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Greetings, and welcome to the 42nd edition of Wallet Wellness in 2024 - your midweek source of practical personal finance tips to elevate your money management skills!

We hope you had a chance to check out the last edition where we uncovered holiday scams to watch out for and how to stay safe. In today’s edition, we unmask some of the money wasters to leave behind in 2024.

 As always, be sure to check out the Concept Corner below for a deep dive into the money concept of the week.

Let’s dive in! 

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Money Wasters to Leave Behind in 2024 💸

2024 came in with a double-edged sword. A rollercoaster with soaring costs of living, heavy taxation, and turbulent incomes. For some, it’s been a year of growth; for others, a crash course in hard financial truths.

Before crossing over to 2025, it is mighty important to take time to look at your expenses. Your hits and misses. How did you do on your set financial goals in 2024?

Which financial habits have been silently draining your wallet? Let’s tackle those hidden money traps so you can step into the new year with a leaner, healthier budget.

1. People Pleasing  🙋‍♀️
Constantly putting others' needs ahead of your own can silently drain your finances. Whether it's always picking up the tab or lending money you can't afford to part with, this habit risks sidelining your financial goals.

• Why it Matters: Sacrificing personal goals for approval leads to financial strain.

• Social Pressure: Cultural or familial expectations often make it hard to say "no."

• What to Do: Practice setting boundaries and prioritize your financial well-being. Read More.

2. Keeping Up with the Joneses 🏡
Chasing the lifestyle of others, whether through flashy gadgets or expensive vacations, may often lead to unnecessary debt. It's a costly race with no real finish line.

• Why it Matters: Lifestyle inflation chips away at savings and increases financial stress.

• Hidden Costs: Impressing others can come with high-interest loans or maxed-out credit cards.

• What to Do: Focus on your personal financial goals, not societal expectations. Read More.

3. Giving Too Much Power to Emotional Spending 🛍️
Retail therapy can feel good at the moment, but it often results in buyer's remorse. Relying on spending to cope with emotions creates a vicious cycle of financial instability.

• Why it Matters: Unchecked emotional spending derails budgets and savings plans.

• Triggers: Stress, celebration, or even boredom can prompt unnecessary purchases.

• What to Do: Recognize emotional triggers and find healthier, cost-free ways to cope. Read More.

4. Paying for Convenience 🏪
Ordering food, taking cabs, or outsourcing simple tasks can seem minor but quickly add up. These habits often come with a premium you could avoid with a bit of planning.

• Why it Matters: Convenience spending eats into savings that could be invested.

• Time constraints or fatigue may justify it occasionally but not as a routine.

• What to Do: Plan meals, use public transport, and tackle small tasks yourself when possible. Read More.

5. A "Party After Party" Lifestyle 🎉
FOMO and the allure of weekend bashes can create a financial black hole. While memories are priceless, the cost of constant revelry can pile up fast.

• Why it Matters: Frequent partying leaves little room for savings or emergency funds.

• Long-term Impact: Short-term fun can compromise long-term financial stability.

• What to Do: Set a "fun budget" and explore low-cost ways to socialize. Read More.

6. Unused Memberships and Subscriptions 📺
It’s easy to lose track of services you no longer use, from gym memberships to streaming platforms. These recurring expenses quietly bleed your finances.

• Why it Matters: Small monthly fees add up to significant annual costs.

• Common Culprits: Auto-renewals and forgetting to cancel free trials.

• What to Do: Audit your subscriptions and cancel those you don’t actively use. Read More.

7. Late Fees ⏰
Paying late fees on bills, loans, or credit cards is like throwing money away. These penalties are entirely avoidable with proper planning.

• Why it Matters: Late fees not only waste money but can also hurt your credit score.

• Underlying Issue: Procrastination or disorganized finances often lead to missed deadlines.

• What to Do: Automate payments or set reminders to pay bills on time. Read More.

As we bid farewell to 2024, let’s resolve to leave these financial pitfalls behind. By making a few mindful changes to your spending habits, you’ll set yourself up for a financially secure and stress-free year ahead. Let’s make 2025 the year we stop wasting money and start building a stronger, more stable financial future.

CONCEPT CORNER

Money Envy

Envy is that feeling of discontentment or resentment which is aroused by someone else's successes, possessions, qualities, or luck. When it comes to finances, money envy is just that. Being envious of someone’s financial standing or accomplishments. Read On.

Money and Me

Me And My Money: Lessons from a Christmas Eve Party that got us Jailed

…The festive season's fever is upon us, and, God - it's so infectious! The sleepy shopping centre is stirring awake. Some of the shops sparkle in a fresh coat of paint. One or two proprietors have brought out little sparkling lights, draped over windows and doorways..Read On.

MONEY254 #MONEYTOK

Places to Visit This Christmas Apart From Mombasa

When we think festive season, most Kenyans think of a trip to the coast. In this week's MoneyTok, we explore other ideas and places to visit apart from the coast. Watch the Video and read more about how to cut costs during the festivities in this article.

@money254hq

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That's it for the 42nd Wallet Wellness edition of 2024! We hope these financial tips have added some energy to your weekly hustle. Stay tuned for more practical insights in our next edition of "Wallet Wellness" next week and watch out for Money Weekly.

Also, don’t forget to download the Money254 App on the Google Play Store, and remember that we can help you compare over 300 loans, savings accounts, current accounts, and more if you’re thinking about your next product.

Cheers to your wallet's well-being!

Money254 editorial team.