Why do we love to spend money? Is it because we're trying to impress other people, or are we just trying to stay in the race with those that like to spend money? Some of us spend money on items that we truly cannot afford. Spending money is not always for the right reasons so it's best to manage finances carefully, and think about how you’re spending your money.
If you are someone that likes to buy clothes to keep up with the latest trends then there are probably tons of clothes at your house. There is absolutely nothing wrong with following trends, especially if you can afford to do so. When we see a “celebrity”, for example, wearing something that we find appealing, it is only natural that we would want to buy it for ourselves. The problem with that? Often times those items that these “celebrities” wear are usually out of our price range. Spending $5,000 on a pair of pants is usually not in the average person’s budget. Clothing is important for human consumption, but mortgaging off your house just to afford a $5,000 pair of pants is preposterous!
Let’s talk about automobiles for a minute. If you can only afford a Chevy Cruze for $17,520, that is actually a very affordable and sufficient vehicle. Why would you buy a Bugatti Veyron Super Sports for $2,400,000 and have to finance it? How long do you expect to be paying for this Bugatti? Maybe your great grandchildren can pay it off when you are long gone from this earth. Oh please! Enjoying your money is the way of the world. Who doesn't enjoy spending money on those precious items that you will always enjoy? It makes you feel good to make special purchases, especially when you can afford it. On the other hand, going into debt can make you feel “sick to your stomach” when you KNOW that you can’t afford the items that you've purchased. Why go broke to live like the Trumps? Donald Trump has obviously earned his wealth through his achievements. Evidently, he can enjoy the riches that he has created for himself because Mr. Trump can afford to do that. What about you? Was it worth paying for a Bugatti to impress people who couldn't care less about you otherwise?
Self-esteem plays a major part in spending numerous amounts of money. Sometimes, when someone spends money that they can’t afford to spend, it means that they feel a need to be accepted. Wanting to be accepted is a part of life so getting others to accept you is usual behavior; however, it’s not particularly healthy behavior. Buying expensive items are fine, but it’s not worth going broke to gratify the crowd.
Before making extravagant purchases, think about this:
- Is it worth being broke?
- Did you pay your bills late for this purchase?
- Are you trying to impress your friends?
- Will you NOT be able to afford groceries?
- Is your bank account going to be overdrawn?
If the answer to these questions is ABSOLUTELY, then maybe you should save your money this time, and wait until you can afford to buy those things that you would enjoy. There’s nothing worse than having on $500 Gucci shoes at the welfare office. Let’s be mindful about our spending habits. It’s definitely for your benefit.
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