Your Finance and Your Friends
You know that saying "show me your friends and I will tell you who you are"? Well, it's true with finance too, one of the easiest way to Cultivate your saving habit is to hand around friends that save. Stay around those that save regularly. Ten or fifteen years from now, you will be the same person you are now except for two things ; friends you hang out with and the books you read.
Take note of these 7 points. They will help you:
1. Don't live your life for others; your colleagues are not your friends, take your money and go home. Many people spend money just to show people around them that they have arrived. There's a big difference between hanging and lifting. Though they are both suspended from the ground, the former is under pressure while the later is enjoying pleasures.
2. Stop buying expensive things : don't get me wrong, luxury is good but while you're trying to save and invest, don't buy expensive things. Every time you want to buy anything, find out where you can get the same quality at a lower price. It doesn't have to be the same place your friends are shopping. You're not in competition with anyone. You have a target.
3. Before you buy new items sell off old ones: it may sound a little crazy but come to think of it, how may of those junks in your basement are you still going to use? Before you make new purchases, look around your house and sell of those old furnitures, clothes, baby walker etc. You need the space after all. And the extra money won't be a bad idea.
4. Withdraw that amount you need: there's really no need for miscellaneous, if you've gone to the bank to make a withdrawal, try as much as you can to take only what you need at that moment. I've battled with this for so many years, I had to start writing down what I need, make a calculation of how much I need before I make a withdrawal. That's where budget comes in. "budget is control" so learn to control yourself.
5. Need and want: the place of need and want can never be overemphasized, learn to differentiate between your needs and your want. Learn to delay gratification that way you'll be able to tell what you need at the moment and what you actually want to buy. A couple of weeks ago while I was coming out of the bank I spotted a vegetable seller by the corner and those vegetables were very fresh and because I had money with me I bought some and they ended up wasting because at that time I didn't quite need them I just wanted to buy in case I want to cook. Buy only what you need.
6. Association and company: try as much as you can to control the caliber of people who come into your life because they will definitely influence you. You know how they say "the poor associate with the poor and the rich with the rich." well it's true. That's one of the reasons why the rich keep getting richer and the poor keep getting poorer. Success rubs off on you when you associate yourself with successful people. "what we have become, to a large extent is determined by the kind of books, people and lifestyle we've had"
7. Mentor: This is very crucial, when it comes to financial issues, you need a mentor. Someone who has gone ahead of you and can guide you or direct you. "you need a mentoring relationship for counsel and to improve on yourself" Dan Okeji. You can't achieve all you want to achieve just standing alone. You may need to stand tall on the shoulders of a mentor.
1. Don't live your life for others; your colleagues are not your friends, take your money and go home. Many people spend money just to show people around them that they have arrived. There's a big difference between hanging and lifting. Though they are both suspended from the ground, the former is under pressure while the later is enjoying pleasures.
2. Stop buying expensive things : don't get me wrong, luxury is good but while you're trying to save and invest, don't buy expensive things. Every time you want to buy anything, find out where you can get the same quality at a lower price. It doesn't have to be the same place your friends are shopping. You're not in competition with anyone. You have a target.
3. Before you buy new items sell off old ones: it may sound a little crazy but come to think of it, how may of those junks in your basement are you still going to use? Before you make new purchases, look around your house and sell of those old furnitures, clothes, baby walker etc. You need the space after all. And the extra money won't be a bad idea.
4. Withdraw that amount you need: there's really no need for miscellaneous, if you've gone to the bank to make a withdrawal, try as much as you can to take only what you need at that moment. I've battled with this for so many years, I had to start writing down what I need, make a calculation of how much I need before I make a withdrawal. That's where budget comes in. "budget is control" so learn to control yourself.
5. Need and want: the place of need and want can never be overemphasized, learn to differentiate between your needs and your want. Learn to delay gratification that way you'll be able to tell what you need at the moment and what you actually want to buy. A couple of weeks ago while I was coming out of the bank I spotted a vegetable seller by the corner and those vegetables were very fresh and because I had money with me I bought some and they ended up wasting because at that time I didn't quite need them I just wanted to buy in case I want to cook. Buy only what you need.
6. Association and company: try as much as you can to control the caliber of people who come into your life because they will definitely influence you. You know how they say "the poor associate with the poor and the rich with the rich." well it's true. That's one of the reasons why the rich keep getting richer and the poor keep getting poorer. Success rubs off on you when you associate yourself with successful people. "what we have become, to a large extent is determined by the kind of books, people and lifestyle we've had"
7. Mentor: This is very crucial, when it comes to financial issues, you need a mentor. Someone who has gone ahead of you and can guide you or direct you. "you need a mentoring relationship for counsel and to improve on yourself" Dan Okeji. You can't achieve all you want to achieve just standing alone. You may need to stand tall on the shoulders of a mentor.
Bad financial management will lead to financial troubles. Stop being careless with your finances. Don't forget forget money in your pocket before doing laundry. Pay apt attention to your finances.
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