Silly Mistakes We Make With Money

Silly Mistakes We Make With Money. Get A Glimpse Of Some Of The Common Silly Mistakes We Make With Money. Check This Post For More.

Silly Mistakes We Make With Money

Ever been in a condition where you had a lot of money but within a short while, the money disappeared? Then you must be making some silly mistakes with money and you are on the right platform. In this article, you are going to get informed on some of the most stupid mistakes we make with money without even knowing and how to avoid these mistakes. First, let us deeply understand what we call “Money”

What is money?

Many people think money is only what people call currency but this is quite an outdated definition of money because the world has revolved into a digital one. Money is simply an object that is generally accepted as a payment for goods and services in a particular country. Prior to this time, people used objects such as cowries as a means of exchange for goods and services and it was called money. However, in recent times, we now have different types of money for instance; we make use of crypto currency and so on.

Read Also: Why Most Young Working Class Nigerian Bachelors Are Broke

What are some of the silly mistakes we make with money?

Now that we have an idea of what money generally means and the fact that it is not just limited to note currencies alone, let us look at some of the silly mistakes we make with money. Don’t be tensed, you are not left alone; anyone can actually make these mistakes without knowing. Below are some of the silly mistakes we make with money:

  1. Excessive spending
  2. Buying the latest gadget
  3. Getting in debts even before getting money
  4. Never ending payments
  5. Not investing
  6. Getting a loan without a job
  7. Getting a new car every now and then
  8. Not having a budget

Silly Mistakes We Make With Money

1. EXCESSIVE SPENDING

One of the biggest mistakes we make with money is excessive spending. Many of us are guilty of this; we never rest as long as we have money in our pockets. Sometimes, we even go ahead to buy things that are not useful to us in any way. This is a bad lifestyle as it is quite difficult for such individual to save anything. I call this character living from hand to mouth which means anything that gets into that individual hand as money must be spent. This character often leads to poverty.

2. BUYING THE LATEST GADGET

Another silly mistake we make with money as individuals is buying the latest gadget. Of course, don’t get me wrong, buying the latest gadget is great but if you should only do this if you can keep up with this if you can afford this all time and keep up with the trend. The major problem I have with this attitude is the fact that we have new gadgets almost every week and the craving to keep up with this is never ending.

Some people even use the last money on them to buy the latest gadget, this is very ridiculous as you would hardly ever have any saving so one rule I keep is “Except you can afford it twice, you do not need it.” It works, you should try it out.

3. GETTING IN DEBTS EVEN BEFORE GETTING MONEY

Another silly mistake we make with money as individuals is getting in debts even before getting money. This might sound funny but it very true. A lot of us already spend money that we have not gotten and eventually spend all our money settling debts, after this, we have little or nothing to live on again and have no other option than get in debt again. One way you can do away with us attitude is by not convincing yourself you have money when you have not even gotten it.

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4. NEVER ENDING PAYMENTS

Another silly mistake we make with money as individuals is making never ending payments. Some people make payments all the time and many of the people that demonstrate this end up buying things that are not even useful to them at all. If you do this, you should stop it as it is a bad attitude.

5. NOT INVESTING

Another silly mistake we make with money as individuals is not investing.  So many people think that they cannot invest unless the get rich. Little do they know that the secret of getting rich is investing. Investing in simple terms may be seen as keeping away money or asset for a while to be able to make profit or income from it.

The younger you are, the more benefits you can reap off investing as most investments are mostly kept for longer periods. Imagine saving your money and getting paid for it? Incredible! Why not start investing now?

6. GETTING A LOAN WITHOUT A JOB

Another silly mistake we make with money as individuals is getting a loan without a job. If you do not have a job, it is important that you do not take a loan. This is because loans usually attract high interests which would be difficult for you to keep up with. If you keep living on loans without a job, you may end up in debt for the rest of your life.

7. GETTING A NEW CAR EVERY NOW AND THEN

Another silly mistake we make with money as individuals is getting a new car every now and then. We know very well that cars do not appreciate in value rather, they depreciate. Getting a car every now and then is only a good way to reduce your resources over time.

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8. NOT HAVING A BUDGET

Another silly mistake we make with money as individuals is not having a budget. Many Nigerians today live without a budget and in the end, we may spend even more than we earn. A budget itemizes everything you need to get for a particular period of time before you get another. Budgets often help rule out unnecessary spending. It should be noted that a good budget is one that is properly written down for reference purposes. Sticking to a budget however requires disciplined. If it is difficult for you to stick to a budget, you can set an amount as a withdrawal limit for your account for a certain period of time

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Ruth Aldama

Ruth Aldama is a Content Developer at BenUpdate.com. Ben Update Is A Team of Resource Persons and Consultants. If You Need A Personal Assistance on This Topic, Kindly Contact Us.

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