If you are an avid reader of financial articles, you’ll always come across articles on how to save more money or make extra dough and so on, but after reading these steps little or nothing is achieved. Have you ever asked yourself why? Maybe we should change the way we look at things financially. Instead of seeking for how to, lets first identify the source of the problem. If we can identify the problem, then we are half way to solving it. The truth is that most people are able to make reasonably good income in Ghana but where the main problem lies is in what they spend their money on, are they spending it wisely or are they wasting their resources.
Money is not just meant to be spent but to be spent wisely. Nobody wants to waste his or her money on things that does not matter, but most times we do that maybe, unintentionally. For instance, it is estimated that Ghanaians spend hundreds of millions of cedis annually on parties alone. Most analysts have argued that most of these parties are completely unnecessary and most times do not add value to either the host or the guests. Here are Some of the Stupid Ways People Lose Money Everyday:
1. Buying junk jewelry all the time.
2. Paying hefty tips at restaurants
3. Throwing too many parties for no apparent reason.
4. Betting often causes monetary losses.
5. Going for shopping multiple days in a week as opposed to one day
6. Not having enough insurance coverage, when something goes wrong you lose your wealth.
7. Paying with check (they cost money to re order) as opposed to online payment for free.
8. Give in to your kid’s demands most of time.
9. Drawing check before checking for sufficient bank balance
10. Buying software when alternative is available for free (ex. MS Office)
11. Buying electronics from brick and mortar stores, rather than from online discount stores.
12. Not bargaining enough to reduce cost
13. Shopping In-flight is almost always buying a things for twice the market value.
14. Paying for small home/car repairs that you can fix yourself.
15. Using cheaper utensils, in long run they cost more money than quality utensils.
16. Buying things from gas station (convenience stores). If you are Particular about price then don’t just walk into any store, a bottle of drink at MM2 will cost you almost thrice the amount you buy it at your neighbourhood fast food outlet
17. Spending on expensive hobbies which do not add much values.
18. Not taking good care of your health, take care of your health to keep money in your bank.
19. Buying new games or music albums without first reading reviews or trying them out.
20. Falling to Online/internet scams
21. Maintaining a Fleet of Cars. Most people keep a fleet of car to show the world they have arrived, however they fail to realize that their cars start diminishing in value the moment they drove out of the show room. The Insurance, licensing, and maintenance is an unnecessary expense for a vehicle you drive once in a month!
22. Multiple Girlfriends or Sugar Boys.
23. Paying for gym membership, not always but, often.
24. Buying penny stocks and suffering inevitable loss later.
25. Buying lotto/lottery tickets, only one in a million gets success.
26. Buying new dresses too frequently, every week or every month.
27. Not looking for cheaper insurance options.
28. Drinking alcohol. I do drink but socially. We don’t drink at home unless we are hosting guests. Drinking as habit is surefire way to lose money.
29. Visiting pubs and clubs regularly. I admit most of us need to go clubbing but not all the time. Cost of food and drink run high at these places.
30. Not refinancing mortgage for a cheaper rate
31. Having home phone when everyone at home uses cell phone
32. Paying for “ashoebi” you may Never wear again.
33. Paying for text messaging plan
34. Paying fees for banking privileges. There are interest paying checking accounts which can earn you money on your deposits.
35. keeping money in 0% interest account or in cash, inflation eats your money
36. Using car for short distance travel regularly.
37. Not using comparison websites for car, hotel and flight reservations.
38. Going after brand name when better and cheaper variety is available. From groceries to clothing to prescription drugs, you can save money by choosing an off-brand over a fancy label. And in many cases, you won’t sacrifice much in quality. Clever advertising and fancy packaging don’t make brand-name products better than lesser-known brands. For example, generic drugs can cost as much as 80% less than their brand-name alternatives.
39. Drinking Bottled water when tap water is available, with similar quality.
40. Hiring a prostitute
41. Buying expensive gas when a regular 87 octane grade is sufficient
42. Day trading stocks if you are not a professional trader.
43. Giving to a charity you have no clue on how they spend the money.
44. Paying for energy drink, all you need to do more, is motivation, after-all!
45. Letting water run at home, Save water and stop the money flow.
46. Buying at the Wrong time!
47. Smoking cigarette, I am guilty
48. Paying for Viagra when other low-cost options are available
49. Not asking doctors for generic alternatives
50. Frequent movie theatre trips
Did you find this article useful? Let’s know how you feel at the comment session, please.