But have you ever noticed that some people increase their income and somehow still struggle financially?

The problem isn't always how much they earn. Sometimes, it's what they do with the money.

1. Increasing your lifestyle every time your income increases

You get a salary increase, a better job, or a new source of income and immediately your expenses increase too.

A better approach is to allow your income to grow faster than your lifestyle.

When your income increases, consider increasing your savings and investments before increasing your spending.

2. Borrowing money for things that don't produce income

Not every loan is bad.

But borrowing to fund unnecessary spending can put you under financial pressure for months or even years.

Before taking a loan, ask yourself:

"Will this money improve my financial position, or am I simply spending tomorrow's income today?"

3. Having no idea where your money goes

You don't necessarily need a complicated budgeting system.

Start by tracking your income and expenses.

When you know where your money is going, it's easier to identify waste and make better decisions.

4. Trying to look financially successful

This one can be difficult.

Sometimes we spend money because we don't want people to think we're struggling.

The expensive clothes, restaurants, phones, parties and other lifestyle choices may impress people temporarily, but they can become a serious burden if you're funding them with money you don't have.

You don't have to look wealthy while you're building wealth.

5. Chasing every "investment opportunity"

When someone promises unusually high returns with little or no risk, don't let excitement make the decision for you.

Understand what you're investing in.

Ask questions.

Check the risks.

And never invest money simply because someone you know says, "Trust me."

Financial progress isn't only about earning more.

It's also about keeping more of what you earn and putting it to work wisely.

You don't need to fix everything at once.

Start with one financial mistake you're currently making and work on changing it.

Which of these five mistakes do you think is most common among Nigerians?

I'm Nwachukwu Onyinyechi Chinemerm, and my goal is to help you become financially balanced.