Greetings and happy new month!!!

In this writeup, I’m unveiling one of the profound secret to making the right financial decisions. As we have entered into the last 60 days of the year, I want you to spend some time to review your financial actions and decisions in 2022 while you also plan for the coming year.

Let me start with this interesting adage;

“We most often buy things we don’t need with money we don’t have to impress people we don’t like.”

Sound a bit funny but it’s mostly the case.

Do you need it or want it? What do I mean?

Now let’s dig in…

Situation 1:

It is late night and you are walking home from office after a long and tiring day. You are thirsty but your water bottle is empty. Your house is still far and you know that if you don’t drink water soon, you will not be able to walk.

Suddenly, you see an open shop in the distance. A convenience store!

You approach the owner and ask for a bottle of water. He hands over a bottle of water to you. You are delighted to hold the bottle in your hand and a sense of happiness surrounds you.

You check the bottle for the price tag. It is GHC2.50, you remove the cash and hand it over to the owner. The owner looks at you and says “The price will be GHC5.”

You look at him in disbelief. You know your legal rights and that the owner is unethical and wrong. There is no way out at the moment, and you eventually pay him GHC5.

Situation 2:

It is again late night and you are walking home after a tiring day. You feel thirsty but you remember you have ample water with you. So you remove your water bottle, quench your thirst and continue your journey home.

On the way, as you pass by a convenience store, the owner approaches you and says, “Today, we have an irresistible offer and you just cannot miss it.

A water bottle with price tag GHC2.50 is available at GHC1 only!!! Hurry up, offer expires midnight!” You look at him, smile and walk away.

So what do we learn?

The principle is simple;

If there is a genuine need, it is okay to pay even GHC5 for a thing costing GHC2.50
but if there is no need, it is not okay to pay even GHC1 for a thing costing GHC2.50, no matter how good the offer seems!

This is such a basic principle that we always tend to ignore it.

So before you proceed to pounce on that next great online offer before it expires, ask yourself – “Do I really need this?”

This always helps me keep things in perspective while purchasing anything, and is undoubtedly the most valuable financial advice that I have ever practiced.

2022 is ending, review your financial goals. Set new goals for the coming year. And don’t forget to create a Christmas budget.

Most importantly anytime you want to make a PURCHASE, PAUSE for a while…

P = Check the Price

A = Look for Alternatives

U = Understand your need for the purchase

S = Select the best option

E = Enjoy your purchase

Thanks for reading. I’ll be glad to work with you to get and keep your financial house in order. I’m your ideal financial planning PARTNER! Connect via https://www.linkedin.com/in/mrasarenyarko