Warning!! 5 Things You Should Never Do With Your Salary

If you want to ensure you have financial success in order to live a good life in the future, you have to use the money you earn now wisely. No one wants to retire poor yet you spent over 20 years working.
Coming up with a good financial plan is a good way to ensure you don’t end up wasting your hard earned cash. In this article see some of the things you should never do with your salary if you want to ensure you get to live a comfortable life in the future.

Things you should never do with your salary

1. Gambling
Betting and gambling is very popular in the country nowadays and there are adverts everyday with so many options to choose from. Everyone is looking to win a large sum of money that will set them up for life.
There is nothing wrong with this but only if you do it wisely. For example, you cannot just use a large sum of your salary to gamble.
It doesn’t matter how lucky you think you are spending most of your hard earned money on gambling is what will prevent you from achieving financial success.
You can instead choose to use the small amount of money left after you have paid all your bills, saved for your future and invested your money to bet if you need to. You just have to ensure that your gambling does not affect your financial plan and even if you lose, your bottom line will not suffer.
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2. Buy unnecessary items
How many times do you come across something in your house that you rarely ever use and you ask yourself why you bought it?
Impulse buying is a very bad habit that you need to quit especially if you want your salary to work for you and ensure you live a comfortable life.
For example, instead of buying a flashy new expensive phone when the one you have works just fine instead, you can use that money to invest in something more profitable that will enable you to buy more than just one phone.
Before you spend money on something, you need to figure out whether it is a need or a want. This will help you stay focused.
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3. Spend all of it
I know of some people who spend their whole salary without saving or investing any of it. It doesn’t matter how much you are earning you should always be able to save something.
For example if you just save 200 bob a week you will have close to 10 thousand every year. That is a good sum of money that you can use to start a business or something like that.
4. Travelling
If you want to travel the world and see new things then you need to have a plan. That’s where savings come in. If you plan on travelling then you need to start saving for it. Most people make the mistake of deciding to travel to Mombasa just because they have been paid.
The right way to do it without having any worries that when you come back you wont be broke, is by ensuring you only use money you had set aside for traveling.
So many people take trips only to come back and start taking loans because they used all their money. This will definitely set you back and prevent financial growth.
5. Give Loans
Unless you are one hundred percent sure that the person you are loaning some of your salary to will definitely pay you back and on time, then you should avoid giving people loans from your salary. This is because after paying bills and the like the money should last you till the next payday.
You don’t want to loan someone money expecting they will pay you back mid month only to have them disappoint yet you are broke and then you are forced to borrow money from someone else.
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It is important to remember that the salary you get should work for you in that it should help you make a better life for yourself in the long run not just short term. You need to have a backup plan in case you lose your job and this will not happen if you misuse the money you are earning now.