Wednesday, May 22, 2013

Habits that keeps you poor

It has become very difficult for us to survive in this world. People are depressed with a lot of things like less income, high expenses, paying EMI for loans, travelling, shopping, etc, still we find them living a good life.  Below are few points which should be taken care off else will make us poor?

Credit/ Debit Cards: Who does not want to live a luxurious life? Everyone wants right! But be careful as such life will only drown us down if we are a dependent on the salary and don’t have much bank balance. Avoid use of Credit or Debit cards as the shopping percentage is increasing on a monthly basis. Instead of Card try using hard Cash, the reason behind is, using card will not allow you to know much about the balance while swiping but while paying cash your mind will actually think twice before spending money as that will make you realize that you have done a lot of shopping. Such way will reduce your spending and you will save a lot.

Shopping: Shopping has become very important for our life as we are very busy with lot of functions like birthday, marriage, office meetings and parties. Apart from such functions there are many occasions where you will see a hike in Shopping. Occasions like Valentine day, Friendship day and so on, everyone wants to be a trend setter when it comes for clothing. There are some shopaholics who are just sitting idle in the malls getting bored as friends not arrived hence opts out for shopping. Some People do it just for the time pass, had a fight or an argument. Presenting a diamond ring to your loved ones or buying an expensive birthday gift for your colleague all such things again put you into debts as you will finally have to borrow some loan to repay it along with interest. It is always recommended to buy things only if it is necessary or required.

Status: If you have a new car, phone and clothes just for a show-off that doesn’t mean that you will be recognized everywhere. Your thoughts and simplicity creates your style status not worthy things. There are lots of people who change their lifestyle just because their peer colleagues are wearing new clothes or your neighbor has bought a new car. In today’s world, it’s our colleagues, neighbors and people around us decides what we should wear, how to live a life, what to buy and from where. According to me if these things are not controlled then will obviously make your poor.

Addictions: This point is as important as Shopping as it has become our habit which we cannot leave. Smoking, drinking, shopping in Malls, movies at multiplexes, lunch or dinner at a well known restaurant are the key things that plays an important role to ruin our money. Addictions slowly and gradually will make you poor from a rich or an average person. Rather substitute such things with chatting with friend personally, going for a long walk, playing indoor games like chess, carom with friends, reading books and news paper.

No Investment: There are people who thinks that saving rs.3000/- monthly will not help them to secure their future hence continue to spend even their savings. Such people do not see the brighter picture and ignore to secure their future. LIC not only helps you to save money for your future but also gives you a personal insurance or mediclaim benefits. Some people do think that going for an extra loan to buy XYZ product won’t make them poor hence keep on going more loans every year but do not see that are paying interest to the Bank or Institution which is again a loss for the buyer.

The above points help us to know where we stand in terms of monetary funds. Hence always recommended to take care of the above things and avoid using of unnecessary things. Stay away from all your addictions, ignore using cards and forget about the style status just for couple of months and you will enjoy seeing the amount of money you have saved.