Saturday, March 27, 2021

Things Poor People Waste Money On

Things Poor People Waste Money On

We all know that there exist two types of statuses in which we can categorize people when it comes to financial status i.e. Rich and Poor. The people belonging to both these statuses waste their money on certain things one way or another, however it affects the poor more than it can affect the rich. Hence, today we shall be discussing the things poor people waste money on often with the help of which we can easily save on our earned money and climb up the ladder of our status in the society. We all are humans and we all make mistakes when it comes to money, however how we work on our habits when it comes to spending money effectively is something, we have 100% control over.

Credit Cards: This is one of the most famous reasons why poor people remain poor for a longer period of time and at times even the middle-class people slip into the poor category. We all know the major difference between debit and credit card, however this kind of plastic money was brought into the society for the ease of transactions, however today this ease has become a habit eventually leading people to fall into debt which is difficult to come out of and what makes matters worse is that you end up paying the credit card company more than what you actually owed them on the principal amount. In my honest opinion, those who are not doing well financially must stick to debit cards for regular purchases and if you are really keen on keeping credit cards handy, they must be used only in urgent situations when you do not have the cash handy to pay for it.

Looking Good: We are humans and one of our identities through which we are known is our appearance or the way we look. The way we present ourselves not only makes a difference to our personal lives but also to our professional lives. However, at times a few of us are so obsessed with our looks that at times we go overboard with all the cosmetics and the accessories to make us look good and in the bargain, we lose the real us in the whole process. We need to understand one basic concept here which is no matter what we do, we won’t look like the person we wish to look like. We have our own personal identity and keeping it simple can help us not only spend less time in front of the mirror but also save on some unnecessary expenses.

Impulse Purchases: We as humans have this tendency to not only make impulsive decisions but now that we have access to the tool of currency, we have added impulsive purchases to our wallet as well. Many times we step out of our homes to purchase one thing and we end up buying a lot more that we may or may not require at that moment. These are wants that are converted to needs in our minds just to satisfy the reason for our purchases. Hence, make a note of the things that need to be brought and if you come across anything attractive or needful walk away from it and give it a second thought or make a note of it. You will eventually realise whether you need it or not and then accordingly you can make the purchase on your next visit. It is important to focus on essentials to ensure we cut down on those impulsive purchases that can dig a deeper hole in our wallets.

Food Waste: Let’s be honest here. Who does not waste food? Each one of us at some point in time has wasted food either at home or at a restaurant which has somewhere cost us something which we may have not realised over a period of time. Our parents who raised us with hard work and determination have always advised us not to waste food considering the number of people dying everyday due to hunger in our country. However, when we are in company with friends or at a party or at a wedding, we do not realise that the food we waste is somewhere affecting our finances as well. By not encouraging food waste we are not only respecting the hard work of the farmers in the country but also saving ourselves some money that will come in use to us somewhere in future.

Health: There is a saying “A doctor's visit is cheaper than a funeral”. I am sure we all are concerned about our health and we always want to be healthy. However, whenever we come across any health concern, we at times tend to make excuses to save on those extra bucks by not consulting the doctor or not taking the right medications which later gets worse and we end up spending 10 times more than we ever imagined. Eg: We rarely go to the doctor to maintain our teeth, however the day we feel the pain of the cavity formed in our teeth, we rush to the doctor and are ready to pay any amount to get rid of the pain. Also, in the bargain you have lost a good pair of teeth as well which could have been helpful for you for the rest of your life. It is important that we do not ignore any health concerns pertaining to ourselves or others in our family. It will only do good for us in the longer run.

Shopping Apps: Ecommerce companies have grown four-fold in the last decade providing customers with all sorts of services of convenience with the help of which consumers can purchase anything they wish to and have it delivered at their doorstep in a matter of hours. Obviously, this is not a coincidence or something that these companies are doing out of their own pocket for us. These are marketing strategies to keep us glued to their shopping apps so that our interests are turned to wants, wants are turned to needs and finally we are tricked into making those purchases eventually. It is not a bad thing to have these shopping apps available at our disposal when needed, however we will end up buying something or the other if we visit them often and that is not a good thing to keep our expenses low.

Latest Tech: There used to be a time when the latest tech was first introduced to the military personnel for security purposes and when the technology was no more usable for their current operations it was later released to the general public. Today we use some of the best technologies when it comes to our daily life which once upon a time was only accessible to the military organisations. Tech is attractive and exciting and there is no doubt about it. However, as the tech industry evolves, we are somehow pulled into this black hole of keeping our gadgets up to date. Now a day’s technology is changing so rapidly that some of us change our gadgets every six months which can be a big blow to our finances. We may not realise it today, however as time passes by not only will our interest in technology fade away but we shall regret the amount of time and money we have invested in these technologies in our lives. It is always wise to use technology as per your need and not as per what the market wants you to use.

Gambling: It is always the poor who spend their lives on purchasing lottery tickets and scratch cards in an attempt to win the jackpot, however at the end of the day end up losing even what is in their hands at the moment. We may not realise it at the start as it may begin as just a fun thing, however later it turns into a habit that is not good for your finances. Many people have lost their jobs, their homes, their businesses and even their lives gambling their life away. Families have been ruined and relationships have been broken over a period of time. If you have a gambling problem, always reach out for some professional help. It is always better to spend on improving your life rather than ruining your life in an attempt to get rich.

Dining & Takeaways: We all know it is way cheaper to buy your own groceries and cook them at home rather than dine in or order for takeaways. Yet many of us prefer spending more time at work for those extra bucks or for that hope for promotion and end up either dining with friends or going for a takeaway as you do not find time to prepare your meals at home. Many times we end up paying 4 times the price for the food that we consume from outside and which is not good for our health as well. Indirectly the time that we sacrificed for that extra income or promotion over a period of time shall be spent on doctors for health treatments. The issue here is that we only see the income and not the expense. Dining and takeaways once in a blue moon is understood, however doing it often can take a big hit on your food expense.

Being rich or poor is not just a status symbol but it is also a choice. Whether rich or poor, we all have 24 hours in a day and how we spend it is up to us. Each one of us may have some of the aforementioned habits that may have affected your bank balance in some way or the other. The earlier we realise it and work on it, the sooner we shall be able to save more and change our status for a better life not only for ourselves but also for our families.

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Written by Jaison Noronha
Idea Source : Personal Experiences & YouTube