Have you ever suffered money panics? A friend once told me she would wake up in the middle of the night shouting and panting with her debtors names!
She had so many debts, it threw her into a frenzy! She holds a well paying position with a reputable company but she seemed to run into an ever ending debt accumulation.
When she narrated to me her ordeals, I pictured myself through her lenses. I pictured those who would find themselves in vicious circle of impulse spending. (And I noticed the little common mistakes people indulge in when handling money) Those who do not respect the valued paper, receive their equal share of disrespect back from the currency. Money does know how to revenge on its careless users!
Do you respect your money? Do you mishandle and misuse it, then complain when it does the same to you? Or fly away from your abode? You have heard the otherwise famous phrase, you attract what you are. If you are a spendthrift; you’ll attract winged money, if you are a wise spender, then riches will knock your door soonest. If you mishandle your finances, it will mishandle you. You give it the respect it deserves, it will serve you as the master you are to it.
Growing money is the most tasking and painful experience. Self denial inorder to achieve a dream is not easy. Therefore, never take that exercise for granted by blowing and or mishandling your money recklessly. What is the essence of you spending frugally, save and then not invest, if not a sure way to poverty? Whatever little you save, will go along way. Never despise your humble beginning. You will get there through discipline and determination.
Let’s look at some of the money mistakes you should avoid as a plague!
✓ Pleasing people
This is one of the fastest way of losing your hard earned cash! Pleasing people. Do not be a people pleaser. Most people will only be with you as long as they are able to get what they want!
Remember there is no big or small amount of money as we aerlier discussed in this post. https://m.facebook.com/story.php?story_fbid=10158542506878421&id=577463420. Money is money! Learn to weigh the option of pleasing people vs fulfilling your money goal. That two thousand you dish out without a pinch of salt, translates to a great deal of a lot more over a period of time.
What is the worst that can happen if you didn’t give them that money they are demanding? You can start from there, if it will result to a child going hungry, a child missing classes, someone losing their lives, then you are all good to attempt it. But if the contrary is true, then avoid it as a plague!
✓ Funding lifestyle
This is another monster in the bag that gulp your money in chunks! quick question; if you were to lose your source of income now, say, your job, your spouse (in case he or she is your sole provider) would you still maintain the same lifestyle? Remember, life happens. Things change! Do you have a fall back savings to cushion you in your rainy days? Do you have something to start from? Remember, we all have our sunshine and rainy days. Have your gumboots, umbrella and a raincoat ready for cover!
Are you in a position to maintain that lifestyle even when things go south? I told you I am on a learning path, and as I write this, I speak to myself in volumes. If you are willing, we will walk through this path together to become champions in matters money!
Do not save only to spend it on things unnecessary. The girl squad, the boys club, should not pressure you into funding a lifestyle. If you are not able to go for a holiday coz you are working on your savings, then it is okay! Never take a loan because you want to belong! If it’s not giving you peace at the end of it all, then it’s not worth it.
You don’t have to visit the latest joint to belong. You don’t have to adorn a designer perfume to be relevant. If you strain, then it is not your time. Never wear a ‘ Fear of Missing out’ on your neck like a dog on the loose!
While it’s healthy to take that holiday trip after a year of hard work, see if it’s really at the top of your end-year priority. Do you have pending activities to do, is your project done and dusted? If so, then indulge responsibly. If not, then put your money where you need it most!
✓ Status Quo
You are familiar with where you are, don’t die there. Venture into a learning habit. Learn things you do not know. Keep up with those you would wish to emulate. You don’t have to hop to concerts to know them. Internet has brought them into our living rooms. Do not leave matters money to your spouse or your better half to handle. You know we have both males and females millionaires right? RIGHT! So it’s not a specific gender’s mandate to do it.
Learn about taxes, insurances, money markets et cetera. Have an appetite to learn more. Comb through the money menu. Know how it serve and how it’s prepared as a delicacy. Learn the ropes and the condaments that soups it.
Do not be afraid to thrust from your comfort zone. Learn about money. What do you want your money to do for you? Are you just saving it to admire a bulging bank balance? Are you doing it just to feel content? What is your ultimate goal. What do you want? To ride first class, own a home, ride a discovery? Everyone wants that! Sit yourself and know why you work so hard! There is something more to just a feel good attitude.
If you can avoid this, then by all means, do. Especially if you take it to fund a lifestyle. Only take loans that will add value into your life. And try as much as you can to repay them when you are in a position to.
Lastly, money pinching is as painful as it gets, but not as painful as spending every penny you make faster on others than you do it on yourself.