5 Habits That Drown Your Money

I know you are at that stage in your life where you want to have everything. You have finally landed a job and you think that it’s time to enjoy life.

Well, am not against letting go sometime and just living the moment but before you go on spending your hard earned money on things, ask yourself how that thing you are about to purchase will help improve your life.

We must all admit that most of the times we have found ourselves spending our money like the world was ending tomorrow. I have always been an advocate of saving before you spend but how many of us remember that?

Well, that being the case, here are things that I believe we waste money on and that you should stop.

Read Also >>>> 10 Tips On How To Become A Millionaire By 30 

1. Buying lottery tickets

Sure some people win the lottery that’s no doubt. Compare that to the number of people who don’t win. See my point. I know you think that that 50 bob is not a lot but do the math, buy a lottery ticket every week hoping you will win. How much have you lost in a year?

Yes, it’s in our nature to want free things and quick cash that we haven’t worked for. But for everyone’s sake, please kindly work for your own money and stop wasting the little you have on lottery tickets.

2. Clothes that cost more than your kidney

You have seen a nice dress or pair of jeans that you think you would look flashing in. But before you go about purchasing that, ask yourself this. Is it a long term investment into your future? Do you really need it right now or maybe you could save up a little to buy it.

The secret here is to shop smart not impulsively. Think about that.

3. Subscriptions that you never use

I remember a few year back while still in college when a friend of mine and I subscribed for aerobics classes for 1K per month because we thought we needed it.

Well, after a few days of exercising and so much muscle pain, we skipped a class for a day and those days turned into weeks and finally the month was over. Our money was never refunded and we never got what we were looking for.

So before you make those long term subscriptions, decide whether you need them and are committed enough to see it through to the end.

4. Art and decorations that won’t pay the bills

We all want our homes to look nice and welcoming but that doesn’t mean using up your entire salary to purchase decorative items. Some of these arts, we can easily make at home. Why don’t you do it? Well, unless you have got a stash of cash that you are just dying to spend on some art.

5. Buying things that are on offer

The problem with this kind of shopping is that you convince yourself that since the item is costing less than normal you should purchase as many of that as you can. This is not only destructive but you will only end up with a lot of things that you may never use.

Learning how to pan and manage your finances is an art that we all require. Know what you’re spending your money on and let be something that will add value to your life.

A Must Read >>>>The 6 Golden Rules To Saving Money And Retiring Rich 

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