1. Not having a budget
Without a budget you can engage in excessive buying that can create a huge dent in your financial status.
2. Spending on staff you don't need
You need to distinguish between wants and needs, this can help you to focus first on the most important thing.
3. Not tracking your expenditure
To have a successful budget you need to know where each and every penny goes each month. This can be achieved by writing down on paper on how you have spent on a daily basis. The other way is downloading free money apps that helps you to track your expenditure.
4. Not setting goals
Without goals its very difficult to attain a financial freedom. The goals helps you to know where you're working towards.
5. Ignoring higher income opportunities
You should always be looking for side hustles that could help you to generate more income.
6. Borrowing money
You should only borrow if that money is to be used to generate other money.
7. Not having emergency fund
This makes you to spend on the business money when risks come. Examples of risks is accidents, fire, your property being stolen among others.
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