Mary Rae Floresca | via Negosentro.com
Money, sometimes it helps you sometimes it doesn’t, especially when you don’t know how to handle it. Here are the wrong things you do with money and how to correct it.
1. Uncontrolled Credit Card Bills
Think of the credit card as a billing statement, and on top of that, there’s an added interest you have to pay. It’s important to indicate a credit limit but it’s more effective if you discipline yourself not to exceed more than 30%. Don’t wait for credit card bills stack on your “to-pay” list, rigorously pay every month.
2. Your savings are stuck in a “piggy bank”
That’s why there’s life or non-life insurance. There are a lot of ways to invest your money, the most common way is to save it in bank deposit which has low interest rate per month. Find a financial consultant to guide you. Benjamin Franklin once said, “An investment in knowledge pays the best interest.”
3. Wasting and losing money through procrastination
Time is so precious and when you don’t use it wisely, you may be missing opportunities. Money is wasted when you don’t work on your duties right away. Do it tomorrow then tomorrow, you will be missing the money that you could earn.
This habit may be the ultimate wrong thing you do with money. Think about this, you worked your heart out to earn money for 2 weeks, are you going to spend that hard earned money once by buying an overpriced luggage bag? Set your priorities, needs first, not wants.
5. Not budgeting
Sometimes, when you know it’s already payday, you go buy the food you’ve been craving for, thus overspending. You’re splurging your money without thinking if enough is enough. Here’s a tip, before payday, already plan you budget. Be reminded by the quote Vice President of USA, Joe Biden, “Don’t tell me what you value, show me your budget, and I’ll tell you what you value.”
6. Life’s happiness from money
American author and journalist, George Lorimer quoted, “It’s good to have money and the things that money can buy, but it’s good, too, to check up once in a while and make sure that you haven’t lost the things that money can’t buy.” This is a simple reminder when you’ve been splurging your “happiness” through money. Look around and notice the small things that you could appreciate and that money can’t buy.