Monday 7th September 2020 Devotion
Scripture:- 1 Timothy 6:1-12
Topic:- 13 Common Money Mistakes To Avoid 
Text:- 1 Timothy 6:10
Want to know how to be better with money without living like a hermit? Start by avoiding these common financial errors and let the good times roll…
Financial decision making is a skill you get better at over time, so don’t be surprised if you make some of your biggest money mistakes in your twenties. Being good at managing your money truly is an art that anyone can master, even the faintest of heart!
It all comes down to getting into good money-saving habits that, over time, will (hopefully) turn into a nice stash of savings in your bank account.
But, to get there, you need to know what the most common money mistakes are and how to avoid them so you don’t end up falling at the first hurdle…
Before you do any of these, make sure you’ve got a savings account with the best interest rate so you can earn money without doing anything at all!
Mistakes to avoid to be better with money. Here are the most common financial mistakes and follow-up lessons in how not to spend your money!
- Non-Essential Expenses In Your Monthly Budget:
This is a common money error that almost all of us have succumbed to at some point, living beyond your means. We’re not talking about the odd treat here and there – a little splurge every once in a while can be good for the soul. We’re talking about trying to maintain a lifestyle that you can’t afford.
It’s usually the little luxuries that we don’t notice that burn holes in our pocket, like that expensive gym membership, spending lots on nights out or unnecessary Uber rides. These are fine everyone so often, but when they start to become a habit, that’s when you’re in trouble.
Knowing how to stop spending money and when to stop spending money can be tricky when you’re stressed out with exams and deadlines.
Keeping a loose budget of your monthly outgoings is a great way to keep track of where your money is going every month and work out which habits you need to break!
- Not Taking Advantage Of Free Time To Earn Extra Money:
Finding a way of making money in your free time is uber important, and not just for your Bank account! Having a bit of extra income every month is a way of propelling yourself towards your long-term financial goals. It’s also a way to ensure that when you do treat yourself, you have the cash in the kitty to do so.
Don’t make the mistake of thinking that making money on the side is only good for your Bank account, either. Having a side hustle is a great way to enhance your career prospects and is sure to impress a potential employer.
Whether it’s pet-sitting, setting up your own business, selling photos online or other forms of passive income, as ye ol’ Tesco would say, every little helps!
- Using Your Credit Card As Free Money:
Using your credit card as ‘free money’ rather than only spending what you have is a one-way ticket to financial ruin. Treat your credit card (if you’ve got one) the same way you would your debit card.
Thinking of getting that new iPhone? Instead of putting it straight on your credit card under the assumption that you’ll be able to pay for it later, only put it on if you’re sure you’ve got enough money in your Bank account to pay for it right now.
The same can be said for overspending on buy-now-pay-later services like Klarna: only buy what you can actually afford. Being able to pay off your credit card or any other credit every month is vital, as any missed payments will be recorded on your credit score and could make it difficult to do things like get a mortgage or take out a loan later on.
Prayer Point:- Oh Lord God, help me to manage my resources well henceforth by fire, in the name of Jesus Christ.
Have A Lovely Monday!