There are many habits and practices that we don't pay attention to and yet they are making our lives almost impossible and difficult by constantly sucking our money away.
As we have come into the new year, we ought to find ways to become better than we were last year. This must be in all ramifications, especially in things that involve our finances.
The following are some of the habits or items that are robbing you of financial freedom. This is why you need to take note of them and do something tangible to change the situation.
1.. Soft drinks: there are some people who cannot do a day without taking soft drinks. This habit has become so part of them that they are spending thousands every week on drinks without their realizing it.
If soft drinks hold you a captive through habit, you may find it very difficult to break away, except through enough strong will power. Keep a track of the amount you are spending on soft drinks weekly, monthly and even yearly. You will be shocked by how much it tallies to be.
If you are convinced that you are spending too much on drinks,then you must strive hard to reduce your expenses or completely root out the habit of taking soft drinks everytime entirely.You can save up the money for drinks and put into something that can yield reasonable return.This will make you a master of your finances.
2. Partying : another common trend among people of African culture and other cultures.
There is no way you will sign up to go for any party without you spending some money to meet up.
If you are partying, especially among most Nigerians (the Yorubas especially), you will see that there is always a group outfit that must be worn by everyone attending this party. The more of this you attend, the more money you spend buying clothes and this will directly and indirectly tell on your finances.
If you want to save tangibly this year, you need to wisely cut off this trend in your lifestyle.
3. Eating out: some people are so fond of not cooking in their homes.
It is so bad to the point that there are some people who cannot even cook noodles, let alone cook rice.
You must stop this in 2020 if you want to be relevant financially. Eating in the restaurant is good but if your salary or income is not big enough, you should avoid it completely. This may even mean getting married (just saying though) if you are a bachelor.
4. Lack negotiating skills: don't be the kind of person that buy things for what it's called (there are exceptions of course...Don't go around haggling the price of onions and tomatoes though..lol).
There are many things you need to haggle their prices.
The skill of negotiations is a skill you must have. Tell people you can't pay the exact amount they call whatever tangible goods you are buying. This is a science of managing money.
You will be surprised that most things being sold to you at a particular amount are worth half the prices they were sold to you.
This is a new year. Beat down prices of whatever item you are buying and save the money gained somewhere and you will be surprised how much it can amount to in December of thisear.
5. Impulsive buying: don't buy what you don't need!
There are many people who don't plan their purchases and they just see something and there they go, they want it and they must have it.
If you engage in impulsive buying all the time, people can easily rip you off what you have and in essence cheat you.
Anytime you buy what you don't need, one day you will sell what you need to meet up unplanned needs. So, in 2020, be careful what you spend you excess cash on.
6. Showing off: it is true that showing off is something that is inborn in many of us. And you do everything within your capacity to limit or stop it.
Someone once said that, "we buy things we don't need to impress people we don't like and who don't give a damn about us".
You see, stop trying to impress people at every cost. You will only end up harming yourself. What can you do with that little money you didn't spend on buying that latest shoe or bag to impress others? There are many things of course.
7. Retail purchases: it is true that the ones who purchase items one by one is far paying more than the one who decides to buy in bulk.
Why do we get discounts for buying higher number of items? It is because the seller want to sell more items within a short period of time.
The penalty for not buying more is to pay more on the single ones you are buying every time.
Watch out for retail purchases. Buy in bulk and keep the money you gain somewhere and watch how much that will translate to in a year.
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