Savings -People work hard to earn a living from different areas of life. Some are medical practitioners, some teachers, businessmen online enthusiast etc.
Everybody works to earn a living; some paid at the end of the month, some paid weekly, daily or according to agreement terms say per contract per mileage like most journalist etc.
The most challenging part is saving what you earn. It requires a lot of discipline despite the fact that it is important. The importance of savings for a rainy day cannot be overemphasized.
Now what are some of the mistakes people do to lose money easily without noticing it is their own mistakes?
Eating out is a habit where one would decide not to eat in at his home and instead end up eating in a hotel. In America, there is much discipline. People always carry their lunch but in Africa this culture appears weird.
Study shows that if you eat out in a hotel you end up spending five times more than what you could have spent eating from home. To understand this well, take for example taking your lunch – At home you could end up sharing a meal with your family say 3 people at the cost of sh 200 while in town at a hotel you will use the entire amount alone and sometimes buy a friend another plate making the figure higher.
Eating out is quicker and the best if you are busy and tired but if you know you have things to accomplish in life, it is worthy a sacrifice.
Another bad habit people don’t realize it is costly is paying debts late. Late payment will always undermine your savings plans. It comes with extra charges and also could compound financial challenges; unlike if you paid your bills in time.
Golden rule would be – if you can, avoid late payments.
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