Spending so much on things that don’t make sense is one of the killers of financial success.
This habit is predominantly among your people who are still in college. And this has a financial wrecking effect.
All the advice of saving and spending less could probably make no meaning to you presented as a young person who is still battling youthful exuberance.
There is always this pressure to meet up the society’s expectations and individuals around you especially if you are still in tertiary institution studying.
Frankly, it is not usually easy to live below the expectations of people, but sometimes, you need to overlook that and focus on your financial goals.
Focusing on your financial goals is a long term gratification, and you need to deprive yourself those pleasures. The ripple effect of spending money on frivolities is a setback. Therefore, you must at all times be cautious of what you spend money on.
Here are some of the things I think you shouldn’t be bothered about, let alone of spending on them.
There is no point spending a lot of clothes. You need clothes to put on, there is no doubt about, but there should be moderation.
I had an experience while in school. We needed to do some presentations in class, and some of the friends spent a lot in getting their suit ready. I didn’t bother myself doing that, and I wasn’t looking bad either.
I wasn’t intimidated by the suit some friends wore, what was important to me as that point was the presentation. At the end of the tunnel, some of my friends who wore the finest suit flopped. So the suit didn’t matter.
Further, if Mr. A buys cloth worth N5k for instance, it is still possible to get that same cloth at a cheaper rate. Always look out for alternatives and stop spending a lot on cloth.
The cost of fuel, diesel, car insurance is astronomical. The repair of cars cost a lot of money, and I doubt if a student could afford that. It is not even advisable in the first instance. Other people from influential background could get a car, YES. But you don’t need it.
It is better to look for business opportunities that would fetch you money or buy a landed property. The money you use to get the car would fetch you a landed property that will value that amount in ten folds in 10 years.
There are better days ahead, invest the money and drive the best cars tomorrow.
This is a common notion amongst young people. They want to get the finest sound systems to decorate their apartment. It is fine to decorate your apartment, but there is always a better option.
Get a smartphone, if you ask me. There is nothing you cannot do with a smartphone. You hear music or watch videos when you buy electronics or sound systems. Your smartphone can serve you. You can watch any video on your smartphone. If you want to upgrade, get a laptop.
Avoid spending on those things I mentioned. Let me know your thoughts in the comment section below.