5 Money Mistakes You Should Avoid Making In 2022

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Money Mistakes


 Everyone at some point in time has made a mistake or two when handling money. Some have ruined their finances as a result.

The key to grow financially is to identify these mistakes and put conscious effort into avoiding them.


1. Impulse Buying



Making purchase based on how you feel or on first sight is impulse buying.

Unless you are Dangote, you cannot buy everything that you desire. If you allow your emotions to get the best of you, you're headed for a financial disaster. So before making such purchases, pause and think whether you can afford to or not.

Read also: The Things That Make You Remain Poor


2. Investing in Ponzi Schemes.


Ponzi schemes are fraudulent. They promise you a high return on investment for a short period of time. Instead, your money is been used to pay other investors and when the system crashes, you may lose all your money.

For example, remember how MMM got away with investors money.


3. Not having a Budget.



While some may find it difficult to put pen to paper about their spendings, it is necessary that you know how much goes into the categories of expenses you make.


A budget should carry a fixed amount for the respective needs and flexible amount for wants. Then stick to the budget as best as you can.


4. Making Promises Based On Expected Money.


Everyone's guilty of this. We make promises before money gets to us, only to be disappointed when it turned out unsuccessful.

One may be forced to touch his funds or borrow so as to keep his promise.


5. Relying On One Source of Income

This is risky especially when the source is not secured and stable. The Covid-19 pandemic taught us this lesson as many Jobs came crashing down. So whatever you do now, get a side hustle or business. Have a plan-B.


Next: 6 Habits Of Poor People

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