effective way we can use Money wisely

In our last post we talked about Money, how we moved from Barter Trade/System to Money, its functions and where we can use Money. In todays post we are going to talk about wise ways we can use money or how we can spend money wisely.

An effective way we can use Money wisely is to be careful on what you buy. Therefore, in order to be careful on what we spend, we need to adopt the following measures:

1. To be able to spend Money wisely we are advice to DRAW A SCALE OF PREFERENCE, this means that you should make a list of all the things you need, but with the most urgent one on top. When you spend on the things you need, then you can spend within your income or budget.

2. Draw a budget: A budget is a plan that shows howMoney will be spent. Draw a balance between your income and expenditure based on your scale of preference.

3. Do not buy on an impulse: An impulse is a sudden desire to do something. Do not buy things for buying sake but when there is a need for it.

4. Buy things in bulk: We should buy things in bulk(bulk purchase): We should try and buy things in bulk from whosale shops because stall dealer is cost effective.

5. Buy at the right place at the right time: Look out for quality goods at specific places and within a stated period.

The above points are the best ways we can use Money, and with these points adopted we can plan and plan were for the future.

Question for today is what are the ways people misuse Money, i am going to list a few and you comment with the rest.

These are the ways we misuse Money:

1. Some people use their money to organise expensive Funerals

2. Some People use the money to gamble

3. Some men use their Money to woo or flatter women

4. Some people use Money to buy expensive clothings

5. Some people use Money to bribe others

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