7 costly money mistakes you shouldn’t make this year

Published by Théophile Niyitegeka
On 7 February 2017 saa 12:44
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With every new year comes a goal to be accountable for; people make resolutions to be better, live a better lifestyle, change a bad habit, have a better relationship, start a new project and so many other things. But one area people forget is to be accountable financially.

People keep making terrible money mistakes year after year, and if you must make certain progress in life, you must be accountable financially.

These are some of the ways you can do that

1. Stop having a rough estimate of where your money is going. Always be accountable to how you spend your money, and what every dime is spent on.

2. Those little expenses that you feel don’t matter, actually matter. They take tons of your money, but you don’t get to notice because they are so little.

3. Don’t spend your income without planning. Have a planned financial life.

4. Stop borrowing, and learn to live within your means.

5. Don’t spend to impress people, and don’t make the mistake of going into debt for trivial things like festivities and celebrations.

6. Stop procrastinating when it comes to savings. Make savings a lifestyle. Don’t choose to save whatever is left at the end of the month, else you wouldn’t have anything to save. Plan on saving a certain percentage from the beginning of the month.

7. Stop living from paycheck to paycheck. Try to have a multiple stream of income.

Try not to make these mistakes this year, and be more accountable to how you use your resources.