Many women make money mistakes that often leave them stranded when they least expect it. some don’t plan at all leaving it till they are married .Among the mistakes are:
love For Credit purchase
Thousands of women build their wardrobes on credit purchases and in actual fact they don’t own what they wear. A gorgeous appearance and a smashing outlook that is purely OPP (Other People’s Property).
Unguided or improper spendingSpending
Owing to lack of financial intelligence and proper budgeting, it is often difficult for most people to control their finances through proper budgeting. One is quick to hear things like: ‘It is my money therefore I can spend as I like’. This attitude has landed a lot of people in huge debts and chaos.
Not Seeking Financial Advice
You don’t need to employ a personal accountant, but you should rather desire to move close to financially intelligent people through whom you can learn how to properly management your money. You consult brokers when you want to invest in stocks.inproper consultation and lack of financial knowledge could lead to mistake.
Impulse Purchases
This is the greatest enemy confronting the purse of women. Every woman needs to know who is actually in charge of money decisions between herself and the consumption force.
Women Need To Plan Carefully
Some women care less about engaging in careful planning before spending. It fails to occur to them that they are frittering away millions of naira that they could have applied to generate streams of income for them.
When a breadwinner gives money, say for the month’s budget, careful spending may permit a prudent wife who knows where to buy needed things for the home at cheaper prices may be able to save about N5,000 in a month. If such a woman chooses to invest this amount every month, she is already in good money by the time she does it for three or five years.
For instance, in the Millionaire Investment Plan that I did sometime ago, a regular monthly savings of N2,500 will make someone N1.6 million richer in about 15 years if the regular savings is invested and can earn a modest 15 per cent interest. So, careful and prudent spending that gives a housewife a savings of N5,000 every month (without adding any money to it) is capable of making such a housewife a millionaire in less than 10 years. Though you are not working or your husband doesn’t want you to say ‘sir’ to anyone, except him, yet you are able to prepare for your future by just properly managing the money you were given.
But how many housewives are ready to follow this simple principle of wealth creation? I am sorry to say this, many are damn too lazy that they just don’t want to know how to do anything, save to keep the bed and pillow warm for 24 hours or watching TV for good number of hours. A simple arithmetic reveals that if any person sleeps for eight hours a day, she has spent 25 years sleeping by the time she is 75 years old and when you spend five hours watching television daily, it simply translates to the fact that you have devoted over four years to watching television in 20 years. What a way to live! No wonder many homes become disarrayed if the head of the family unceremoniously drops dead.
Get cracking woman; it is time to use what you have to get to where you should be. By the way, I have been asking readers of this column to find out about the Knowledge Centre. What have you discovered about the centre?
Be Skilful In Financial Planning:
When you are about going on shopping, ask yourself:
•Is it possible to get a good substitute for that costly product at a lesser price?
•Is it possible that you get same level of satisfaction if you spend less?
•What manner of gadgets do we need in the house? Expensive or highly sophisticated? Is it possible to be modest and simple to avoid unnecessary maintenance expenses?
•Wouldn’t the maintenance expenses be better channelled to bring wealth or do you need to be proving a materialism statement that you are above everyone?
•Is it possible you forgo a particular product now (e.g. an expensive car) and use the money as a seed towards a better future?
Wealth comes through proper application of acquired knowledge. That is why you should not hesitate to constantly invest in knowledge. It is more profitable to buy a book of N1, 000 than to spend the money eating puff-puff and cakes. However if you spend the money to entertain someone who will give you more knowledge, it is money well-spent.