when it comes to financial management and decision making,we must be very careful if not we will end up having financial lapses. most of the time the decision we make affects our financial life without us knowing it.i come to the realization that for anyone to have a good financial life, we must learn how to make good financial decisions. not everyone is good at making financial decisions but it's something that everyone has to be consciously be aware of.
Few days ago I was actually trying to see how I spent some money in my account that I can't really account for. while trying to figure out on how I spent the money I found out that virtually all what I spent the money on were things that are not really important, I was not very careful to use the wisely untill when i needed it the most. after seeing how I spent the money I was very furious with myself because there are other important things to use the money for than what I just spend it on.
The reason why bad decisions affect our financial life is that whenever you make mistakes or take bad decisions or actions at any point , it affects all other aspects of life and before you know what is happening you might be needing to start all again. going back to where you have supposed to have passed is always very difficult because you will need more attention, energy and time to spend to get the whole thing corrected again, this further leads to delay because the time , energy and money that are meant to use previously are what you are using now which continues to affect our entire financial life.if you are not careful this might put you in one circle , you keep revolving around a circle financially because of the bad decisions we have taken.
sometimes we also tend to spend more than what we earn, this is a very bad habit, spending more than what we earn is a serious financial mistake, one of the disadvantages is that you end up borrowing to keep up and at the same time you keep paying back the borrowed money which might comes at a higher interest, living above your earning means that you will have more debts to incure while you are saving less or not even saving at all. this will drastically put us in a financial circle that would be hard for anyone to easily overcome as a result of this we keep having financial lapses,
when it comes to having a financial stable life, our decision making is very important, any slight mistake can keep us in a particular position forever which weight never overcome. and eventually financial decapitation