What’s The Worst Money Mistake You’ve Made?


Hello everyone! Top of the day to you all. Now, I know this is a very sensitive topic but then it still needs to be talked about. Managing personal finance is confusing and complicated and it’s not well taught in our schools nor is it something we can easily discuss with friends.

“Money mistakes are pretty common among us and even among those who practise incredible personal financial management”. I must point out that the guilt from a money mistake can last for a long time, thereby causing us to make even more grave mistakes.

I made some money mistake lately and learned a lot and thought I should share my lessons. One of the mistakes I made lately was impulse buying. It drained a lot of cash out of my wallet. I rushed off to the market with a friend, unplanned and not ready. I had no intention to shop that day but on getting there I found myself shopping without a list to help checkmate my spendings. I got home and couldn’t eat. I was really sad.

Whether it’s too much debt, not checking receipt, not opening bills, failure to review bank charges, carrying balances on credit cards, ignoring fees, impulse buying, lack of savings or not having enough income, financial challenges can be very stressful and discouraging trust me.

It is prerequisite to your success strategy to focus on building a firm financial foundation to support your goals and ambitions. A strong financial foundation will help empower you to build the life you truly want more easily and comfortably.

It is easy to beat yourself up for money mistakes like I did over the weekend, but a better approach is to simply acknowledge poor choices and seek to make healthier choices starting today as I have.

The most important choice you can make with your money is to learn from past choices. Make use of your failure as tools for future success. Cultivate the habit of paying off your debts when you can and stop rolling them over. Live within your means. Don’t allow anyone to make you spend beyond your limit.

If you need to downsize your lifestyle so that you can become more financially strong, please do it! Get insurance! Now, I know in my country ( Nigeria) insurance company are not highly appreciated because most people barely earn enough to make ends meet. But, I will encourage you to get insurance. It could be a car, life, home, etc. No one prays for crisis, but it is comforting to know that when it does come up, your finances won’t be scrapped out.

My dad would always say, ” make a priority goal and begin saving towards it, even if it takes you five years or even more to reach your goal”. He’s right because knowing your financial accomplishments are a few paychecks away is very empowering and encouraging. This will help you not to make decisions out of fear.

Become financial literate. Ignorance is very expensive. Learn about wealth buildings. It’s good to get information and understanding about your financial tools and options but if you’re looking for advice on what to do, you should consult with someone one-on-one who will consider your individual situation and provide you with real suggestions and reliable advise including best debt counsellor, financial advisor and trusts, estates attorneys, accountants and other qualified advisors that will be of help to you.

Remember that what works for one can’t work for all. We all have different lifestyles, needs and goals. There is no general way to wealth and financial security. What might be right for me as a teacher might be very different from what’s right for a banker.

Having money will certainly make life easier, more convenient, and less stressful but please put your money into the right perspectives.

While you work on building a great future for yourself and having financial security, please ensure that your relationship with God, the people you care about, your health, integrity, doesn’t get ruined.

Today, ask yourself; “What’s the worst money mistake I have made and how do I fix it?”

Cultivate the habit of counting your blessings one by one and never forget that the best things in life will never be found in material things.

Blessings and Love…

Photo Credit: Pixabay

10 thoughts on “What’s The Worst Money Mistake You’ve Made?

  1. Nice again, money is could be a bug and it could be two way, goodie as baddie, money for nothing or could be a step in order to obtain happiness, what about it?. In baddie moments… longing for and money, the new creed of the modern societies has a bipolar effect, two sides in one story… be cautious and enjoy.

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  2. Missed the end date of a semester and failed the course. Had to retake it for an extra $5,000. Most painful financial mistake by far.

    Keep up on your personal affairs – they affect your wallet, too!

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    1. Thank you very much for sharing. Indeed, the best thing about making mistakes is that we can learn something from them. And yes, it’s about time we reviewed our curriculum and make financial management a part of it.

      Like

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