What Must One Avoid in Order to Save

[Carpon]

There are some habits that are detrimental to savings. Therefore in order to save, you must be able to fight them off and do well to avoid such. Everyone has his personal experience with habits that were a distraction to their savings and in this thread, I will share some of such things that have had negative effects on my savings.

✓ Debt: collecting leans puts you in debt. There are loan commissions that have a direct access to your bank account and once you have money in the account, they will take it away at the intervals you agreed on. This greatly retards saving because you may be unable to take care of your needs and even save.

✓ Poor discipline: when one is not disciplined enough to forgo some enjoyments and at his discomfort save, it will be very impossible for such a person to keep for the future.
Discipline also comes in the area of being able to purchase your most basic needs and not spending Impulsively.

 

[saoussen5765]

Or even saving its money in crypto assets means use fiat currency to buy crypto and store part of earnings as crypto as volatile price won't let you save money.

 

[Heartstrings]

I totally agree with you on the points and areas you mentioned, truly felt doesn't allow someone to save the way you really want to. You may actually have some little cash at hand which you won't want to save,but remembering you have an outstanding dept will hinder such plan,if we most save,we should avoid too much depts and loans

If you really want to save,avoid spending extravagantly or spending on an irrelevant things. Spending money anyhow won't let you save money,no matter how little it is.

Avoid bad friends, friends that doesn't add anything positive to your life, friends that only clubs and party will not make you save because at the end of the day,you will end up spending your money on things that doesn't add good to your future. A bad friend would add negatively to your life while good friends add positive and are blessings to you because they don't only influenced you financially but also morally.

 

[Sotherefore]

Thanks for sharing.. I have experience of loan in the past , I think that was quite a long time ago and ever since then I promised myself not to get a loan to do anything. Even though I collected the loan because it was an emergency just to take care of one of my personal needs , The interest rate was making it almost difficult for me to pay back the loan I have collected..

I believe the best way we can avoid putting ourselves in unnecessary and difficult situation is to try as much as possible to avoid getting loan for whatever reason .

We should also try to limit our spending most especially on things Such as drinking and betting. I have come to find out that so many people are spending so much of their money on Betting and drinking. This does not in any way add value to our standard of living.

 

[Ithedicious]

Most of the time , this will depend on individual because everybody are addicted to one thing or the other in their life and what a person is addicted to is definitely one of the things that may prevent the person from serving and realizing reasonable money.

We all knows what we are spending our money on our addiction. it is our responsibility is to be disciplined and take charge of how much we are spending on them and cut off some of the spending habits. Normally if our addiction does not help us progress in life it is the best for us to avoid spending money in such.

When thinking of dropping addiction that makes us spend so much money , discipline is very important because so many people on several cases have made several attempts on how they can stop their addiction but they still find themselves going back to what they do not like.

 

[Rubz]

There are different things one should avoid in order to save. Some of these things include;

• Avoid spending unnecessarily, always have a budget of how you should spend ur money. It could be a weekly or monthly budget, having a budget helps one to avoid unnessary spending.
• Always go shopping or to the market with a shopping list. The market is one place that can really confuse one and make one spend on things that are not necessary especially if one doesn't go with a market list and if one does not stick to that list.
• Live a lifestyle that suits the amount of income you make. There's a popular saying that says "sew ur suit according to your size". If you earn an average salary, live an average lifestyle. Do not try to measure up with people who make a lot of money, if not, you might run into debt and you won't be able to save.