The #1 Money Mistake You’re Making (and How to Correct It)

By Michelle Wanjiku
Everyone wants to save more money in order to become financially stable. However, there is one critical mistake almost everyone makes though when it comes to money matters. So what is the biggest money mistake you are making? Paying for things you shouldn’t be.
It’s amazing just how much money you basically throw away either because you don’t know or just assume it’s not important.

So how do you stop doing this and make wiser money decisions?

1. Cutting down on TV subscriptions
How much time do you spend watching TV daily? Chances are less than 4 hours so why are you paying thousands of shillings for hundreds of channels you never watch?
It might seem like a necessity but you don’t honestly need to pay for all those channels if you don’t watch a lot of TV or have people at home who do.
Think of all the money you will be saving monthly if you go for a cheaper subscription or even the free option.
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2. Cut the auto-renewal subscriptions
You have probably taken up a lot of free trials that you tell yourself you are going to unsubscribe from but forget.
Go through your subscription list and find out what auto renews and change it. It might be a call back tune or sms subscriptions that deduct a few shillings on a daily basis.
There are some that you don’t need or use but you have forgotten about. Such expenses build up and end up ruining your chances of having stable finances.
3. Evaluate your spending and manually track every transaction
How often do you go through your budget and check how much money you are spending and how you are spending it.
The trick to having good financial habits is knowing where your money is going and what it is doing.
If you have no idea what your money does you will not be able to plan properly. Knowing where your money goes will help you come up with a good financial and savings plan.
4. Play the waiting game
How many things do you have that you never use and are always wondering why you bought them in the first place? Most of us have a problem with impulse buying and we spend money on things we don’t really need.
In order to stop spending money on things you don’t need, you should play the waiting game. Take your time and wait and see if you still want to buy it after a few days.
This will ensure that you don’t buy anything on impulse thus saving yourself a lot of money.
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In conclusion,
You don’t have to earn a whole lot of money in order to be financially successful, all you need to do is ensure you make smart decisions when it comes to how you spend your money. Take a serious look at your financials and cut out any unnecessary expenses.
The writer is a Communication Officer/Digital marketer at Career Point Kenya. Email: michelle@www.careerpointkenya.co.ke