ISEGHE AJAYI
The Nigerian economy is not friendly; we are really in dire times such that survival is a big challenge to many, especially the common folk.
In spite of this, efforts are still being made by individuals to improve their financial lot to maintain their financial integrity.
However, it is a formidable task, particularly for those who have lost their jobs, low income earners and owners of business that have gone under.
But then, the way you handle your money on a daily basis determines how successful you would be in creating wealth.
No matter the situation of the economy, one must continue to look for ways to improve his or her finances and move ahead.
But, while some will thrive at doing this, others who may be in similar or even better conditions may struggle to do so owing to their spending habits.
People without financial focus or set goals will certainly find it difficult to make ends meet, regardless of their earnings.
Besides, their bad financial habits will see them living at the mercy of others, as they will always be broke and unable to reach their financial set goals if any. If you are careful and have a good financial plan, you can build real wealth but if on the other hand, you practise bad money habits, you may end up always being broke and unable to reach your future financial set goals.
Refusal to let go of the under listed habits will keep you in financial misery:
No Spending Plan
The perpetually broke people never bothered about having a budget, which is the best tool to control their finances or spending habits.
They do not care to master the art of budgeting because they do not believe in it, viewing it as unworkable.
Having a budget helps you to determine how much to spend on various categories.
Besides, it gives you the power to commence saving or to pay down debt. It is very expedient to have budgetary plan regardless of what you earn if you really desire financial independence. Except you set and follow limits, you can always spend more than what you earn.
Fake Life
Perpetually broke people have a habit of keeping with friends, colleagues and families as they ‘always want to belong.’
The fact is that they all want to look the best and have the best among them. In the process of doing that, they tend to consider their outward performance without putting into consideration how they live and maintain their lifestyles.
They want to be present at all the parties wearing the classy attires and so on. Mind you, trying to match and surpass them in terms of belongings is a fruitless chase that could burn your finances.
Inability To Shun Impulse Buying
One habit that is usually associated with people who are constantly broke is their inability to shun impulse buying.
They are inclined to purchase everything that comes their way provided there is money in their wallets.
They cannot be trusted with money because of their spending habits and as such lack financial sense or focus.
Arbitrary Lending
It is good to be generous, to help people out but when it becomes uncontrolled; it means there is a problem. If you are giving or lending money arbitrarily to people without getting it back from them, you can hardly survive with your take-home.
A habit that cannot be tamed especially when it comes to money will cause you financial regrets as you will see yourself earning more but having less to show for it.
There is nothing wrong in lending financial assistance to people that are in dire need of money; but it is better to lend someone the amount you can voluntarily give on your own without feeling the impact as there is a wise saying that ‘borrowed funds never come back.’
No Savings
They do not imbibe the culture of saving as they see it as a challenging task. They fail to realisethat with savings or through it they can achieve financial goals that would assist them when unplanned expenses occur.
Lack Financial Literacy
They are not ready to learn how to create a budget let alone tracking their expenses. Since they are unable able to separate their profits from earnings, they will continually live in debts because they lack the knowledge of budgeting.
No Plan For Emergencies
Perpetually broke people have no plans for emergency as they do not think of their future financial life and as such, reckless in their spending.
If you are not prepared for the unavoidable financial emergencies in your life, then you have the potential to experience serious financial setback.
To avoid such occurrence in your life, there is need to have certain amount of money set aside in a dedicated account for emergencies such as job loss and medical issues.
Having an emergency fund helps to put a stop you from going further into debt by depending on your credit cards to cover an unexpected emergency.
Reckless Spending
Many broke people spend the bulk of their money as soon as they get it because they lack the requisite financial plan and they are not patient to learn basics of personal finance.
This may be because they are truly and have run out of provisions and need to head to the grocery store, or could be due to poor spending habits.
But, if you can teach yourself to save money monthly from each cheque and balance your additional spending, you will be in a much better position financially. The key to doing this is your budget and controlling your spending.
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