The Dangers of Unwise Money Management

[Suba]

Everyone should be able to manage their finances well and wisely; otherwise, it can often lead to various mental and physical problems. I often encounter Generation Z, even though they are employed, who consistently spend all their income before the end of the month on pleasures such as decorating their motorcycles and cars, buying luxury goods, etc., leaving them without time to save and set aside an emergency fund. In the short term, this can lead to serious financial problems, and in the long term, it can lead to physical and mental health problems such as:
1. Anxiety, insomnia, and stress
2. Unhealthy habits such as drinking, smoking, and gambling.
3. Lack of savings and an emergency fund, making it difficult to cover unexpected expenses.

 

[eLdavis]

Unwise money management can often lead to not just financial ruin but a total and complete ruin of your life is care is not taken.

 

[Starmix]

It's essential to have a financial literacy so the individuals who may have much money for some days won't suffer a financial distress once mismanaged his wealth. Money is easy to spend and when it's gone it's gone forever.

 

[Springtime]

Unwise financial management has serious consequences. Other than having to struggle with money always, if you are not able to repay loans, it may ruin your overall creditability in the community.

 

[Starmix]

No matter how rich a person is, if he lacks financial management, the time comes, he will realise his money in the bank is almost empty. Wise people have a wise way of managing their finances.