I鈥檓 that one person who finds it very difficult to ask people for stuff, especially when it has to do with money. No matter how much I am in need of money, I would never ask anyone until I know it鈥檚 critical. Being the kind of person that I am, I am very cautious of my finances.
I would say that I became financially conscious at a very tender age. Growing up, I would always save my allowance to get what I needed all because I couldn鈥檛 get myself to ask my parents for it. I would always save about 30% of any money I got , with my mom as my bank until I get the full amount for what I needed. Everyone in my family knows that this is how I am and so it鈥檚 no surprise to them that I don鈥檛 ask any one of them for anything unless they offer to give me.
As they say, money is the root of all evil but thinking about it, the same money that is evil also stops nonsense. In todays world, anyone without money is not even regarded as a human being. Sometimes you go to places where everyone has to form a queue in order have access to a service and then, there鈥檚 this one rich man who always comes and walks by into the office. Within a minute, he鈥檚 done with whatever he came for and he鈥檚 off. That鈥檚 money talking for you. So believe me when I say money is good.
It鈥檚 one thing to have money and it鈥檚 another thing to know how to manage the money you have. I know people who can be holding a billion dollars today and they would have nothing tomorrow. The funny part is, they wouldn鈥檛 even know what they used the money for. This isn鈥檛 the life you want to live as an adult with responsibilities.
So, allow me to share a few tips to help manage your finances.
Don鈥檛 give out a loan if you鈥檙e not ready to lose it
I always say that unless you鈥檙e a bank, giving out a loan to people is a risk. I say this from experience. Some years back, my business went bankrupt because I kept on giving my money out to my friends who always promised to pay back. They would even gaslight me into giving them my own money. Up until today, I haven鈥檛 even received a dime from the money I loaned out to these people who claim to be my friends.
No matter how much money you have, whether it be your savings , investment or whatever, do not loan it out to others unless you鈥檙e ready to lose it. The best money you can loan out is money you don鈥檛 need and that doesn鈥檛 include your investments and savings.
Buy only what you need
Do you always walk into the shopping mall or market and come out with things you didn鈥檛 even intend to buy? I bet most of us have fallen victim to it. Welcome to the world of neuro marketing. Entrepreneurs and business owners are now studying our brains in order to make sales.
You鈥檇 most definitely come across something tempting when you go grocery shopping and I can鈥檛 assure that you wouldn鈥檛 be tempted into buying. This is why it is important to make a list of only important things you need and make sure to get those exact things when you go shopping. This way, you don鈥檛 spend out of your budget .
Keep accounts
Most of us believe that keeping accounts is only for business owners or bigger companies. Well, I鈥檓 here to tell you that you鈥檙e a company on your own.
Everyone of us needs to keep records of our spending. You want to be able to come back at the end of the month and know how much you have spent on food, electricity or even groceries. This way, you know how much to budget for next month and you also get to know if you over spent or underspent.
Money is a valuable thing to us today. You wouldn鈥檛 want to waste away your hard earned money unintentionally. And so, I hope these tips of mine would help you in your journey to financial freedom.
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