Excuses holding you back financially
SEE ALSO :Why your dream is in your handsPeer pressure doesn’t go away after high school. It lingers throughout adult life. You find yourself in social situations where you are in a restaurant with friends. They have bought drinks and it looks awkward that you are the only one without any. So you buy yourself that Sh800 glass of wine, money you would have saved or spent on something better. What to do: A great way to avoid this is by spending time with people who share your values. And by values, this means they also enjoy drinking bottles of wine that cost Sh800 and not just glasses of it. In situations like weddings, birthdays and baby showers, pre-plan a budget for these occasions for the year, and stick to it. Be creative about how you can repurpose or borrow dresses and accessories. It’s not about deprivation, it’s about shifting focus to what’s more important—the very reason for the celebration. But I’ve already been doing badly
SEE ALSO :How to be a happy millionaireThis is the equally toxic cousin to “but I’ve been so good lately”. Sometimes when we screw up, we say, “Whatever, I’m so over budget anyway” and let the crisp new thousand shilling notes fly. It’s the “lost cause” kind of thinking, when in fact every day is a chance to start afresh and exercise that non-spending muscle. What to do: If you have a bad day, don’t give up or beat yourself up. Just start the following day with an even stronger resolve. Everyone messes up but the key is what we do with our failures. Use your spending mistakes to inspire you to do better. Don’t give them more power by wallowing in them. I’m too busy to think about this Have you ever noticed the people who complain they don’t have time for something are often the same people who often spend time trying to control things they can’t change – like market, media and people’s opinions? They neglect areas where our actions can make a difference – like costs. That’s worth the effort. This excuse comes down to an inability to manage priorities. Cliché as it might sound, everyone has the same 24 hours available to them every day, but not everyone makes the same choices about how to use them. No matter how busy you are or think you are, there is also some time to squeeze in for your finances. What to do: Rather than whine about how you never have time to do what you want, take 20 minutes every other day, to learn about budgeting, saving, investing and managing your money. Time spent prioritising your finances can make a world of difference. This new phone/car is an investment There’s nothing ‘investment’ about a phone. You might want a new smartphone, but you don’t need it. It is a device for communicating with people, period. People find all manner of reasons to get a new phone: “I need a bigger screen”, “I need a smaller screen”, “It is two years old”, “It just came out”, “I just got a bonus” etc. A new phone might do something a bit faster but it won’t add much value to the quality of our lives. Also, a phone depreciates in value very quickly. Some people buy expensive cars so that they can make an impression at meetings; however, the client rarely walks to the parking lot to see it. If you are dissatisfied or disgruntled with certain areas in your life, a new car or phone will not fix it.
Do not miss out on the latest news. Join the Standard Digital Telegram channel HERE.