Money may not be the easiest thing to talk about, but this doesn’t make it any less critical. Everyone from all walks of life needs it. The security that money brings is all the reason to wake up every morning and go to work.
Why then do many young parents make money and still end up broke? Why are they always chasing, spending, and losing track of it? Are they investing in the wrong things?
The number one reason why many of us suffer is that we are not honest with our finances. And this happens when you have little or no confidence in admitting your position – you have no idea how much you earn or spend because you are so focused on your role in your family and society. You want to give your best now at the expense of tomorrow.
A study conducted by Dun & Bradstreet stated that people spend 12%-18% more when using credit cards instead of cash.
Why is this?
Simple. It’s the pressure to maintain a certain lifestyle. As a result, there is a lack of financial honesty. This goes way back to our parents, most of whom were dishonest about their spending. We then grew up with financial illiteracy and adopted their financial improprieties. If we are not careful, we could pass it on to our children too.
The only way you can attain financial prudence is when you begin to realise how much you are spending versus how much you earn. So, if you’re stuck in a maze and are looking to attain financial success, then start by taking a closer look at what you earn vis-à-vis what you spend and acknowledge where you are at all times. This year, choose to learn, save, and earn and you’ll develop financial well-being. It is the best gift for you today, and your children tomorrow.
Take care of yourself, Take care of your money.
Learn. Save. Earn.
#GlobalMoneyWeek2021 #TakeCareOfYourMoney #LearnSaveEarn