MONEY

Expensive habits that may prevent you from achieving your financial goals

Everyone has financial goals. Whether long term or short term there is something they are aiming to buy or a place they want to be financially. Society makes everyone believe that in order to have a great life you need to have material things and some “compulsory” mile stones that everyone must have.

  • Changing your phone as soon as a newer model comes out. Your old phone still works well and will keep being functional as long as you take care of it. It can last up to three years.
  • Having over the top baby showers and weddings. Color themed parties that may lead to you spending more money on your dress than on the actual gift you get for the child and the mother. These parties become more about showing off than creating memories and making new friendships. We need to stop making our friends strain themselves financially.
  • Buying brand new cars. Brand new cars are not bad. It’s not advisable to get into debt just to buy a car that is depreciating as time goes by. However when you’re going for a used car don’t go for a piece of junk that is so old that you end up spending more money than the car actually cost to constantly repair it.
  • Keeping up with fashion trends. There are so many designers that come up with new clothes every day. Fashion bloggers, vloggers and celebrities are seen wearing these clothes. Some of these clothes are very expensive and if you cannot resist them, you can end up slaying while in debt.
  • Having too many beauty products. This includes makeup, skin care products and hair care products. You keep buying beauty products and they accumulate and some of them end up expiring and they become waste. Figure out what works for you and use them. Some of the products that are advertised may not work for you.
  • Alcohol and soft drinks especially at bars, the club and restaurants are so expensive. They make sure to tell you not bring your own drinks so that you feel like you don’t have an option. It goes to running the restaurant such as rent, salaries and insurance. But it’s coming out of your pocket and you’re in control of how you spend your money.
  • Treating yourself. Spending too much money as a reward for achieving some goal can end up being counterproductive if nothing done well. If you overdo it and spend way more than you had convinced yourself you would spend, it may end up hurting your financial goals.
  • Retail therapy. We need to stop this culture brought about by movies, that shopping makes everything better. When you have had a fight with your boyfriend, you go and buy yourself an expensive pair of shoes. Deal with the emotions and don’t try to avoid them through spending money.

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