We don’t hear often as to why spending money is as perfectly okay as saving it in your bank accounts. We’re constantly been told how every purchase adds up over time and are detrimental to your finances. It’s not just newspaper articles but even top notch financial consultants who stamp the ‘savings’ theory.
Concept of Saving Theory
They suggest bluntly to cut all your expenses and start living within the basic necessities & means.
But that surely doesn’t mean that feel guilty about spending money if that enhances your standard of living. Every spending plan must be well-thought out. It’s nothing wrong to do both saving and investing, and add value to your life.
Today, youngsters strongly feel that hoarding money is an absolute opportunity cost if you miss on experiences in life. Instead of blindly cutting on all your expenses, focus on things which you do not want to miss at all. Better indulge into conscious spending to determine what best can be brought out by the money spent.
No one’s asking you to spend with eyes closed, but what’s important is to have a conscious plan of action. It’s great to work on a spending plan, in a guilt free manner. Your spending plan shouldn’t have a negative impact on finances & shouldn’t push you into a debt trap.
Where Spending Money Creates Havoc?
It’s okay to spend money with your financial priorities in place or you’ll soon be a part of the suffering gang.
Why You Typically Succumb to Mounting Debt?
As your income rises, you shift up your standard living. And what you previously viewed as luxuries, now become your necessities in life. This way your temptations slowly peak up & makes you buy expensive items even when you do not need them. If you’re trying to keep up with societal pressures, even then you could end up in a financial trouble. Another big issue is maintaining a consumer mentality alone.
Shopping can be extremely addictive when it’s done online as everything’s just a click away. So stick to items which bring value of some kind. And this is where a good plan can be put in place if every purchase is chalked out properly. Every decision to spend money will be based on what you think is important instead of looking for immediate gratification.
How to Spend Guilt-Free?
Like mentioned before, you must have a concrete spending plan ready. Just ask yourself relevant questions as to how you want to spend your money. That plan must be unique and exactly not make you feel guilty or shamed of your purchases.
These questions greatly help you to understand your spending priorities and where you might just have to limit yourself. The easiest way to stay guilt free is by spending on what’s important in life over the unnecessary rants. The challenge is how to potentially mold people into planning thinking more strategically & analytically.
Once you ask relevant questions to yourself in alignment with your current state of finances. This gives a bigger & better picture of the financial future & the saving/investment plans. So stop being guilty, start being mindful.
