1) Bad accounting of money, this is where you are not aware of the amount of money that you are earning or able to acquire in a day, compared to the total amount of money you are spending in a day.
Reasons behind this is because you spend most of the hours of the day doing other personal activities, before noticing that you need to know how much money you have earned, the amount of money you have spent and the amount of money that you could have saved instead of spending it.
2) Using one bank account for both personal use and business use, where you have only one bank account that you have kept money that runs the business and also runs personal activities.
This is because when using one bank account can make you use the money for business activities for your personal use and this leads to your business having difficulty in running because of shortage of certain amounts of money.
You should instead open separate bank accounts for the personal use and for the business use, so as to avoid withdrawing a lot of money from the business account than what is required.
3) Buying overpriced products and goods, where you completely ignore buying the same goods from other shops or stores where the prices are much cheaper, instead you choose to buy from a store where goods are overpriced. This leads to using a lot of money which could be saved or used for other purposes.
4) Allowing emotions to guide you during decision making, because of the need of always wanting to have the best and quality things because of our fear and greed emotions,
that make you end up buying goods which were not in your shopping list this lead to overspending of the money that you have, because the extra amount of money that you are using to buy the extra goods were not planned for.
5) Finally, looking for ways to get rich quickly, this occurs when you continuously participate in business that promise you to be able to get high profits within a small time period.
These businesses usually convince you to be able to earn more money with minimal work participation. For example, in betting where you would give out money in small amounts then after participating in selecting the teams that you think may win, you are told that you have a chance of winning millions.
This makes you have high hopes of being able to win the money. This makes a person lose a lot of money, where most of the time you lose all of the money that you had used because of wrong prediction of the events.
Content created and supplied by: Anyiti_jim (via Opera News )