fulfilled financial life thereafter.
Raphael Orji is a Digital Marketing Expert, Seasoned and Dynamic Freelancer, with interest in Banking, Personal finance, Entrepreneurial development. A Councillor and Motivational Speaker.
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