Carpon
Valued Contributor
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.
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.