The unlimited nature, wants, and needs of man makes ‘careful spending’ a tedious task for everyone. Though money would naturally be spent to satisfy a need, it becomes a more viable asset when such need is well thought out before spending on it, after which you make a quantitative expression of a plan which would last within the period of time you want it to. i.e within the range of time you want those needs to be satisfied.

It is believed that when money is unavailable, many needs begin to flow through one’s thought thereby making one feel financially handicapped, depressed and sometimes frustrated. However, once the money becomes available these needs seem to disappear from the mind and you find yourself spending on things not budgeted for.

This is the major reason for extravagant spending, financial experts say in such case one ends up spending more money than necessary.

Therefore, in order for you to spend wisely, the following must be put into consideration:

Create a plan : It is very essential to plan before your income arrives and avoid planning beyond your income. Plan and then make reserve. This helps you to withstand problems and emergencies that comes thereafter and keeps you from borrowing and piling up debts. While doing this, don’t forget to plan your spending according to the resources and important needs that you have at hand. Hence, make a list of things needed and stick to them when money becomes available.

This created plan should not be kept in thought because there is a greater probability of it evaporating at the appearance or arrival of money, hence, it should be written down and adhered to. Lack of planning and budgeting results to spending money not originally intended for, especially when they are not of necessity at that time.

Satisfaction of pressing needs: Things that are needed most should be satisfied first before the others i.e. the highly pressing issues should be at the top of the list indicating its pressure on which it has to be met. if For instance, you want to buy an expensive bracelet and a wristwatch, bracelet portrays no economic value or purpose than the wristwatch, so you can put that aside. Don’t buy things that attracts your eyes when it sure can’t serve any positive purpose

Spending within your means : This implies spending within your capability and strength and avoiding every extra cost that is not budgeted for so as not to end up a debtor. Make sure you buy those things you have already proposed to, as you have already listed out according to your scale of reference.

Contentment: Be pleased, proud and satisfied with whatever you have, either big or small. Contentment with your salary allows you spend prudently according to the limit of your income. It takes discipline to be contented in spending. When you’re not disciplined in spending, you discover that is either you bought little or what you has worth no use at all. Satisfaction helps you to be able to ignore irrelevant purchases focusing on needs and making progress within your financial capacity. Lack of this major component leads to serious extravagant spending.

CONCILIA ONUOHA

Source: http://businessdayonline.com/2014/06/how-to-overcome-spending-without-caution/#comment-631642

lalasticlala

Good lesson.

Eriwe Agwuagwu is my portion Amen!!

only in Africa.


here in Melbourne no need for this

Okay

lol

why should i read this article??

you are advising people on how to spend their money ..

did you even find out if we have any money at all??


in the precious words of Mam-Piss

"Tish me how to Fish, Not Giving me Fish"

"ehn? Mai dear Mi...hey hey heyyyy .. I say"

" tish me how to fish ooo...not giving meeeee fissshhhhhh!!!!"

That's a Sure way to financial freedom

On top of how much? A civil servant that earns less than 50k, how he wan plan and be contented Op!, your writeup there na fabu...until minimum wage is reviewed, to the very least, 80k

Noted! Noted!! Noted!!!

Not always easy but possible especially in countries where nothing is constant.
In fact I pity those earning peanuts

5. only date ladies that are understanding and non-liability rated

ok

Is that all?

My fellow widows ladies , when you see a fine cloth, shoe, WRISTWATCH in the market, just tell yourself 'Fine things no dey finish for market' and look away.

Na which method I never try finish ? Na which article I
Never read? Na still same. E don taya me sef

Issokay

i don tire...e fit nor work for me,when i was a child i bought kolo "a wooden box for keeping money" i still find a way of stealing my money in fear of being caught,when my dad later hear he ask if na true and i said yes so he ask with what ? I said two piece of broom he shout this kind talent na bad talent o,very soon now you dey use broom remove money 4 person pocket.........our visitor gave me 500 one day when i see him off and i spend shege before i return home,when i cant finish spending them after buying toy gun and all other things hard pikin dey buy,i begin dey go friends house say YOU GO BORROW MONEY ? I later trowey the rest inside bush cuz them go search me reach pennnnniiissssss .mum and dad no respect that my thing

As for me, it's not just working for me....two weeks to the time I will receive my salary, I always write down everything needed for the next one months, infact, I ensure I go about with this written document so that it can stick to my faculty

But Immediately the alert enters, there are always so many unforeseen circumstances arising, that you dare not overlook....for instance, this morning, I realise that my gas finished.whereas, I never budgeted re-filling of gas in my plan, thinking the remaining gas should be enough to take me for the whole month, so I shed another 4k to fill my gas.....am the type that love cooking as I will never eat in any eateries or mama Put.....

Moreso, fuel is another thing that consume a lot of my salary...its not easy to be a man.....maybe next time am coming to this world, I will have to come as a woman

this helps

xmileeasy:
Okay

u r drunk...did you have to type okay?
couldn't u have just said it in ur mind?

Bia, the fact that u r a waste of sperm doesn't give you the right to cause waste of space

As if those that spend without caution do not know all these.

falseman:
Eriwe Agwuagwu is my portion Amen!!

Amen! ooo

adexsimply:
Na which method I never try finish ? Na which article I
Never read? Na still same. E don taya me sef

Don't mind the Op jare. Na paper method dem know. They won't face reality. Person wey dey earn 250k still never plan and be contented. Op! take ya time o

tiamiyukunle69:
Not always easy but possible especially in countries where nothing is constant.
In fact I pity those earning peanuts

What would you classify as peanut if I may ask?

I don't ve problem with spending make I see the money 1st.

Dcaliphate:
5. only date ladies that are understanding and non-liability rated

So na girls dey finish people money ?

.

I seriously don't know how i spend 1k in one day @ school. Call me poor or broke, ur opinion doesn't count.

As i was saying, I HAVE FOODSTUFF O. Except to buy PET drink and fiam!! 1k gone within hours.

Abeg, how can i cut cost on campus o!! Ayam tired of going broke(dad pays me weekly,actually)

Insightful. I strongly believe it is time for Nigerians to learn how to save rather than spending unnecessarily. Our society today in Nigeria no longer favors saving but spending. I hope and pray Buhari's administration will teach ALL Nigerians how to save vigorously and wont be extravagant like previous govt.

Most wealthy nations are wealthy because of their ability to save and purchase only the things they need, not what they want.