Desperate to Spend

I remember when I used to get some money in my childhood, I used to keep it in my Piggy Bank so that I can spend later. The cycle continued and I have never actually spent that money and after 10-15 years, I still have those piggy banks with me fully filled with coins.

Though occasionally I have replaced small denomination coins with big ones like 1 and 2 rupees coins with 5 rupees and so on. This way I have just exchanged but never spend that money. I am like that today as well, even though I earn. If it's absolutely necessary then only I spend and to be honest I don't spend much on myself. I do spend on myself for healthy foods, though we all know health is wealth but other than that it's very rare that I spend too much on me. As because I always have an urge to save.

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Save first and spend later. I am somewhat a conservative investor too, where I actually do not put much money on riskier assets and always try to play safe like balancing the debt and equity.

Now, this is about me but the topic which I wanted to talk about is why people are always desperate to spend. I have seen many of my friends living paycheck to paycheck and their credit card bill never stops because they are desperate to spend money on whatever they want. I know this is their choice, but it has become a habit for many and they always try to come out of this cycle.

PC: Pixabay.com

Understanding why they are desperate to spend is a step in that right direction because then people will know why actually they spend too much. One of the reasons which I can think of is show off, others might be thinking if they earn why not spend and so on. There are numerous reasons for them to spend money.

One of the things which I feel is needed for them is to get educated about money, that's why I think personal finance should be a subject in every high school or college to get educated about money and the best way to work for it or to make it work for you. Though getting a subject in a college or school might be long term but in short term, there are still a good way to get educated about money. There are hundreds of books, magazines, articles where you get advice about it.

I think reading and learning about it is a wise investment in yourself and its worth the time I feel. As I have told in my previous article that just reading will not take you anywhere, you have to take action, and thus after reading you should think why you are desperate on spending if you are not spending how you can make money work for you, so on and so forth.

Though there are hundreds of ways I think self-education is the best, this is how I am getting better in personal finance day by day and you can too. You just have to find the urge of spending and then minimize it and then use it to make use of that money.

PC: Pixabay.com

Many will argue might be someone who is spending money will have too much money, that's true if you have millions or billions you can spend but again if you don't keep a check on that spending millions will vanish in years or months. That's why you might have heard the lottery winners end up losing everything because they don't have the right education about it.