The Importance of Resisting the Urge to Splurge
The recent financial crisis that America faced was not only the result of federal financial drawbacks but also a result of combined failure of American’s personal financial management. However, debt management plans and debt settlement companies have stretched their services and support to pull us out of this situation but the roots of the troubles lie elsewhere, within us and in our nature and despondency towards money and how we treat finances. To put it simply it is time we realize the importance of resisting the urge to splurge before we confront the greatest financial disasters. Today, because of easier access to credit at a younger age than ever before, young adults are able to completely equip their home with all that their hearts desire. Credit allows for instant gratification instead of the waiting period required to save for the outright purchase. Our parents lived in a time period when they bought just what they needed practically and had never even spared a thought for things which tempted customers but were seldom more useful than the regular stuffs. Probably that is why they could accumulate and build the wealth that we inherited so easily and are enjoying g without a second thought.
Our generation is mostly guided by impulses and desperations which are never determined by rationality or sensible spending habits. As a result we end up purchasing or splurging our money on things at their face value which hardly prove to be of any real and conventional use. Many times we just buy stuffs without any intention but with just a temporary instinct and this happens generally when our expectations broadened and the value of money gets narrowed down to a mere plastic card which we call a credit card. Apart from that we feel it embarrassing to turn down a salesperson who advertised the product or services to us, feeling that this will make us look financially incapable to him/her. Such mentalities and attitudes are also encouraged by our continuous quest to match up and keep pace with our counterparts in offices, society, neighbors and friend circles and we keep splurging money to keep up with the joneses. In all these complications and self-invited competitions we forget that it is our own money which we are destroying and putting into jeopardy as we have a tendency to console our own selves with the ongoing and next month’s paycheck which would seemingly replenish our bank accounts once again but that seldom happens because we are yet to control our urge to splurge.
In our fast-paced world, you may feel that your parents’ practice of saving for a purchase has become old-fashioned. The culture now says, “You want it, you got it!” But before you reject your parents’ philosophy as hopelessly outdated, consider the benefit of paying cash for a purchase rather than simply charging it. Resist the urge to splurge! Take the time to save for a purchase instead of financing it, and you will dramatically reduce the cost. Buying with cash involves patience, but the price of patience is well worth the wait.
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