Life changing moments can also be referred to as life defining moments. A moment when you realize things for yourself, a moment when things become clearer, a moment when you become more experienced and make well informed decisions due to events and happenings around you.
I've heard my share of such moment, interesting, life changing moments are not only always pleasant moments. It can be pleasant for some while for others, it's the opposite but what is important is that we allow those moments to shape us for good.
What happened...
In my own case I learn how to become more screwed and prudent with finance. Don't get me wrong, I was not a careless or lavish spender nevertheless there were still things I never knew about being financially disciplined and wise but one recent experience I had changed my view about managing finance appropriately.
We were to go for an event which of course is a kind that would demand that we spend our resources. It was an introduction ceremony to be precise, in this part of the world, when events like that are to be organized, there is usually a Master of Ceremony (MC) but it's not called MC in this kind of program, it is rather called "Alaga" in our local language here.
This "Alaga" moderates the program and also skillfully, ensures you spend and be spent in the event even as she called for all manner of donations and freewill giving for the introduction to be successful. Personally I had already planned that I won't be spending more than a particular amount including those that we went together, no matter the call for these freewill giving/donations.
I ensure I already have the money to be spent in my pocket while every other money on me was left in my account just so I can stick to the plan. Then it happened that while on our way to the event, we had reasons to buy some fuel in the car, so when we were to pay, one of us offered to pay for the fuel with cash in a particular denomination of our currency which of course will be suitable for the spending at the event.
In a bid to save the day, I had to offer to pay with transfer while I have the cash so that those who need can gat from it. Now this was where I made the biggest financial mistake of my life. Having that amount on me was my undoing because no only do I have the one I want to spend originally, I had more than enough cash on me not even minding how much those we were going together will be needing.
Friends to cut the long story short, we almost spent all the money I had in cash and that was because it was available, it was easy to get and spend even as the call kept on coming. Those that were with me came to get some of the cash since I was the only one with enough cash, promising to send it back as soon as we were done with the event...but friends, I soon realized it was the biggest financial mistake I made.
I couldn't even track how much I had given out and how much will be sent to me because we were all engrossed with the event. Some made immediate transfer of the cashe they got while others promise to send by the time we were done... Well as at the time of this post, I've not gotten some of the cash gotten from me that day...
It's not a bad debt though, as those involved are still promising to pay back and I want to believe they will...someday.
The whole incident changed my mindset about money management... The lessons are simple and I'm going to summarize them below.
• Don't hold too much money in cash. This was actually my undoing I held too much money in cash and that was why we could go beyond the limit at that event.
• Stick to the plan. This cannot be overemphasized, you just have to stick to the plan, don't get carried away with the euphoria of the event. These Alagas know how to "extort", so to say, from their guests. Only the decent and less greedy once play fairly.
• Do not spend without accountability. This was what I learnt the hard way, don't forget I was giving out without properly tracking how much is out and how much is in already, it really became messy at some point when I couldn't pinpoint. I got really carried away.
After the whole event, reality dawned on me when I began to do a recap of the day and how I managed my finances and indeed I could see where I missed it and how I missed it. I took my lesson and came up with rules that should guide me financially in subsequent events of this nature. This moment changes my thinking about money and ceremonies.
Well, I believe you have also picked one or two lessons from this experience of mine. Thanks for reading through...