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7 Practical Ways to Avoid Losing Money Unnecessarily

In this post, I will show you 7 surprising ways to avoid losing money unnecessarily. Many at times, we struggle in life, looking for ways to make more money in order to afford the good things of life. But on the other hand, we lose money even without knowing. It’s like fetching water in a basket and of course it won’t hold water. We might have several sources of income, different investments but yet there seems to be a leakage somewhere.

7 Practical Ways to Avoid Losing Money

The following points are to enlighten us on ways to avoid unnecessary expense.

1.Be safety cautious:

Now this is one place people get it wrong. We are too carefree or would I say careless. When you cross the road absentmindedly and you get hit by a car, luckily you might not lose your life, but you might find yourself paying hospital bills or buying one drug or the other.

If you don’t hold your phone carefully and it falls and the screen breaks, you have to cough out money to fix it. This is that same money that would have been spent on something else.

The same thing applies to keeping late nights when you are ware that the neighborhood is dangerous at night. You might be kidnapped and your family would be asked to pay ransom, you might be robbed and you will have to spend money replacing the stolen items. So why don’t you apply safety measures.

2. Apply preventive Healthcare

The issue of health is something that must not be toiled with in our lives. It’s also one aspect which incurs expenses when it occurs, however, prevention they say is better than cure.

Preventive healthcare as the name implies is a type of healthcare that consist measure taken to avoid a disease or ailment. Take note of the word Avoid.

An example of this type of healthcare is the vaccine given to children at a tender age to prevent them from suffering Polio. Taking a closer look at this, it is observed that the cost of vaccines  (preventive healthcare) is cheaper than the cost of treating the disease (Polio) when it strikes.

Now before you say that’s just for children, well, here is something for the adults. Ever heard of health problems like HIV ? High blood pressure? Cancer ?, Kidney failure?, Prostrate? Sounds familiar right? Probably you must have heard about someone who suffered from it.

Now here is the shocker. You might also be prone to suffering from any of this due genes and hereditary factors.But how would you know if you don’t go for regular checkups?

Why wait till you faint and rushed to the hospital before you find out you are hypertensive? Why wait till you start losing weight before you go for HIV test. Why wait? Save money by knowing your health status beforehand, this will help you manage your life, help you eat right and save you the unnecessary hospital bills.

Still on the issue of preventive measures, people feel the road safety officers are disturbing when they insist on certain items that must be in the car e.g. Fire extinguisher.

It doesn’t really cost much but when your car goes into flames due to one mechanical fault or the other, you spend hundreds of thousands to ix it. Now how wise is that?

I urge you today to cultivate the habit of placing preventive measures around you. Change your tyres, change your wipers before its starts raining, and check your health regularly. Better safe than sorry.

3. Avoid Fines and Penalties

This includes fines for lateness to meetings, penalties for flight cancellations, paying for excess luggage’s etc.

Sometimes it’s not our fault but most times, its lack of discipline and improper time management. For instance, if your flight is scheduled for 11.30am.why would you leave the house by 11am? Even though you live close to the airport.

Always factor in time for uncertainties. There might be road blocks, the car might develop faults on the way, there might be a rally or riot or whatever, you just can’t tell.  Now to the issue of paying fines

Why would you allow yourself to be a scape goat? Even though the amount  it is usually not much. Take for instance the fine of N2, 000.00 being charged by Road Safety officials for not wearing car seat belt. Why not wear the seat belt and save the money?. There are so many other useful things in the market worth N2,000.00.

4. Study Product Manuals

For everything we buy, ranging from clothes to electronics, there is a manual attached to it. A manual is a user guide or a book of instructions that teaches the owner of that product on how best to utilize it and get value for the money they parted with.

Unfortunately, many Nigerians don’t take time to go through these manual .we even throw them away! We assume, we already know how to use it but we end up doing the wrong thing.

Or how else do we explain someone who spends extra cash to buy a radio where as he already has a radio in his phone? Of course he might not even know his phone has a radio feature because he didn’t read the manual.

5. Make enquiries

Ask questions on anything you want to do for the first time to avoid spending more than necessary. Are you knew in town and you want to board a taxi to somewhere you don’t really know? Ask questions to avoid spending triple of the money.

Seek information’s from people who have been there before you, use the internet, and seek for opinions. Many people make a lot of mistakes simply because they did not ask questions, especially when the situation looks strange. This will help you detect fraudsters, scammers, liars and cheats.

This is also the same reason why they always advise their victims not to talk to anyone about ‘the very wonderful opportunity’. Now if you stick to this, you will end up losing money to scammers. It does not cost anything to make enquiries.

6. Avoid Gambling

Do you want to lose that money you have? Then gamble with it. I promise you will never get it back. Although, many profess that they can make more money by staking their money into different betting pursuit, the chances of success are usually very slim (1 win out of 1Million stakers).

Some people make mistake by staking all their savings in pursuit to win more laurels but end of sorrowfully. Many people lose money in gambling and betting than in any other ways.

A typical example of gambling is soccer betting, MMM-Nigeria, casinos, and all other staking that involves valuables. The best advice is that you should always bet the mount you can lose.

 7. Avoid Dangerous Investment

If you don’t know how to trade forex, don’t try it. Forex is a dangerous investment and you may lose all your investments and even owe to brokers. Even the so-called forex experts lose money in this business especially the greedy ones. I am not saying trading forex is bad, all I am saying is that you should be careful to avoid losing money unnecessarily.

Another point is investing in a business you don’t fully understand how to work it out. This is bad. Many people make that mistakes by rushing into a business maybe because their friends are succeeding in it.

No, instead, take your time and do proper business research and feasibility studies before you venture into any business. Without this, it’s obvious that you will lose your money in the business.

I hope this article helps you in one way or the other, cheers.

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Ada Vivienne

Ada Vivienne is an Economist ,and is passionate about writing beautiful inspiring pieces that affect the daily human life. InfoGuide Nigeria is a team of Resource Persons and Consultants led by Ifiokobong Ibanga. Page maintained by Ifiokobong Ibanga. If you need a personal assistance on this topic, kindly contact us.

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