Background
Money is not just about how much you make — it’s about how wisely you manage what you already have. Many people earn enough to live comfortably, yet they constantly struggle to make ends meet. Why? Because habits shape financial destiny.
Some habits create wealth, while others quietly keep you broke, no matter your income level. The good news is this: financial habits can be changed. If you recognise the wrong patterns and replace them with the right ones, you can completely transform your financial life.
Let’s look at five common money habits that keep people broke — and what you can do differently to build financial freedom.
1. Spending More Than You Earn
This is the fastest way to stay broke. When your expenses are higher than your income, you’ll always be in a cycle of debt and financial stress. Some people spend impulsively, buying the latest gadgets, clothes, or luxuries just to impress others. Others fail to track their spending, so money slips through their fingers unnoticed.
The Bible warns against living beyond your means in Proverbs 21:20: “The wise store up choice food and olive oil, but fools gulp theirs down.” Financial wisdom begins with self-control. You don’t have to spend every naira you earn.
The solution is to create a simple budget and stick to it. A budget doesn’t mean depriving yourself; it means telling your money where to go instead of wondering where it went. Save at least 10–20% of your income and live on the rest. If your income feels too small to save, it’s a sign you need to adjust your lifestyle — not a reason to keep spending recklessly.
Living below your means is not about denying joy; it’s about building peace of mind. When you manage expenses wisely, you create room for savings, investments, and future opportunities.
2. Not Taking Calculated Risks
Fear keeps many people stuck financially. They refuse to take risks, so they remain stagnant. While reckless risks can lead to losses, refusing to take calculated risks means you’ll never grow.
A calculated risk means weighing the pros and cons, doing your research, and making a move with wisdom. This applies to investments, starting a business, or even learning a new skill. If you play it safe forever, you miss out on opportunities that could change your financial story.
Think about the parable of the talents (Matthew 25:14–30). The servant who buried his talent lost everything because he refused to take a risk. The others invested and multiplied what they were given. Financial growth always requires a step of faith backed with wisdom.
To change this habit, start small. Take a course, invest in a side hustle, or put a portion of your savings into a safe investment. The goal is not to be reckless but to stretch yourself beyond fear and into faith-driven action.
3. Ignoring Technology as a Wealth Tool
Technology has changed the way money is made. Yet many people are still stuck in old methods, refusing to adapt. They use their phones only for chatting and social media, instead of turning them into money-making tools.
Today, you can learn high-income skills online, start an e-commerce business, offer freelance services, trade digital assets, or build a personal brand. There are countless apps and platforms designed to make financial management, saving, and investment easier. But if you ignore these opportunities, you’ll be left behind.
Financial wisdom is about stewardship — maximising the resources God has put in your hands. If you have a smartphone, internet connection, and free time, you already have tools to create wealth. Don’t waste them.
Start by learning a skill online (graphic design, copywriting, coding, social media management). Use apps to track expenses or invest. Instead of being a consumer of technology only, position yourself as a producer and contributor.
4. Having the Wrong Orientation About Money
Many people see money only as a tool to pay bills. While paying bills is important, if that’s your only view of money, you’ll always be limited. Money should also be seen as a tool for growth, investment, and achieving bigger goals.
For example, if you earn ₦50,000 and use everything on bills, you’ll remain stuck. But if you decide to set aside a portion to invest in yourself or in a business idea, you create opportunities for increase. Money, when handled with wisdom, multiplies.
Another wrong orientation is thinking money is evil. The Bible doesn’t say money is evil; it says the love of money is the root of all evil (1 Timothy 6:10). Money itself is neutral — it takes on the character of the person holding it. In the hands of a wise, God-fearing person, money becomes a tool for blessing, giving, and impact.
Change this mindset by seeing money as a servant, not a master. Use it as a tool to build, invest, and serve. This shift in orientation will open your eyes to opportunities you never noticed before.
5. Not Thinking Big
One of the greatest limitations in life is small thinking. If you always think small, you’ll act small, and your results will remain small. Financial wisdom requires you to think beyond survival and imagine possibilities.
For example, someone who only thinks of earning enough to pay rent will never dream of owning a house. Someone who only thinks of managing a small shop may never consider expanding into a chain of stores. Your thoughts shape your actions, and your actions shape your results.
The Bible reminds us in Proverbs 23:7: “As a man thinketh in his heart, so is he.” If you think poverty, lack, and limitation, that’s what you’ll attract. But if you think increase, multiplication, and abundance, you’ll begin to take steps towards it.
Start dreaming bigger. Write down goals that scare you — goals that will require God’s help and consistent effort. Surround yourself with people who think bigger than you. Expand your vision, and you’ll expand your results.
Lack of Financial Education — Ignorance Is Costly
One of the biggest reasons many people stay broke is because they never take time to learn about money. Think about it — we spend years in school learning maths, science, and literature, but very few are ever taught how to manage money. As a result, many adults enter life with degrees, certificates, and skills, but no real knowledge of financial literacy.
Financial ignorance is dangerous because it leads to poor decisions. For example, some people sign contracts they don’t fully understand, borrow money without calculating interest rates, or spend recklessly without thinking about long-term consequences. The truth is, money doesn’t obey emotions — it obeys principles. If you don’t know the principles, you’ll keep losing, no matter how much you earn.
The good news is that financial education is not reserved for experts or wealthy people. Anyone can learn. You can read books by financial leaders, listen to podcasts, follow reputable money blogs, and even take free courses online. Every bit of knowledge you gain changes how you see and handle money.
Remember, ignorance is more expensive than education. A lack of knowledge can cost you years of regret, while learning and applying wisdom can save you from mistakes and open doors to wealth. Don’t wait for schools to teach you; take responsibility for your own financial education today.
Not Saving or Investing Early — Start Small, Grow Big
Another habit that keeps many people broke is the belief that they need to have a lot of money before they can start saving or investing. They say, “When I earn more, then I’ll start.” But the truth is, if you can’t save ₦500 from ₦5,000, you won’t magically start saving when you earn ₦500,000. Saving is not about the amount — it’s about the habit.
Starting small builds discipline. Even if all you can set aside is a little, consistency turns that little into much over time. For example, if you save ₦500 every week, that’s ₦26,000 in a year. Add the power of compounding through investments, and your money begins to multiply. The earlier you start, the more time your money has to grow.
Investing is also key. Too many people spend everything they earn, leaving no seed for growth. But wise people understand that money should not only be consumed; it should also be planted. Investments like stocks, mutual funds, real estate, or even small business ventures allow your money to work for you while you sleep.
The Bible reminds us in Ecclesiastes 11:6 to sow both in the morning and evening because you don’t know which one will prosper. In other words, don’t delay — start small, start now, and let consistency work in your favour.
Depending on One Income Stream — A Risky Trap
In today’s world, depending on only one source of income is risky. Jobs can be lost, businesses can slow down, and unexpected crises (like the pandemic) can wipe out entire industries overnight. If your entire livelihood depends on one salary or one hustle, you’re putting your financial future in danger.
The wealthy understand the importance of multiple streams of income. This doesn’t mean you need to chase ten hustles at once, but it does mean you should diversify your earning sources. For instance, while keeping your main job, you can develop a side hustle, invest in real estate, or create digital products that earn passive income.
Technology has made this even easier. With a smartphone and internet connection, you can offer freelance services, run an online store, or even start a YouTube channel that pays you over time. Having multiple streams of income not only boosts your finances but also gives you security when one stream slows down.
Think of income streams like rivers feeding into a dam. If one river dries up, the others keep the dam full. Don’t settle for living paycheck to paycheck. Build additional streams so your financial life is resilient, abundant, and ready for the future.
Final Thoughts
Friend, financial freedom doesn’t happen by chance. It happens by choice — the daily choices you make with your money. If you keep spending more than you earn, avoiding calculated risks, ignoring technology, holding on to wrong beliefs about money, and thinking small, you’ll remain stuck.
But the moment you replace those habits with wisdom — living below your means, taking smart risks, embracing technology, using money as a growth tool, and thinking big — your financial story will begin to change.
Remember: money is a tool, not a master. God has given you the ability to create, multiply, and manage resources wisely. Don’t settle for being broke when financial wisdom is within your reach. Start making small changes today, and over time, you’ll build wealth that honours God and blesses others.