Some people get into debt buying things they don’t need and can’t ‎afford.What are the reasons for this behaviour?What action can be taken ‎to prevent people having this problem?‎

There are those who are indebted for the purchase of unnecessary and non-affordable goods.
This
is caused by a lack of planning and having a well-planned budget can be a preventive measure. The main reason for unnecessary expenses is a lack of planning. People work to make ends meet, but if resources are not well apportioned, they will be spent extravagantly.
Hence
, to ensure effective utilization of one earnings, proper planning is optimal. Due to the unending needs of humanity, it is difficult to curtail what is actually needed.
Therefore
, it is important to carefully plan and prioritize the items needed and accord each their monetary value.
For instance
, research carried on on salary earners revealed that those who do not plan to spend their money on a thing that they can do without.
Thus
making them financially constrained. The solution to reckless sending is Budgeting. Making a budget is simply organising your expenditure to be equivalent to the available income. Most individuals make lists of their needs to ensure that they do not deviate from buying what is not listed, the expected amount is
also
allotted to each item. Thereby making them know how much they will be spending and what is left.
This
, makes them spend wisely as they don't go above their budget. In turn, they conserve ample sum and rely on what they can conveniently buy.
For example
, budgeted items with stipulated amount are rigidly followed when one goes to a mall with exactly the amount of money planned to prevent the individual from buying things that are not on their list. In conclusion, planning beforehand and writing out all the individual need will help curb the problem of buying things spontaneously especially the ones above the person's financial ability.
Therefore
, it is recommended that people should plan in advance according to their earning to prevent buying luxuries and being in debt.
Submitted by arash.dejkameh on

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