...and do not regain your financially senses until you have
spent it all, or lost it, or even run into debt?
I did not rest once I have cash until I had exhausted it-
giving it out or just spending it.
I am not talking about what experts call having a spender
personality, in which case you are more prone to spending than to saving,
naturally more generous than frugal.
What I am talking about is being a spendthrift –spending purposelessly,
simply because you having money on you or a credit card.
“That shirt will look
good on me”.
This cold drink looks cool and in fact, I am
thirsty.”
“I think I need a new
phone again.”
“I don’t love my wife
anymore, I will divorce her and marry a younger one.”
It is a bad habit that is learned over time and must therefore be
unlearned. Many people realize that they have a bad habit and instead of
taking the pain to unlearn it, they opt for deliverance and spiritual
gymnastics neglecting the place of discipline. When you have to be disciplined,
you just have to be disciplined -nothing more, nothing less. Do not seek quick fixes.
Let me share with you some tips on keeping money and not
spending it all up:
- Do not spend money you have not made. There is no faster way to be in debt than to spend next month’s salary this month. Some people are so bad with money that they have even spent next two months worth of salary already, either through their credit card or by taking a loan to organise a party, buy some liability, etc. Do not borrow against money 'you are expecting'-Nigerians, particularly, understand what I am saying. (Even if you want to borrow, make sure it is a good debt. Read my article on good debt and bad debts.)
- Do not make money in order to spend more, make money in order to be financially free. That is a mentality, and it is a wrong mindset. It is a mindset that impoverishes very fast. What I see around me are people who are looking for get-rich-quick schemes. They come to me that they want to learn Forex because they have a project, or car they want to buy, or a wedding coming up and they do not have the money for it. Almost always, they put pressure on their trading accounts and even when they make a lot of money, they throw it all back because their purpose of trading is faulty-GREED. They won’t know when they have made enough. I have been there, and it isn’t worth it.
- Have a ‘money mate’ that you can be accountable to. This is a very important one. You need to be accountable financially. You need someone who will hold you up to your words as you begin your financial journey of unlearning bad habits. It could be your hubby, or your best friend, or a role model/mentor, or a colleague at work that you trust, or a credit club/cooperative society you belong to.
- Try not to keep cash lying fallow in your account. Automate your savings so that before your salary enters your account, you have paid yourself first. If you can do without those extra credit cards, please do. If you do not know how to control your spending because of your debit/ATM card, then do not collect it. And if you must, destroy it or hide it where you will never find it. Whatever you have to do to unlearn your spendthrift habit, do it.
- Live on a budget. There is no better way to learn discipline than for you to know how much you earn, and how much you want to spend, and how much you eventually spend -AHEAD! That is what it means to budget. No rich and successful business, country, entity or individual survives and thrives without living on a budget. Even wise animals budget.
That is it on how to be wise with your money.
Many people are poor not because they don’t make money (no matter how little), but because they don’t
keep the money they make.
Don’t also be like that individual who knows how to make
money, and always makes money (hence isn't poor), but who does not know how to
keep money, so is always cash strapped and broke...as I used to be.
I wish you a safe and fulfilling trip to financial freedom.
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