Managing money has not been an easy task. It requires wisdom, budgeting and financial discipline. Before you think of recklessly spending your hard earned cash, think of routinely investing for the future.
Avoid pilfering on your family and corporate needs because money gone down the drain is a double loss. Here is how you manage your money effectively and achieve financial freedom:
1. Live within your means - avoid being a spendthrift. A spendthrift spends all earnings at their disposal for luxury or in wasteful ways without careful planning.
2. Say "No!" to debts
Its possible for debts to ensnare you. Debts leverage on your future and obligate you to submit to its demands. A borrower is a slave to a lender.
3. Avoid the habit of over borrowing
Borrowing has been made easy nowadays through mobile apps such as "M-shwari, Fuliza, Okoa Jahazi" etc to enable you get money at the click of the button.
However much the temptation of overborrowing reigns over our lives, we should spend the borrowed cash in meaningful ways. It is better not to borrow what you cant pay back.
4. Avoid "get - rich - quick" schemes.
Many of us fall prey to "get-rich quick" schemes such as gambling and betting which have become a commonplace in society. People have lost their money by investing in pyramid schemes which promises you to become a millionaire overnight.
This is when the pleasure of a moment overpowers reasoning. Such schemes are so addictive that you only wake up when your last coin is gone.
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