In the beginning, there was just a girl working her corporate job, excited to receive her first salary and conquer the world. However, along the way of making herself financially better, she made some financial mistakes. Although those mistakes did not financially ruin her, she definitely learned a few lessons along the way.
Yes, that girl was me and as a sequel of 10 Most Common Money Mistakes You Must Avoid, these are my money mistakes:
Lending money to people I sensed would not pay me back. Trust your gut. That is all I can say when it comes to lending money. It was unfortunate at the time that I did not listen to my gut and I did not know how to say no to someone’s request to borrow money. I do not think I am getting that money back so we will credit this little money mistake to experience. Be wise and careful who you lend money to.
Vice versa, be careful who you borrow money from. While I do not recommend borrowing money and going into debt, some people are faced with some tricky financial situations and bad luck that require them to take out a loan or go into debt.
Paid for a trip that I did not go on. This one hurts my heart because I was truly excited to go on this trip. However, by a turn of events, I realized I could not go on my planned trip and decided to forfeit the journey. The tickets and accommodation were fully paid and non-refundable. A costly mistake I have moved on from. Now, I aim to be smarter and better with trip planning.
Going out while hungry. I was not just hungry. I was hangry. I would sometimes be out in public running some errands and forget to eat. With poor planning and judgment, I am desperate to fill my hunger with anything. When you are hungry, you are not thinking straight. I unfortunately end up buying and eating more than I anticipate most of the time.
When you are hungry, you just want to eat anything that can satisfy you. This is why it’s best to stay fed and happy when you are grocery shopping and stick to a shopping list in order to avoid extra unnecessary expenses.
Emotional spending. This money mistake was not obvious to me in the moment. When I was happy, sad or angry, I was in my “I deserve this” mindset whenever I entered a store and saw something I potentially liked but did not actually need. Now that I have realized what a costly habit this is, I am more aware of how I react when I am feeling overwhelmed or emotional, and can better control and assess my shopping habits accordingly.
Buying without research. This is a consequence of the current times when influencers and social media push ads in front of you and make you believe that a certain product is the best, most lifechanging thing ever. You are tricked into thinking it is a need and will make your life better because someone on the internet says so. I have fallen for this a few times and I am here to tell you that a lot of it, if not all, is marketing.
Be wise with your money and where you invest it in. Do you research and know the pros and cons of the product first. Read reviews, compare brands and prices, find where you can get the best deal, online or in-store. There are many factors to consider when making a purchase.
FINAL THOUGHTS
Financial mistakes, inevitable as they may be, do not define your financial future. If I truly think about it, these are the types of mistakes that give you the greatest life lessons. Whether it’s a wrong investment decision, excessive credit card debt, or a failed business venture, these mistakes can feel overwhelming. But it is never the end of the road. In everyone’s personal finance journey, there are ups and down but remember, we learn and move on from them.
Much love, Sabel
