It’s a good thing that the Nigerian economy limped out of recession in the last quarter of 2017, and that will go a long way to affect the way money is being spent. It doesn’t necessarily guarantee financial prudence, but it shapes the amount of money spent on a particular item.
The only thing that guarantees financial prudence is self-discipline. Whether we like it or not our financial habits are being shaped as a result of the amount of self-discipline we imbibe.
As a fact, there are certain things you must void when trying to embrace financial prudence and they must be at your toe at all times.
From a student’s perspective, the case is entirely different; in fact, they are the large set of people that do not have any form of financial discipline.
In this post, I will share with you the various ways through which you could embrace financial prudence by avoiding certain financial habits which have impeded your financial success over the years.
Impulses purchase is just as a result of not without having a clear-cut idea of what you want. There should be a listed items or things you want to buy without spending any dime. You must try to avoid it.
Most have automated ways through which we pay bills. Automation is useful primarily when it is geared towards saving not spending. The cable companies, for instance, offer you services that are very juicy and be attractive for free or no fee at all for a particular period, after which they start charging. This time, it becomes difficult to cancel the subscription.
A lot of people focus on wants instead of need, and that could be as a result of competing with a second party. Wants, apparently, can be dealt with, unlike needs.
A new device got launched, and you want to get it just because it’s trendy. This kind of habit will limit you from achieving your financial goals.
Items like wears such as clothes, shoes, wrist watches, etc. could be regarded as wants, that is if you have them, and still thriving for new ones.
Just have a critical look at your lifestyle and know if you are spending so much to maintain it. Developing the luxury lifestyle habit might be hard to destroy. Most people find it difficult to adjust their lifestyle even during financial crises. They always want to live to that usually standard. When you’re in financial crisis or when your finances don’t come the way it comes, then, you should be looking for a way to cut your spending.
There are other ways through which we keep spending money without making any effort to track them. The idea is that everyone should know how much spent in a period.