Managing Your Financial Spendings As A Way To prevent Bankruptcy [Part 2/3]
The issue of finance has become one of the most pressing issues in this era because many people do not know how to effectively manage the way they spend money. You will be surprised that with proper management, your insufficiency will become surplus. Many people do not have problem to raise money or funds, but their major problems lie in the way they spend the money. We looked at a few ways in which one can effectively manage their finances in the first episode, and we shall be taking a continuation of the series. Always have in mind that you are majorly responsible for your expenditures, so spend wisely.
1. Spend more on assets than liabilities: Invest
When money comes into your hands, you should not spend all of them without even making plans for investment. If a farmer eats everything he has, there will be nothing to plant in the next planting season and he will not have anything to harvest thereafter. Similarly, if you spend everything that comes to you, you will have no investment and nothing to fall back on. You do not have to wait until millions come into your hands before you start to invest. Right from where you are, there are many things you can invest in and watch them grow.
In this era of Internet proliferation, many opportunities are being presented to us online that one can invest in. Take the crypto space for example, you can invest in crypto projects or buy coins, there is also the stock market, you can also buy shares, etc. However, before investing, there is a need for you to conduct an indepth research so that you will not end up blowing your finances with a wrong investment.
2. Undertake repairs and maintenance on time to avoid total breakdown
I learnt this the hard way and I will like to share my experience. A few months back, one of the hinges of a particular door in the house became bad and it was only one hinge that was holding the door up. I knew I should fix it but I decided to manage it a bit before fixing it. It would not have costed that much to fix it and it would have been something that I would have done alone, but I did not do it. A day came, while trying to open the door, it pulled off completely and that was when I realized that I would now spend more than I would have spent to repair it if I had done it earlier. Not just that, I would now need to engage the services of an expert to fix it and then pay for the services. If I had done it on time, I would have avoided that expenditure.
Sometimes, you just need to undergo timely repairs in order to prevent a bigger evil from happening. The little money you spend to fix something at the onset may be what will save you from spending heavily at a later time. You have to know when to be spend and not trying to be stingy and then incurring a bigger expense. Good a thing, there are many video tutorials and YouTube videos that you can lay your hands on to teach you common household repairs which you can do on your own and on time, so as to prevent it from going bad. Repairs should be timely to avoid total replacement which may cost more.
3. Take care of your health
This is quite similar to the second point. You need to take care of your health so that you will not break down and then spend more on medics. Now I ask you, when last did you go for a medical checkup or are you waiting for when you become sick to do that? If you do not willingly take care of your health, if your health becomes challenged, you may be forced to do that and that will cost you more, both financially and otherwise. Taking care of your health includes the food your eat. Eating rightly and healthily. What goes into your mouth can affect your health in ways you cannot imagine, so be wise about that. Also take time to rest, so as not to overwork yourself and break down.
There are times that a symptom may be deceptive and not getting to the root cause of it may become catastrophic in the future. You do not have to wait until your body has broken down before you take care of it. It is worthy to note that the money you spend to take care of your health may prevent your health from breaking down. This is also in affirmation of this popularly used quote:
Prevention is better than cure
Thanks for reading
Peace on y'all
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