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7 Silly Things People Waste Money on Unknowingly

Being financially responsible is a gift on its own because not everyone knows how to spend wisely. Sometimes we ignore the fact that we waste money every day.

What is Money Wastage?

Money wastage is the use of money on things that are not needed, necessary, or important in your life. You spend that money to impress people, to oppress people or to chase clout. As someone who comes from a poor background, there are some silly things you should avoid wasting your money on unless you have the money in abundance.

At the end of this article, you will learn how to avoid wasting your money unknowingly. I’ve lectured some of my students on how to be financially responsible, and here are 7 ways you might be letting money slip through your fingers.

1. Birthday Celebrations.

Birthdays are one of the most important aspects of our lives because they come only once a year, but people waste a lot of money just to mark birthdays to impress others, maybe on social media or to chase clout.

I’ve seen students who spend their school fees on birthday photoshoots. Some borrow clothes to do photoshoots, and some go to extremes to throw a birthday party. But wait, nothing is wrong here at all, but it is silly to waste a lot of money celebrating your birthday because you want to score cheap goals among family and friends. Let me remind you that you alone will suffer from hunger if you do not take caution. Try to be financially responsible by spending your salary wisely.

The fact that everyone is wasting money on birthdays doesn’t mean you should do the same. At least they have the money, a source of income, and a family background that is wealthy; what about you? Do you have the money? If no, you might be wasting your money unknowingly. Be wise with how you waste money.

2. Wedding Ceremony.

Weddings are very important, but marriage is more important. Having an expensive wedding doesn’t mean your marriage will be perfect. It could still end in divorce. If you are among those people who are planning to borrow money to fund a wedding ceremony, I just want you to know that this is silly and a waste of money.

If you have been saving all your life to throw a big wedding party, that is a waste of money unless you have the money in abundance, but if you are just a common man, you shouldn’t make this money-wastage mistake. Don’t even try to borrow money to fund your wedding; otherwise, you are inviting poverty into your home. Throwing expensive weddings isn’t worth it if you’re not rich. People will praise you, but you will be the only one to bear the consequences after marriage.

3. Burial Ceremony.

This is the most silly thing people waste money on, and it is common among the poor. Now that your parents are alive, what do you do for them? Have you ever bought cows to celebrate their special moments? But when they pass on, you will kill five cows and invite family and friends to dine with you.

You should celebrate the living while they’re alive, not when they’re gone forever. Spending millions of naira to bury the dead doesn’t make any sense if you are poor. Some people even go as far as taking loans and using their properties as collateral for burial ceremonies.

Are you saying we shouldn’t bury the dead? no! Bury your loved ones in a comfortable way, not to the extent of taking out loans to fund burials or looking for the most expensive caskets and makeup for the deceased.

All these no longer matter to the dead; they don’t even know they once existed; their remains will rot and be eaten by termites. Be wise; stop wasting money on silly things. At least Obi Cubana has the money. What about you? Do you have such an amount of money? You might be losing money unknowingly.

4. Eating Like Pigs.

Once a poor man sees money, the next thing is how to blow it. He goes to the nearest eatery to order many foods, takes different girls out on a date, and splashes money. If you work hard for your money, eat good foods but moderately. Don’t order foods like pigs. If you continue this way, you will lose money without realizing it.

5. Careless Giving.

Giving out and helping those in need is great, but careless giving is silly. Money shouldn’t be spent anyhow. Giving must be meaningful and purposeful. Careless giving may include womanizing, gambling, trying to impress others, and buying luxuries that you don’t need. If you give carelessly, you may be wasting your money unknowingly.

6. You Don’t Negotiate Things.

People waste a lot of money by not negotiating things. Although negotiating takes a lot of time but it worth it. If you get a new job, negotiate the salary if you have the chance. I could remember my boss asking how much I wanted to be paid, and silly me said “any amount,” only to be paid peanuts. I’ve wasted a lot of money by not negotiating things. If the seller says the price is #5,000, now I must price it down to save more money.

Being financially literate is a discipline. You must train yourself; otherwise, you won’t grow. The price you’re told is usually double what the good is worth, especially if you’re buying from a Nigerian trader. When you master the techniques of negotiating, you might be surprised at how much you let go down the drain before you put in a little effort.

7. Buying Things You Want Instead of Things You Need.

Another silly thing people waste money on is buying things they don’t need. For instance, changing your phone because your friend changed theirs isn’t financially wise. As long as your current phone is still performing its expected functions, you shouldn’t waste money buying a new one to impress people. You saw a camera online, and you want to buy it. Do you need the camera? Or do you just want to have it as show off? Need and want are two different things.

Buying things you don’t need is a waste of money, just like subscribing to a TV cable subscription when you don’t have time to watch them. Another example is when you run out of food and instead of restocking, you decided to buy a luxury item. If you impress people with your luxurious clothes, who will you impress when hunger fights you?