Saving Money Do you spend money on irrelevant things?

[Ayuba Ernest]

If you're a fan of buying junks and spending on unnecessary item well I have a good news for you.

Do you know you can reduce this bad habit and save up some little money for future purpose?

Well here's how:

1. Avoid taking too much money when going out

2. Make a budget of the things you need before going to the market

3. Have a saving plan

4.you can open a bank account for savings or use a good mobile banking app for savings

5. Avoid unnecessary eating of Junks

6. Spend only when you need

7. Have spending control

With this few tips I think it'll help you save a little more and spend less on unnecessary things. Feel free to add more.

 

[Kendy]

You have given some helpful tips which can help to curb unnecessary spending and if these are adhered to by individuals, they will have a lot of savings for the rainy days. Personally, I do not think there is anything which money can purchase that is irrelevant. The only thing is, we should always operate or work on a scale of preference so we do not go into taking up loans. There are times I spend money to feel at ease and support myself for doing a good job or overcoming some challenges and this might be seen as irrelevant to someone who is very economical. I am not positing that being economical is bad but my point is that, we deserve to save and at the same time, you should look out for yourself. There are some people who deprive themselves of certain needs and this would develop consequences in the future which could he health related such as; ulcer and other ailments.

We should always differentiate our needs from our wants and also strive to having a savings account where preferably the money should be fixed so that you would not be tricked into spending it gradually. Savings is advised because, "as you lay your bed, so you lie on it."

 

[Alexandoy]

This is a good topic to discuss especially for those with issues on their finances. Last December was a hectic month for the pocket because in our culture the Christmas season is the time for giving gifts. I usually buy many gifts and that would entail a big dent on my personal budget. But in 2021 Christmas season I was surprised when the credit card billing arrived in January that I had spent more than $1,000 for my purchases. When I checked the charge slips (I always collect the charge slip to counter check the billing) there was no discrepancy. Okay, I bought some extra briefs for my use and some shirts too as partner of my pajama at night. Those small purchases added to the load of expense for that month. This February the billing for January was less than $500 which means I am doing a bit good.

 

[Kingsley]

Spending on frivolous things is common among people without financial knowledge, and another I notice is that people who spend somuch on irrelevant things are people who didn't work so hard to get the money they are spending, and many of this kind of people are found in politics, in my country those in the political class spend money on nothing but wastage and irrelevant things. They do this because they have easy access to cash and they can appropriate funds into their account. And when they appropriate funds that was suppose to be used for developmental projects, such money will be siphoned, embezzled, looted and taken outside the country to other countries to buy properties and convert it to their personal property.

This is what we observe year in year out. And nothing is been done about, monies that were suppose to help improve the lives of the timidly citizenry but they regard spend the money on frivolous activities. I pray things take a new leaf. But all you have started here is very good for those that are really trying to manage the little they have, so as not to be wasteful in terms of making their hard earn resources.

 

[moonchild]

This is a very important topic because I used to struggle with money management, I was a very impulsive buyer, I buy the most fanciest things because I wasn't the one financing most of these purchases, but when I grew up a little bit I began to understand how irresponsible that is.

Money management is one of the things you have to manage if you want to create a sustainable wealth, because if you can't manage ten dollars properly then even one hundred dollars will be hard to manage for you, because a lot of people with this bad habit think they can manage big amounts, but as the saying always goes charity begins at home.

You have to Iive within your means this can't be negotiable.

Keep your expenses low.

Strive to increase your sources of income.

Cultivate a saving culture.

Stay away from borrowing or taking loans.

Pay and finance your debts if you have any.

 

[Rachael]

The essence we make money is because we will spend it one day and the essence of investing money is to make more profits which would help solve or cater for our needs. Money is meant to be spent because at the end of the day, it will be used to solve a problem. I would not say I spend money on irrelevant things because anything I purchase is relevant to me even if not at the present time. There are sometimes where I buy items or products when the price is cheap because it might add value in the future or in a shorter time, so I purchase it and keep till when I am in need of it. This strategy has helped me so much because the rate at which goods are increasing each day is alarming. There are times where people buy irrelevant things which is not capable of satisfying or solving their problems, this does not posit that one should not take care or enjoy the beauty of life. One sure way where you can minimize spending money on irrelevant ways is to be intentional, by having a set goal which you want to achieve and you would notice the difference in the way you spend money.