I was organizing my kitchen and the store some time ago, and behold, I set my eyes on some irrelevant properties I bought back then, and I kept asking myself what captivated me to buy all these in the first place. If this money were available today, I would have used it for something more beneficial instead of allowing these properties to rust here. But then, that's one of the consequences of a lack of financial management and not sticking to a budget. I remember seeing my fellow women gather to buy one of those properties in the market. I didn't even consider the use case but just followed the crowd, buying irrelevant things, and money kept going down unnecessarily.
As an earning adult with lots of financial lessons so far, I can say that I now know better to advise others on better ways to manage our money. Take a look at this story. I was in one village market somewhere in Lagos State one day, and then I saw this woman that I know in my church. The husband is very wealthy, and she herself is also so rich, with many businesses established at different locations here in Lagos State. Then I greeted her and said, sis, you too visit this village market? Her response has captivated me to date. This village market is usually rowdy, and many retailers buy things to resell, so obviously it's more affordable. So this wealthy woman replied to my question by saying that if you have money but lack the ability to manage your money wisely, then sooner or later you might become poor. She went further by telling me that spending wisely also involves leaving her comfort zone to buy things where they're more affordable so she can save more. In those few moments I spent with her, I got one financial lesson, which I have obviously shared with you.
Talking about shopping for irrelevant materials, you should learn to stay intentional with what you buy and focus on your needs, not your wants. First, ask yourself: This thing I want to buy, how can it be useful to me? You don't just buy things because you can afford them; that isn't wise spending; otherwise, you are managing your money wrongly. Nowadays, I hardly visit malls without a written list of what I want, and of course, I stick with them no matter how enticing other stuff may appear. This can also be regarded as financial discipline.
Another lesson I have learned so far is to build up my emergency fund—the kind of money I set aside for unplanned expenses—to avoid running into depts. What I use in this case is my HBD savings. In January this year, I had a bill of #300,000 to settle urgently, and it came with just 4 days notice. Immediately, I clicked on withdraw HBD from my savings, and that settled it. It saved me from debt, and since then I have started throwing in HBD afresh in case of such emergency expenses.
This has also helped me curtail the way I spend, knowing that I have a must-save lifestyle to follow. All thanks to Saturday savers on hive, which have motivated me to take this decision. Finally, invest, no matter how little. It doesn't have to be a massive investment to take action. In the past, I was never an investment person, but as the years went by and I kept learning about finances, I discovered that investing wisely is one way to grow our finances. You wouldn't want to remain stagnant at a particular level but rather keep growing for a better life.
This post is in response to the #hivelearners community contest on the topic titled, Financial literacy
Images were taken and edited in canva
Thanks for reading ♥️🧡
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Management of finances is the most difficult thing and many people become poor just because of it, even if they earn well. In case of an emergency fund, it's very necessary and I believe that all of us should try to make an emergency fund for uncertain expences.
You got my point, it's very easy to become poor after being rich just because you lack financial management....so is vital
As for the emergency fund, I think it's a must for everyone... really so helpful to me so far
Thanks for visiting ♥️
Spending our money wisely is definitely one great way to save money. As humans, our wants are unlimited if one is not disciplined enough it becomes much easier to go broke than to make money itself.
These are valuable lessons in your publication, thank you so much for sharing !LUV
Exactly my dear...our wants never ends and that's where financial discipline is vital otherwise going broke becomes inevitable
Money management is something that is vital for us to learn, else we will end throwing money away
Indeed my dear
Thanks for sharing your view
I agree with you momma, I bought one bag that cost me 60k when I was in school and my hatred for that bag today I can never explain it, we bought some irrelevant things but now I prefer to save than buy unnecessary things.
It happens sometimes...this days I have to think through an item properly before taking decision
Wow Lagos state has a cheap market for you but you should stop buying and selling different products. I appreciate your plans for saving money in HBD. I hope, you are also enjoying the 20% interest rate on HBD as well. Thank God, HBD saved you for bill payment. I also love to save money for emergency conditions.
It's been a life saver after the discovery and taking actions
Saving for emergency is a lifestyle to adopt
You gave very useful tips here. Buying irrelevant things can ruin one's finances. Someone could come to an office to advertise his products and you would see people patronizing him with all seriousness. Some would end up following the crowd to buy such products. It's good to work with budget and avoid emergency buying. Thank you for sharing this with us.
Impulse buying always ends in regrets
Nowadays I have to seat down and think through things before taking action
You're absolutely right that investing, even small amounts consistently, allows your money to grow over time instead of staying stagnant. Taking that wise step towards smarter money management will lead to greater financial security long-term.
Indeed my dear....that's the point..start small no matter how small, just start..take action
Everyone is guilty of spending recklessly at a point in life and as we grow older, we learn from our mistakes and also lessons from people who have more experience than us.
This emergency fund of a thing is quite important and you just gave me an eye opener. It's a good thing to save no matter what the situation is, thanks for the beautiful post.
Exactly George ....as we continue to grow older, we keep getting more exposed to the right knowledge
That emergency fund is just simply amazing 😍
I hope you come on board
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You're making a big impact @nkemakonam89! Keep up the fantastic work and you'll reach your Hive target in no time.
Thanks for the curation
I have learned many things from your conversation with the rich woman. What a prudent woman. I love women who wise in spending but I spent money, I do not know to manage finance but with time.
Awwwww
Peace dear 🧡
So glad you learned too
We should learn this and practice it
We are learning. Thank you dear
hmmm, money and humans! well, its something very important that you have highlighted here,
the truth is that some times people are the problem to their own growth because of adequate knowledge on financial management. e b everybody now go study financial management for school, hehe
Hahaha 😂, I wish we are all informed and early enough
It will be better
I think the advice from the rich woman is mine because unless I don’t get small 1k then I start going for dinners when I could just cook. Thank you
#dreemerforlife
Awwwww 🥰
Now you have learned..let's do this and watch our earnings grow 🪴
Yeah let’s do that
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