We all have spending- habits , but only few people acknowledge that they may have toxic buying habits. Before we delve further into the topic of toxic buying habits , lets look at these quotes about spending- habits.
“Rich men use their money to get richer. Poor men use most of their money to look richer.”
“Poor spending habits lead to poverty”
Toxic buying habits come about as a result of bad money habits. These habits are sometimes ingrained from your upbringing or stem from one’s lack of knowledge about personal finance. Even with the best of intentions, most consumers find themselves continually derailing on money success because they have bad money habits.
Examples of bad money habits ;
- Lending money without interest
In this part of the world lending money with interest will certainly have your friends, family and colleagues raise their brows. But if you’re serious about your money , it must work for you. As much as possible avoid lending money but if you must, try to insist on being paid back with interest.
2. Spending all your income.
Image is highly valued to an extent , so more and more people “fake it till they make it.” Many measure success by the size of homes or cars but this assumption is false. Big houses and cars only show how people choose to spend their cash, not how much they’re actually worth. In trying to fit in , many find themselves spending all that they make, often making pricey purchases that bring no value to them in the long term.
3.Emotional spending
With no proper ground rules set , many people will find themselves making impulsive emotional purchases. The only way against this is having set ground rules when it comes to buying. It could be as simple as never buying a product till 48 hours later, by then the high will wear down.
TO BE CONT.
