Don’t spend to impress others – Financial Expert advises
Financial expert warns against spending to impress others, urging discipline, budgeting, and long-term planning to avoid financial strain.
A financial expert, Christopher Akekolo, has cautioned the public against making spending decisions based on social pressure, emphasizing that emotional discipline is essential for sound financial management and overall well-being.
Speaking on Voices of Change on Saturday, April 25, Akekolo warned that attempting to impress others through spending can lead to financial strain and even health consequences such as stress-related illnesses.
“Don’t spend to impress people or avoid labels, control your emotions, stick to your priorities, and let your financial decisions reflect your goals not other people’s opinions.”
He noted that many individuals plan or save over long periods, or even take loans, to afford certain purchases. According to him, it is unwise for others to imitate such lifestyles without proper financial planning.
“People save and plan for a long time, or take loans, to purchase certain items. You may see what they have and want the same without understanding the effort behind it.” He explained.
Akekolo described financial management as a continuous process that involves budgeting, planning, tracking, saving, spending, and growing one’s income to ensure both present and future stability.
“If you do not control your spending habits and discipline yourself, you will keep chasing attractive but unnecessary things, and that can lead to frustration.” He added.
He further stressed the importance of preparing for uncertain times, noting that financial stability cannot always be guaranteed.
“Your current strength or income level may not always be there. You must put measures in place to support yourself during difficult periods.” He said.
Highlighting the role of budgeting, Akekolo explained that it serves as a tool for forecasting and achieving financial goals.
“Budgeting is about planning and taking deliberate steps toward your financial objectives. Without it, you may continue to struggle financially because no system improves without safeguards.” He stated.
He urged individuals to resist the pressure to fit in socially when their financial situation does not support it.
“Do not feel pressured to belong when your finances are not ready. Focus on your journey and build sustainably.” Akekolo said.
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