If the previous year felt like a constant money rollercoaster, you’re not alone. Many of us stumbled with finances, but here’s the good news: those mistakes are staying in the past. Ready to turn things around? Here are the top 7 money mistakes to avoid going forward.
Living on “Vibes” Instead of a Budget
Sure, winging it sounds cool, but when it comes to your money, it’s risky business. Many people skipped budgeting last year and found themselves wondering, “Where did all my money go?” Newsflash, your money goes where you tell it to go!
In 2025, learn how to use an app, a notebook, or even a simple spreadsheet to budget and track your expenses.
Not having an emergency fund
Life has a funny way of throwing curveballs. Unexpected car repairs, medical bills, or that surprise “asoebi” contribution for your friend’s wedding. Without an emergency fund, many had to dip into credit or borrow.
This year, you must start saving for emergencies. Start small if you must. Save ₦1,000 a week or whatever works for you but build that cushion!
Relying on one source of income
If your 9-to-5 is your only hustle, it’s time to diversify. A side hustle, freelancing, or even small investments can be lifesavers.
Figure out if you want to start a new business or learn a new skill. Put yourself out there and embrace new opportunities, because, this year, all of us must make am!
Sleeping on investment opportunities
Are you one of those who wished they embraced more investment opportunities last year? Maybe because you were either too scared or uninformed, you can flip the script this year!
Look for apps and platforms that allow you to invest as little as ₦5000 and start from there. Learn about investments and broaden your horizon!
Not having a financial goal
Wandering aimlessly never gets you anywhere. A lot of people haven’t set clear financial goals in the past, so their money just floated away with no direction.
This year, it is important that you write down your goals, short-term, mid-term, and long-term. Whether it’s saving for a car, paying off debt, or growing your business, write them down and take intentional steps towards achieving them.
Overspending in December
December 2024 came, and suddenly you turned into Santa Claus for everyone. Now it’s January, and you’re back to eating noodles while waiting for your next paycheck. It doesn’t have to be this way again. Start planning, set a holiday budget and stick to it. Begin saving now, and future you will thank you for making this smart move!
Not having a dedicated savings account
Mixing your savings with your everyday account is a recipe for disaster. Every time you check your balance, you’ll be tempted to splurge. Open a dedicated savings account (a real one, not the mental one in your head).
You can visit the nearest Keystone Bank branch to open a savings account that suits you. We offer a variety of savings accounts tailored to meet the needs of individuals across all lifestyles and industries.