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In this kind of generation, it is undeniable that money is a must and its hard to live without money. The price of each product keeps increasing while the salary is not. However, eventhough we only have a few amount of money, we need to learn saving for the future purposes. It can be use in emergency or in a business. The problem is, people nowadays didn't know to manage their own money and spend it all day as long as they have it to spend, and it is the reason why people are not rich.
In some cases, investing your money will be the best choice so you can gain a profit. In today's world, only few people have the only mindset of investing their money and became successful especially when they know how to manage their money. Keep in mind that investing is risky so you need to be a risk taker, be confident and trust yourself so you can be successful. Be positive and apply the Law of attraction.
Take note that once you invest your money, it will not grow immediately. You need to choose the right people or business to invest so you will not regret it in the end.
2. Working in mind
This might be confusing but I am talking here figuratively. Many people want to be a successful and rich person but they are not doing any actions. What does it mean? It simply means that people are always planning and wishing but they are not doing anything. They are just dreaming about their goals but didn't apply any hardwork. Always remember that every goal and dreams needs to undergo in a process that what we so called challenge. "Nasa Diyos and awa nasa tao ang gawa" we can't be a successful person if we will sit everyday waiting for a blessing, put some effort on everything.
3. They are saving their money in a wrong way.
Maybe you love saving money but you are doing it wrong, why? because I recommend to save your money in a bank not only on your house. Saving your money on a bank is much better because they are offering an annual interest on your savings. There's also an advantage if you will save it on the bank because you can control yourself not to spend it since you're not the one who's holding your money—literally, unlike saving your money on your house, you can spend it if you lose your control.
4. They are not exploring things
Obviously, many people loves to stick on what they know and not trying to explore or learn different things. One of the example is only few people knew what is cryptocurrency and didn't have any chance to grab an opportunity to invest their money on it which is very profitable especially when you learned how to manage it properly.
5. They don't have self-discipline
This is the biggest enemy when we are saving money. I admit that sometimes, I also lose or lost my self-discipline and ended up in buying different things that I want. I read an article that when you are going to mall, list the things that you NEED and not your WANTS. Additionally, eat before you go to the mall or any stores because when we are hungy, it's hard to stop ourselves to buy foods and our wants.
6. They didn't follow their daily budget
Budgeting is very important and must be learn by everyone. Since we need to learn about it, I believe that managing the money shall have a subject on school. Meaning, it should be taught in school so we can learn how to manage it correctly even in such a young age.
7. Buying what they want
This is the biggest mistake of everyone especially when we are in teenage life. Most of us buy what we want not what we need. NEEDS and WANTS are different from each other. Needs are the things that we can't live without it such as shelter, foods, clothes and etc. On the other hand, wants are the things that we desire or we can live without it like luxurious car, mansion and etc.
8. Investing without research
Maybe you're investing your money but you're not doing any research about it. Researching is very important especially when you want to invest your money because one wrong move can give a lot of burdens. Since I mentioned on my previous articles that I am a business minded person, I also tried to invest my money (many times) without researching and ended up in being scammed. Well, every experience has a lesson.
9. They can't control their emotions
Again, when you let your emotion control you, it will have a bad outcome. We have this sayings "Ubos-ubos biyaya bukas nakatunganga" this is one of the characteristics that we can't remove in ourself. When we have a money, we have a mindset that "I have a money so I can buy it" yes you can buy it now but how about next day? Can you buy foods? Maybe not because you bought what you want last day.
10. They are working in a wrong way
Yes, you are working in a wrong way. Maybe many people didn't notice this but you can actually earn money without doing anything except investing. What I mean is passive income. For me, as a student that obviously don't have a job, one of the best job for us is to invest our money to buy a rental property. For example, you will buy a house so everyone can rent it and pay you every month. Compared to the one that you need to carry hollow blocks just to earn money.
Everyone can be a successful and have a lot of money if we will manage our money correctly. You can buy what you want if you feel that you deserve it because of your hardwork. Be wise in making decisions so you will not regret it in the future. We can also set a goal so we can be motivated everyday. We can use @Eirolfeam2 's formula in spending money which is;
Allowance - Savings = Expenses
If you want to be inspired in saving and investing your money you can read her articles.