When you are in college or about to graduate, you often dream about earning money and living a lavish life. Watching movies and TV series also makes us wonder how we want our lives to be in the future. We are never satisfied with what we have now and always want more. It can be a better car, a big house, a better job, better furniture, better clothes, or shoes.
If you start walking on the road where you spend money from your savings on whatever you feel like at that moment, trust me, there is no going back. Are we trying to tell you that spending your own hard-earned money is bad? Not at all, but not spending it wisely is not a great option. Sometimes a person starts using multiple credit cards to meet lavish expenditures and end up in credit card debts.
As per the latest research, money is not the way to buy happiness in your life, and we couldn’t agree more. The question comes about how you should tackle your money to lead a more productive life:
Money- Start making a luxury budget every month
You are getting paid the right amount and your urge to spend it on the things you were planning to do as soon as you get your monthly pay cheque. We aren’t stopping you from doing that, but we have a better option. Prepare a list of items that are in the wish list of buying them. It should not be more than 5 items and decide an amount, say 200 pounds. This will make sure that you save money while satisfying yourself.
Think about what you need
Sometimes you are looking at a shopping site while snacking and your eyes get fixed on a brand new watch that costs a lot. You know that you don’t need it, but it will look good on you. What will be your next step? You will save it, and after a few minutes of thinking, you are going to buy it. You will wear it 5-6 times, and then it is going to sit in your closet. Besides, this is an on-going process, and after a while, it is not worth it.
Next time when you start looking at shopping sites, or you want to window shop, take a moment to think if you need that item or not. This way, you will slowly stop the impulse to spend your money on unnecessary things.
It’s time to limit credit card expense
Keeping a credit card is only for essential expenditure, but people like to use to make specific purchasing. It leads to credit card debts with a reasonable interest rate. It will eventually become a burden on you on a longer run. Moreover, the satisfaction you are getting for a moment will not be worthy anymore.
If you have a credit card, keep it in your locker or cupboard where it is not accessible. This way you will not think of spending money every time you go out or want to shop from your favourite store.
What to do when you need money urgently?
The habit of spending money can lead to running out of your savings. This isn’t a favourable situation, and you will eagerly want to find a solution. A simple one is to borrow money from your family or friends, but it doesn’t work that way all the time. We have another solution for you, and that is to go to private lenders. Direct lenders provide facilities of short-term loans such as payday loans, cash loans, provident loans, and long-term loans such as unsecured personal loans or secured personal loans.
Sometimes when you require funds in a day, going to a bank isn’t going to work. Loan approval takes time, and several factors come in your way before the money reaches your bank. Now, if you have a bad credit score or don’t have a guarantor to get a loan, then such lenders help you. You can get loans for bad credit no Guarantor history or a short term loan on your doorstep in a day.
There are some loans such as doorstep loans where you don’t even need a bank account. You need to take care of how much the high-interest rates are and how you are going to repay them. If you were employed, then it would be not a problem since you are required to provide proof of income to the lender.
Self-satisfaction is very important, and there are many ways to do that. However, spending your money entirely is not an excellent way to do that. You should not consider buying your happiness from money. Consider building a safety pool from the money so that it can be used in case of an emergency. Making a budget for everything along with careful use of credit cards makes a big difference. Planning your finances right always leads to a higher road.