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

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Nowadays, many
people
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are drowning in debt
as a result
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of spending too much
money
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on unnecessary items which can be way over their budgets. Current social trends and online shopping platforms could influence an individual to become a shopaholic, and
thus
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one should create a personal financial plan as a preventive action.
To begin
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with, there are many reasons why
people
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tend to buy expensive, yet non-essential things. Social media is one of the factors leading to
this
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issue. New products are often seen on social media feed when friends or colleagues show off those things. As
people
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are more often exposed to
this
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kind of content, there is more possibility that they would end up developing the desire to buy certain products, following the trends.
In addition
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, the increase in shopping channels, especially online platforms could make shopping to be much more convenient than before.
As a result
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, one could make an impulsive decision without deliberately considering whether the product is really needed and whether the price is reasonable. In order to successfully prevent themselves from purchasing too many goods,
people
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should create a financial plan by considering their incomes and try to allocate leftover
money
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specifically for spending on unnecessary stuff. To illustrate, individuals can limit only five
percent
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per cent
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of their monthly salary to
purchase
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purchasing
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unneeded items, and if that product is more affordable
then
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they should wait and save the
money
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.
Therefore
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, they have an opportunity to rethink
about
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apply
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the cost to spend and the benefits of
this
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product. In conclusion, many
people
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are affected by social media and the convenience of modern shopping, causing them to waste
money
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on non-essential things. To prevent
this
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issue, they should plan and constrain their budget in advance for those items. I, personally, think that everyone should carefully consider when purchasing to better save their
money
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more effectively.
Submitted by niewnattha on

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