Do you find this word difficult too? Let’s discover why…
Whether it’s a casual outing with friends, a church donation or a date night, many people find themselves roped into unplanned social spending because they are unable to say this word.
Two reasons why this happens:
One: Most people are simply afraid to talk about finances with their friends. We feel embarrased to say we cannot afford something — which is absurd because THERE IS NOTHING WRONG WITH NOT BEING ABLE TO AFFORD SOMETHING. We need to change our mindsets around that.
Two: Social media. People are now overspending to keep up with a false identity social media has pressured them to imitate, even though their friends would understand if they couldn’t afford something, they have an urge to show they can. Your overspending may not be because of your friends but because of your relationship with social media.
Whatever your reason for impulse buying/spending is, here are some quick tips to help you control your spending:
1. Know your budget: Determine how much you can truly afford to spend on leisure and entertainment every month and stick to that limit. If you need more leisure, make more money first.
2. Plan for ‘free’ activities: It is unrealistic to think that those game nights or movie nights will not cost you a thing. Plan for them too and be open with your friends about what you can and cannot afford.
3. Limit your social media: Social media is a tool, not a ball and chain. If you scroll your IG for 20 minutes and you wind up feeling jealous, tense or self-consious, it’s time to revamp your relationship with it. Mute accounts that make you feel bad about yourself.
4. Set FUN goals: Yes. Having realistic FUN goals are a thing and can help you control over spending. Imagine you had a goal to go on a N1 Million Vacation at the end of the year and to achieve this, you had to save N100,000 every month, this will motivate you to say no to a lot of unnecessary spending as you know that a beautiful and relaxing vaction awaits you. Only focusing on serious goals without anything fun for your personal enjoyment can make you feel like you’re not living a good life as you should. The goal is not to remove all the fun in your life but to make plans for what fun you can afford and what you cannot afford.
BONUS TIP: If you cannot buy something twice at a time, you probably cannot afford it — No. Make that 3 times. Be honest with yourself about what you can and cannot afford, it is your life and if you don’t take control of it today, it will control you.
Earning More money is a great way to increase the list of things you can afford but Investing is the only sure way to enjoy lasting financial abundance and freedom. What do you want to afford tomorrow? Start Saving/Investing towards it today and you will surely achieve it tomorrow. Not investing today, is a mistake that could cause you a lot of regret in the future.
