Let’s have a point of view on the same. I will be sharing few points on this topic considering recent lifestyle. In this time of show off, expensive gifts, luxurious items and holidays it’s pretty difficult to understand if savings is important or spending is necessary.
It is difficult to ask someone to start saving and they will do, it should be incorporated from childhood. There should be a mandatory subject for savings in syllabus instead of those chemical learning which we never use in our lifetime unless we pursue a career in the same field.
May be a 4-5 year course on finance could make our youth relies the correct use of their money and stop them to make bad money decisions. A quote by Frank Sinatra has messed things up that says, “You only live once” That’s not true at all, You live every day, you die once.
Nowadays a 25-28 year old works and get a okay pay cheque and before having any idea of saving or investment they got a list ready for spending however it is quite easy to save a percentage of your money. Warren Buffett once said that, “Do not save what is left after spending, but spend what is left after saving”, that is what we should follow instead we do the exact opposite.
Postponed delight is an unfamiliar idea for most twenty to thirty year olds and this is the reason that the impulse buying is common trends these days among youngsters. Influence on influencers on social media makes to purchase a thing that you didn’t even knew their existence till you saw that post.
You might regret your decision after 2 week from the purchase but you can’t do anything then. If you are the person who suffer from the impulse buying you should start learning to think if you really need an item that you are going to buy, how that is beneficial for you and if there something more important you can buy from that amount of money, you can also put that amount in saving account.
If you talk about our system
Initially our parents, their parents our ancestors used to buy household thing while returning from work, now this has been changed and a fashion for party has started. One of our friend plans a clubbing, or you get a text that few of your friends or colleague are meeting at porch club restaurant, resort or any house party.
If it’s paid by someone else that’s somewhere okay from a point of savings, sometimes your favorite Dj is playing, there is a concert where a famous or your favorite is singer is performing and you don’t think about anything and you go for it. Fomo is real therefore most of the youth end up going to these events, the stars, Djs, artist, club owner earn from you and you spend thousands of buck for that, they know you will watch their show till you have last coin in your pocket. And the irony is that most of them are mediocre.
For this I would blame social media as well
it is doing more harm than doing good to the society. I would always support healthy competition however there is a completion going on that is not at all healthy. If you have a following of let say people you can see there is always a battle going on that who have more designer clothes, shoes, bags, who is going on which holidays, who is bali, paris, Maldives, who have classy apartment, and most importantly who have more money to spend on the craziest things that doesn’t even matter.
When we look out, we see our agemates, colleagues and in worse cases our friends, having lunch at fancy restaurants or attending a posh event, and at the other hand you see a celebrity spend money on their shoes which cost equals to your rent amount. You want the latest iPhone as soon as it releases some of us want to even prebook it, wants to make our hair on luxurious salon, have a dinner is a up market restaurant every night.
The pressure is extreme and it’s unhealthy. You do not need to maintain such a life that you can’t afford just to show off. Doing such a thing once a while is okay, you must learn to say no for few things, to say yes to that one thing that you really want or need.
Nowadays, taking loans has become as easy as a click, there are few app who allows you loan in by just filling up a form few details and you can get the loans just after a click. This has also minimized the idea of savings as these loans comes in picture at the time of emergencies. They are convenient, hustle free and fast. They have created a mindset that you are not required to save money as they are available whenever you need.
Money need discipline.
If you want, there are many ways to save religiously. You do not need to spend all your money in 2 weeks. Try to find other things which you enjoy, or cheap thrills, trust us they exist. Learn about finances and savings while you are young, you won’t regret it.
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Keep smiling and keep saving….:)