How to avoid losing money as an adult
Nnenna Ugwu
Once upon a time, one of the most important things to an adult was making money. In today’s reality, with inflation, internet fraud, and varying scams, you do not only have to make the money, but you also have to ensure you don’t lose it as well.
However, these factors are not the only reason people lose money, there are other culprits including some personal habits that should also be blamed and those are what we will be highlighting.
Budgeting
There’s a funny theory that says, ‘Avoid any place where you’ll be asked, ‘Current or Saving’ to prevent you from spending. While we all know this isn’t possible, we think the theory should just tell people to Budget.
Budgeting will prevent you from losing money in ways you won’t know until you start. This is a tried and tested route to better finance management. We have made this very easy on Trackfundx, so you’re able to set a budget for everything, monitor the spend from your account, send reminders, and even share this budget to someone real time.
Subscriptions
We think everyone at some points have fallen into the trap of doing a yearly/monthly subscription for a one-off value. You’ve just taken a picture and just as you’re about to post you discover something that needs to be edited, you quickly get on App store, download an App, and do a yearly subscription. That might be the last time you ever use the app.
Imagine doing this for so many one-off apps and think of how much you’re losing on subscriptions alone. You can download Trackfundx now to track how much you spend on subscriptions.
Negotiations
Have you ever shared a vendor’s details with a friend who likes a sneaker you got, and the friend gets the exact sneaker for half the price? The pain felt from this is better not describe because believe it or not, you don’t enjoy something more by paying too much for it.
To avoid situations like this, learn the skill of negotiating. Don’t spend money on anything if you’re not getting the best price for it. If you have a regular purchase, you can track the spend on it over time, that way you know when to switch to an alternative.
Trackfundx helps by enabling you track based on categories and with our customized periodic expense report.
Bank charges
If you have 3 bank accounts or more, ATM cards, Mobile apps, cheque books … be certain you’re losing money you do not know about.
Track what your bank is taking from you on Trackfundx and you’ll be shocked. To fix this, ensure you do not open unnecessary accounts and budget, so you reduce the number of withdrawals, transfers, etc.
Other significant ways you might be losing money includes wasting food, impulsive spending, etc. One of the easiest ways to fix money loss is to track, you can only fix a problem you know about.
Download Trackfundx to get started.