It is always great when it comes time to get money or get paid. That time is a tipping point since things can either go right or wrong for you. It is important to be wary of the possibility of the latter happening to you. With that in mind, I have decided to help you out so that you are better informed. This article is about sharing with you things to avoid when you get money or paid.
Impulse Buying Or Spontaneous Purchases
The temptation to do this upon getting money or getting paid gets the better of most people. You should by all means ensure that you avoid this urge. One of the simple and practical ways to do that is by using the 24-hour rule. Before making any purchases, even when you have some already in mind; pause and calmly evaluate those purchases before making them. Give yourself at least 24 hours before making any significant purchases. After that time you will likely come down to rational and prudent purchase decisions. Especially now with online shopping, you must be very careful of impulse buying or spontaneous purchases.
Spending All Of It
Sadly many people are subject to this habit. I know for many it is borne out of not having enough for all one needs. However, spending everything is still not a good idea. Good money habits actually stipulate that you should spend what is left after saving. Set aside some money no matter how paltry you might think the amount is. I know it can be hard because you might feel you have to cater for many things. It can even just be an outright temptation to recklessly spend the money. Whatever the case may be, never make the mistake of spending all of the money. It is one of the reasons why later on people will get into debt.
Mindlessly Taking Up Offers
Businesses usually pounce on people around the time they get paid. They will come up with all sorts of special offers, promotions, discounts, and so on. It can be very easy to just get paid or some money to just mindlessly take them up on their offer. What you do not realize is that such offers might actually not be in your best interest. This spans to even peer to peer offers like selling a car or some property. It is wise to take a step back and closely evaluate offers that might come your way. Not every offer is worth it; some offers are not even necessary. You might end up wasting money on things you might never get to use later. So avoid being gullible to every offer that comes your way around the time you get money or get paid.
Becoming Recklessly Generous Or Lavish
This might sound weird but there really is such a thing as being recklessly generous. What usually happens is that people know when you typically get paid. Even when you get some windfall people will usually know that you recently received some money. People tend to then come to you with all sorts of problems requiring monetary interventions. Being generous is a noble trait but should be exercised in moderation. You can end up spending more on other people and chances will be high that some requests will not be genuine. This can leave you in a compromised position and the irony is usually that such people rarely bail you out when you are in need.
The same goes for being lavish, many fall prey to this. You find someone going to a drinking joint or some outlet. They then go on to spendthrift simply because they have lots of money they just got. This is usually done to impress people or make a statement. This is very childish and very unnecessary yet many people do this. I have even seen people getting into supermarkets and they fill a trolley with non-essential food items. It is literally irresponsible to buy lots of perishable and fancy eats when your basics are not yet catered for. Avoid these two traps, being recklessly generous and being recklessly lavish.
Ruthlessly avoid these 4 things when you get paid or when you get money. It all boils down to personal choices and diligence because no one can really tell you how to spend your money. All I can do is give you advice that works and has a sound financial life.