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?
Nowadays, many
people
are drowning in debt as a result
of spending too much money
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
one should create a personal financial plan as a preventive action.
To begin
with, there are many reasons why people
tend to buy expensive, yet non-essential things. Social media is one of the factors leading to this
issue. New products are often seen on social media feed when friends or colleagues show off those things. As people
are more often exposed to this
kind of content, there is more possibility that they would end up developing the desire to buy certain products, following the trends. In addition
, the increase in shopping channels, especially online platforms could make shopping to be much more convenient than before. As a result
, 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
should create a financial plan by considering their incomes and try to allocate leftover money
specifically for spending on unnecessary stuff. To illustrate, individuals can limit only five percent
of their monthly salary to Change the spelling
per cent
purchase
unneeded items, and if that product is more affordable Wrong verb form
purchasing
then
they should wait and save the money
. Therefore
, they have an opportunity to rethink about
the cost to spend and the benefits of Change preposition
apply
this
product.
In conclusion, many people
are affected by social media and the convenience of modern shopping, causing them to waste money
on non-essential things. To prevent this
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
more effectively.Submitted by niewnattha on
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