Are you single and always broke?

You work and earn salary or you are into business but before your next income you are already low on cash. Sometimes, before the month ends, you have gone on borrowing spree.

You are cross-checking your spending, wondering how your account gets empty so easily with nothing to show for all your hard work at your job or business. You might even start claiming it’s a spiritual attack.

Tips on managing family business

The reason is not far-fetched; you are always low on cash before your next income because you have misplaced priorities. You might also be spending money on irrelevant things. Let’s review the top ways you waste money.

You are dating more than one woman. Most young men are notorious when it comes to this. If they are not with multiple girlfriends, they patronize sex merchants and this lifestyle is capital intensive.

It doesn’t matter if these girlfriends don’t make monetary demands, but the cost of taking each of them out on dates, attending concerts, going to cinemas, buying gifts, recharging their phones etc doesn’t come cheap.

What you spend on each girl at time may be negligible, but calculate how much you spend on all your girls by the end of the month and you will realize that you are just penny wise, pound foolish. Multiple relationships is a finance drainer.

You waste money when you always want to impress your friends whenever you hang out with them. You flex in exotic bars and expensive night clubs. You are into ‘bill is on me’ even when you are in the midst of folks who are financially more comfortable than you are. Spending your income to impress those spending just little out of their profit is not sensible.

No party happens in town without you being on the main list of invited guests or committee of friends. You are always part of different social events because you are a heavy spender, and life of the party. You always pay for the most expensive aso ebi and accessories just to belong.

To remain relevant or have people at your beck and call, you tip generously just to be hailed or seen as a rich person. You try to impress people pretending to be what you are not. I don’t know how far you have gone or willing to go to prove to people that money is not your problem, but if you continue on this path, and you will end up one of life’s biggest casualties.

You give in to family and friends pressure as they emotionally blackmail you with their needs and you fall for it. Always remember that you are still struggling to stand on your feet. This is not to say you shouldn’t help, but you must know your limit.

While your parents may be on allowance from you whether you have or not, it does not mean you should allow your family and friends heap their responsibilities on you to the point that you are running on deficit.

Do not lend money you cannot do without or afford to lose to family and friends. Learn to turn down requests that will burn you out. Trying to carry everyone on your income will leave you financially stunted. If it is not on your budget or what you can afford, tell them no and stand by it.

Insisting on wearing designer clothes, shoes, wrist watches, hand bags, expensive human hairs and living in posh apartments are relatively expensive. If you insist on wearing everything label and renting apartment in expensive neighborhoods, you have created a deep hole in your account and you will always be financially drained.

Airtime, gadgets and expensive cars drain your pocket too. Nothing burns money faster than airtime. Try keeping a record of what you spend weekly or monthly on airtime. Expensive gadgets such as phones and electronics are no investments either. While expensive cars are classy, they are not cheap to maintain, neither do they have second hand value.

Behind most crises young people face is inadequate planning. As a young person, you need to take budgeting and investment seriously. Have a monthly budget. This budget should cover all your important needs, miscellaneous expenses and investments. Do well to work with your budget, and by all means possible save.

It is when you are young and single that you should start saving for your dream house, your retirement, your unborn children’s school fees, etc. One room apartment is good for you now, but once you are married and babies start to arrive, you will need a more comfortable space.

The coming of a newborn is expenses taken to another level. They are delicate creatures and their upkeep costs a fortune. There’s no day you will not spend money on one need or another and their needs don’t come cheap either.

There’s time for everything and now is the time to gather rather than scatter. It doesn’t matter how extravagant you have been these past years, you will continue to self sabotage when you fail to pay heed to the things that matter most. Like they say in local parlance ‘I get am before, no be property’.

Do not spend what is meant for your comfortable future on women, friends and frivolous stuff. Live your life, have fun but moderation should be your watch word.

Resolve not to repeat these same mistakes this Christmas and in the future. Cut down drastically on your excesses because today’s swagger can become tomorrow’s stagger. Young man, young woman, make hay while the sun shines.