Whether you’re just starting off or you’ve been working for a while, there are quite a number of money mistakes you might be making.
Here are 5 of the most common financial mistakes to avoid in order to prevent money related heartaches.
Excessive Spending
It may not seem like a big deal when you pick up that Extra Cheesy Pan Pizza or order that dress that’s a bit above your budget, but every Naira counts when it comes to your finances. So, it is important that you spend your money wisely.
Spending without a plan
This is one of the biggest (and most common) money mistakes. Staying in control of how much you earn, spend, and set aside is absolutely key to accomplishing financial goals, and a budget helps you to achieve all of these.
Ignoring Opportunities for Extra Income
Your short-term and long-term financial goals should include increasing your income, as this helps you to live a more comfortable life. Whenever and wherever you have the opportunity to make more money, don’t ignore it.
Not Having An Emergency Fund
Accidents happen, family emergencies come up, job losses occur, and when they do, having some money set aside saves you a whole lot of Financial and emotional stress. It is advisable that you keep 3 to 6 months of living expenses in a high-interest fund placement account you can easily access when emergencies occur.
Not Planning for the Future
Keeping aside a certain percentage of your income monthly will add up over time to create a comfortable financial future for you. Setting money aside can be tough due to a lot of factors, but it is very important to create wealth for the future.
Confused about what plan to go for? Talk to us at Rosabon Financial Services. Our various fund placement plans help you to match your finances with your short or long term financial goals. Visit http://bit.ly/RFSApply to begin your journey towards a rewarding future.
