Money is not everything and it cannot buy you happiness. But wait a minute. How do you even travel to the world’s best destinations without money? See, in as much as money will not give you all you want, it’s pretty important. After all, who loves being poor?
Unfortunately, most people want to be rich but do not want to work towards it. Or rather, they do not know how to go about it. You could be the reason as to why you are yet to become rich. Seriously, if you have been doing these things, it may be the reason you are still struggling to pay bills and leading a ‘from hands to mouth kind of life’:
1. Not budgeting
Not making a budget is like budgeting for failure. A budget is easy to make yet we get too lazy to spare some minutes in making one. Having a budget helps you know the areas you are overspending and the unnecessary things you should scrape off.
2. Impulse buying
This is another one. You walk along the streets from work and you find something that interests you and you quickly get it without a second thought. But did you really need it and does it add any value to your life? If it’s simply something you wanted and not needed, you could as well do without it.
3. Your salary is everything
It’s easy to get comfortable knowing that at the end of every month, you are expecting a paycheck. But what about the ever increasing rates of inflation? I mean, most companies perform appraisals yearly and you might not even be lucky to have a 10% increment. That means your salary may be the same for years yet your needs keep on increasing; so you keep on getting poorer.
4. You invest in liabilities instead of assets
The saying that ‘if you buy things you do not need, soon you will have to sell things you need’ is very true. Before you get that car, think if you really need it. If it can give you some extra coins, the better. If it’s only a liability, consider getting something else instead such as investing in a business.
5. You eat out often
These are middle-class problems that will have you stuck in the middle-class level forever. It’s harmless to eat out once in a while but it should not be an everyday thing. Unless you are getting very cheap food from a kibanda, cooking your own food is way cheaper.
6. You save little or don’t save at all
Surely, we still shouldn’t be talking about saving at this age. With easy saving plans such as the 52 weeks challenge, you should have no excuse. Before you start spending your money, save a certain percentage then budget for the rest.