Shun bad habit of thoughtless spending

Source: The Hitavada      Date: 21 Jan 2018 10:56:38





THE issue of how to make our youngsters understand the importance of money and how to help them inculcate the habit of not wasting a single rupee, is assuming paramount importance in parenting. Perhaps, our culture is going through a paradigm shift. Acquisition of things of need in bigger numbers and quantities is becoming our habit. In the process, most families end up spending much more money to acquire absolutely avoidable merchandises, especially clothes, that pile up in closets and cupboards without much repeated use. For reasons never analysed by us, we keep spending a lot of money on such things without much thought. We do not realise that this habit deprives us of our legitimate savings that can amount to big sums at the end of each year.

Some time ago, I had written about a young girl in her mid-twenties with a high-paying job in an IT firm. She confessed to having no savings at all, when according to my assessment, she should have saved at least half a million rupees in the 6-7 years she has been working. But her bank account showed only a few thousands, because the girl spent every spare moment of her day at a fashion mall that was near her workplace and home. Away from her parents, she lived a highly unplanned life. If she wanted to wear a particular colour of shirt for a party, she never had it washed and ironed beforehand. A day prior to the said event, she would just walk into the mall and buy one more shirt and wear it to the party. Her cupboard was spilling over. She never cooked at home to manage the month in a small but well-planned budget. Instead, she ate at the mall, ultimately spending nothing less than a quarter of a lakh of rupees every month. Naturally, she could not save much money. She epitomised a massive waste of hard-earned money.

Such cases are found in big numbers. Young people -- boys or girls -- who happen to land decent jobs keep wasting a lot of money by living thoughtlessly. Unfortunately, such examples are found in families, too, where parents do not mind spending a lot of money on avoidable items. And if the family develops such a culture, the youngsters, too, acquire bad habit of thoughtless spending.

This suits today’s consumer-economy. The seductive advertising captures the imagination of mostly the youngsters who then want to live life as if they are those carefree models wearing zany dresses, eating at posh hotels and returning home with marketing bags stuffed with things every evening. Such advertising is aimed at promoting thoughtless spending. Huge number of people seem to fall prey to the seductive process of attracting people spending more money.

This may appear to be a natural thing to happen in today’s world. But think about the bad implication of this culture in long-term and you would realise how damaging this habit of thoughtless spending is. By way of that habit, we are only wasting our very own money and filling that money into other people’s pockets for no reason.
That is the reason why we should think seriously about the issue and then give up the bad habit.