Here are eight common money habits that could be holding you back from achieving true financial freedom this year—and how you can leave them behind for good.
Many Nigerians face challenges when it comes to saving, and it’s easy to see why. But if you’re serious about building wealth, it’s time to rethink the excuses. The first step? Start saving!
One effective way to begin is by identifying the negative financial habits you’ve accumulated over time and making a commitment to break free from them. Here are eight bad money habits to leave behind if you want to take control of your finances:
- Lack of Clear Financial Goals
Without a roadmap for your finances, it’s easy to lose direction. Set monthly and yearly financial goals to stay on track. - Overspending on Non-Essentials
Constant impulse buying, designer clothes, and unnecessary purchases can quickly drain your funds. Learn to say no to things that don’t contribute to your future. - Taking on Unnecessary Debt
Loans and debts that aren’t essential can pile up and become a major drain on your income. Pay attention to what’s truly necessary, and avoid accumulating debt that won’t benefit you. - Not Having a Budget
Without a clear budget, it’s difficult to track where your money is going. Create a plan and stick to it so you know exactly where every naira goes. - Prioritizing Expenses Over Savings
Paying bills and buying things before considering your savings can leave you without a financial cushion. Make saving a priority, not an afterthought. - Neglecting Emergency Savings
Emergencies happen—make sure you’re prepared by setting aside part of your paycheck for unforeseen expenses. - Relying on Cash Advances
Using cash advances to cover unplanned spending can lead to a cycle of debt. Avoid this quick fix and plan ahead for emergencies instead. - Not Sticking to Your Budget
It’s easy to create a budget but much harder to stick to it. Stay disciplined and adjust as needed to stay on track.
Breaking these habits may seem challenging at first, but it’s all about being intentional with your finances. You’re not alone in this journey, and it’s never too late to start. By recognizing what’s holding you back and making changes, you’ll be well on your way to financial freedom.
Remember: “Why am I broke every month?” This is a question many of us have asked at some point, and understanding where you’re going wrong is the first step toward changing your financial future.
