Look! You might actually perish

‘If I perish, I perish’ will not save you

Money is both the cause of and solution to the problems of 99% of the average Nigerian. However, when this money eventually lands, there are common mistakes made by individuals, knowingly or unknowingly, that will make the money disappear faster than it came. Has sapa ever made you look back at your spending and caused you to ask yourself “how” or “why”? Well, this piece points out the mistakes you might have made with your funds.

The fastest way to lose your money is to have no plan of how to spend it. If you really want to make the best of the credit alert you just received, you will outline a budget to manage your spending so that sapa won’t come knocking before the next money enters.

It’s not everything you see that you must buy! Draft a plan, separate your needs from your wants, and set a spending goal. If you have not been doing this, then you have been spending your money “as the spirit leads.” No wonder sapa won’t leave you alone.

Everybody wants to have money and live a soft life but if ‘flex’ is the first thing that comes to your mind when you receive a credit alert, then you are on the path to financial ruin. Spending money on non-necessities, especially when you are in debt is a money mistake that will send you on an express train to sapa town. Buying things on impulse and spending lavishly will not only dent your pockets but will also create a cycle of debt that will be hard to break.

Buying cheaper substitutes for quality products

You may think that buying a low-quality substitute for an expensive product because it costs less is saving money. Boss, you are playing yourself! Eventually, the low-quality stuff will get the better of the product, it will become damaged, and you will keep replacing it with the exact same low-quality substitute. Now think about it. Are you really saving money by getting the lower substitute? The best solution is to get a product of higher quality and never look back. It’s an investment, Boss.

Tapping into emergency funds

Getting a dress that you fell in love with on Instagram or satisfying your food craving is not an emergency. As I said earlier, It’s not everything you see that you must buy! A mistake you should not make is dipping into your emergency wallet. That money is reserved for when a crisis arises and not for cruising. Most people believe that their emergency funds can be spent on anything they want and replaced later, but that is dangerous. Imagine you need funds for a health emergency and they aren’t available. So, next time you want to break your piggy bank, remember that ‘if I perish, I perish’ will not save you because you might actually perish.

Having tons of debt

This is how debt works: after getting a loan, when it’s time to pay back the loan, you don’t have the funds for it. What do you do? You get another loan to pay back the loan you initially borrowed. On and on it goes, all with interest. Having too many debts or loans should be avoided, especially if you do not have a sure way to pay them back. It shouldn’t be so that 70% of the money that enters your account automatically belongs to someone else, particularly when there are other bills to pay.

There is no perfect way to spend your money. However, there are errors that could be made and are dangerous when not corrected. If you want to beat sapa, then you have to avoid making money mistakes and start utilising your funds in a more conscious manner. May the force be with you.