Financial discipline is essential in any person’s life, whether in employment or in business. Being financially disciplined is often challenging but can be very rewarding. Below are money mistakes most people make that we can all learn from.
It is not your responsibility to save everyone that comes to you claiming to have money problems unless you are the Savior himself.
When most people realize it’s easy for you to part with money, they will always be by your side until you have no coin left and then they will accuse you of being irresponsible. Learn to say No and you will enjoy the freedom that comes with it. Live within your boundaries of reality and don’t ever think you owe anybody explanations on where the money you work so hard to earn goes to.
Do not allow to be blackmailed into ‘WhatsApp’ committees that you wake up to find yourself added into.
Wedding committee groups that at times even set targets of how much one should contribute is no place for you to be. If one wishes to do a wedding, let it be within their budget unless the wife will belong to the whole community. Wedding guests should only be expected to bring presents, not contribute to get you a wife.
Baby showers of people you barely know and pre-wedding committees which decide how much you should give is a no-go-zone for financially disciplined people.
Life brings so many opportunities in our lives, what you do with them is what brings the difference between the poor and the rich in most occasions.
When life brings you across a very knowledgeable and wealthy person, do not ask for money but be wise enough to ask for ideas on how to make money. The person that gives you fish may not be there tomorrow and you will be likely to die of hunger but if you learn how to fish, then your survival will not be dependent on anybody.
On countless occasions, I have seen people ranting after lending out money that does not get paid back.
When you to lend out money, be satisfied and accept that if the person fails to pay back, nobody is going to die or get hurt, otherwise, ask them to get a loan from the bank.
Be willing to lose any money you lend out without allowing it to affect your friendship or relation at all.
If you are sure the person will not fail to pay back, go ahead and lend them but always have an open mind.
Never allow yourself to give into appending your signature to guarantee anybody on a financial issue if you are not willing or able to pay the money on their behalf.
Avoid keeping the money you don’t need to use within easy reach. Don’t walk around with large chunks of money in your bag as one is tempted to go into a spendthrift.
Think of the importance of any product before spending your money on it. Avoid shopping on impulse and ask yourself before buying, in case you don’t buy it, what would happen? If you can live without feeling the consequences of not buying it, then walk away.
Buying a product at an amount that is not the minimum you can get it at is lacking financial discipline unless you have the financial freedom that allows you to overlook such things.
Most people tend to get excited at the thought of having money that they go into a spending mood even before they can actually receive the money. That money you expect to receive may not really come to be so don’t count on it all if you have not received it.
You should not spend more than you earn, it is a golden rule that needs to be entrenched into so many Kenyans. Avoid quick mobile loans to sustain your lifestyle and instead live according to your means. Living from hand to mouth is also bound to make you a pauper all your life so put aside little savings and invest.
There are so many unspoken rules while most of those that are spoken tend to be related to selfishness but guess what?! Selfishness is also a virtue one ought to learn to survive in Africa, don’t be too generous lest people take your generosity for granted. Enjoy reading ‘The Virtue of Selfishness’ by Ayn Rand and the society will never hold you, hostage, again.