4 Deadly Habits to Avoid as Savers

[Carpon]

Saving is the act of keeping a percentage of your daily, weekly, monthly, quarterly income or depending on the time taken for you to be paid. Savings and it's advantages cannot be overemphasized as it has a lot of ample benefits.
But as someone who wants to save there are somethings that you should avoid due to the bad and adverse effects that they will have on your ability to save. In this thread I will outline 4 and I will be pleased if you will also share your ideas on harmful behaviors savers should avoid.

1. Extravagant or impulsive spending
2. Credit purchases
3. Gambling or lottery
4. Ponzi investments

✓ Extravagant or impulsive spending pertains to buying things impulsively which is something you have not budgeted for. Take for example I put down a list of items I want to go and purchase in the store and in the way you buy other things which are not part of your budget. That is termed impulsive spending and it is detrimental to savings as it will eat up the remnant you will have after budgeting. Also avoid buying too expensive products when their are less expensive ones with lower price.

✓ Credit purchase: Buying items on credit is another harmful behavior fir any one that wants to save. It cripples your income and your money is already gone even before you get it. Avoid this and buy goods or commodities when you have the money.

✓ Gambling and lottery: A lot of people that Excel in business suddenly grow poor when they begin to engage in acts such as lottery. It is a very Deadly thing to use your money and Gamble and it greatly retards saving.

✓ Ponzi investments: This encapsulates any kind of scheme that you invest and without any effort you get your money back with interest. It is a very risky act for anyone and mostly savers.

What do you have to add? Please share in the comments.

 

[Augusta]

You have stated rightly the different ways by which savers should avoid adopting for money making and some of the point mentions should be noted like gambling. it is a very useless way of a spending your money and not seeing the need for that.

I've seen a lot of people gamble away their fortunes and I Wonder why others don't learn from that maybe because they want to experience it themselves because I don't get the whole issue of one wanting fast money in a very unreliable way. I know that we just love fast money that is why we get into betting, gambling and other unreliable ways of making money.

but I think that people should know that's the only legit way you can make money and get it right is by still working for a conscience having boss or you work on sites that you can make money than gambling.