Ghost Money: Reasons Why Your Money Disappears Too Quick

Ghost Money: Reasons Why Your Money Disappears Too Quick

Ever wondered why your money runs out faster than normal? Here are some of the things that exhausts your money.

Ever wondered why your money runs out faster than normal? Maybe it’s the way you spend it. It is easier to expend money than to gather it, therefore, caution is key whenever you have the urge to use money.

Here are some of the things that exhausts your money and how to manage your resources:

Throwing away leftover food

Most people have the habit of throwing away overnight food just because it’s old. That’s some hard earned money going down your thrash you know. Remember to preserve your food in the refrigerator or heat it up properly at night to minimize the rate of discarding leftovers in the morning. Nothing will happen to you if you eat warmed up food from a previous meal.

Shopping without a list

It’s always a delight to shop for new things, especially when someone else is paying, but then shop with a purpose. Going to the market without a list of the things that took you there will only land you into buying every fancy item that catches your eyes. Asides writing a list, it is also important to cut it down to the most important things.

Excessive alcohol consumption

Imagine you spend N5, 000 on the average every weekend on alcohol, in a year you would have spent N260, 000 on just alcohol. According to Business Insider, Nigeria is the highest alcohol-drinking country in Africa. You can stylishly exempt yourself from this statistics by cutting down the number of times you booze or at least target happy hours when drinks are cheaper.

Showing off

Too many people spend money to buy things they don’t want just to impress people they don’t like. Is that really necessary? Never spend your money before you have it. If you must show off luxury items and designer’s brands, do so because you can afford it, not because you want people to see you as wealthy.

Read Also: Financial Literacy: What does that mean to a Layman?

Gambling

Gambling involves risk but that does not make you an entrepreneur. It’s hard to walk away from a winning streak, and even harder to leave the table when you’re on the losing side because you always feel like trying again. It might be hard parting ways with this habit if you are already addicted but you can try in order to save your money.

Saving money in a regular account

It may take you a longer time to become wealthy if you save your money in an account you use regularly. Operate another account different from your savings account so you don’t assume you have so much money when in the real sense, your account balance is your entire life savings. It’s safer to link your ATM cards to your expense account and allow your savings grow undisturbed.