Spending Habits that Lead to Debt
Clearly, there’s no shortage of credit-providing enterprises out there who seek out teenagers and youngsters of the day and provide them with credit, thereby pulling them into debt. Whatever be the size of your pocket, you must understand your bad spending habits so that you don’t fall into the debt trap. In this blog, we try to point at those spending habits that lead you to debt. As the old saying goes, “money unspent is money saved”, we urge you to become a smart spender and check if you have the following spending syndromes:
1. Salary/Pocket Money Day Syndrome
Okay, we understand all of you wait for Salary Day or Pocket Money Day. The feeling is awesome, but it does not mean that you go online at the same moment and start spending that hard-earned money. Think of the number of days you have put in to earn that money before you rush to spend it all on partying, buying unrequired new clothes. Think of other better economical alternatives of products you are about to purchase or else by the end of the month you shall be running into debt. This is the 21st century and spending patterns are changing with every passing day. The scale of products available and your urge to buy all of them calls for you to start thinking like a 21st-century person. Read here 5 Money Management Tips for Teenagers and Smart Living in 21st Century.
2. Epic Sale Syndrome
SALE! SALE! SALE! It’s amazing to see that smile you get when you read words like “EPIC SALE!”, “FREE FOR ALL SALE”, “BUY IT ALL SALE” etc., etc., and you all go running towards the sale. What really just happened is that you fell into the trap of unnecessary spending. For instance, you might already be having shoes, but you’ll buy another pair, or you’ll buy new earphones just because of its color, etc., when you don’t need any of them. You should be spending on your fitness or developing a new skill to get your dream job. It’s simple, don’t go for aimless shopping. Shop in direction of your goals.
3. Festival Syndrome
Society is built on relations and everyone is intermingled in some or the other relations; we enjoy all festivities together and the gift market in itself is an ever-expanding market; Thanks to you! Be it your friend’s birthday, or your any festival, or some other festivity; please do not spend unnecessarily. Check out your pocket and prepare a budget, like a smart spender, or else by the end of the year you shall be running in debt.
4. Fast Food Syndrome
These days we have 24X7 availability of numerous fast-food items. Simply looking at the images of such food makes you think of ordering it right away. Not just it makes you lose money but also hampers your health. Staying fit is one of the life goals that you must have and eating fast-food items every day will not help you remain fit, at all. Our advise is that you note down a cheat day for your fast-food consumption.
Here’s a short poem for you:
Hey, You! Hey, You!
Are you spending smart,
Is it Unnecessary spending?
Think before filling that cart,
We advise, eat well and stay fit,
Develop skill and get lit,
Coming soon – WIO AI kit!
To conclude, we would like to again emphasize over the fact that it is up to you to not run-in debt. Only if you become a smart spender. Think about the goals you are fulfilling while you spend that hard-earned money. Check out our earlier blog 5 ways you waste money and some smart ways you can save money. Also, subscribe WIO AI, if you haven’t yet, and be the first to get WIOCOINs.