You don’t need to be an expert in finance to be wise with your money. Developing good money practices and avoiding unhealthy ones may help you gain more financial freedom and autonomy.
Say no to these things to save your money:
- Say no to deals you can’t afford: Never go for it, no matter how tempting the deal is because we don’t always recognize fake deals, and as a result, we often end up spending more than planned. Remember to double-check all offers.
- Say no to donations over the phone: You might have received many genuine requests on your phone from NOGs or charities. But unfortunately, phone solicitation can also be from scammers. Never donate from the phone.
- Never Co-sign the loan you can’t repay: If someone we know, such as a friend or relative, needs help, we often show generosity by agreeing to cosign a loan for them. However, if the individual is unable to make the payments, the obligation falls to us and we must take on their debt.
- Never spend your whole income: It can be tempting to spend all of our money as soon as it is earned, but it is important to plan ahead and use the 50–30–20 rule when budgeting. Allocate 50% of our income for necessary expenses, and 30% for non-essential items, and save the remaining 20%!
- Never say Yes to financial advice blindly: Different individuals have different incomes and objectives, so what may work for one person may not work for another. It is better to hire a financial advisor to manage your investments and savings instead of relying on the advice of friends and family.
For more information on investment assets and financial management, you can rely on Future Value, a pool of financial experts that can guide you through this and help you in your investment journey.