It is important to understand that there is nothing wrong with spending money but it is also important to think about how you spend it. Consider the following three general rules before rushing off to spend your money.
1: Despite what advertising screams at you, you really don’t have to buy anything! Shocking? No, not really. With determination, you can learn to tell the difference between your needs, your wants, and your desires. Stop for a minute and think of something you’re planning to buy which category does it fit? Train yourself to prioritise, concentrating on your needs first.
2: When the time comes to spend your money, do so wisely. In other words, choose ‘worthwhile’ items and make sure you are getting good value (a good price for a good product).
3: Learn to hold back don’t spend everything you have straight away. You can plan to spend a certain amount and then stick to your plan. The first part is relatively simple but it’s only too easy to get carried away. Nevertheless it can be done! Successful bidders at auctions operate this way. They won’t bid above a price they have decided upon before the bidding starts, even if it means losing the item they wanted.
Please let us have your feedback do you agree with the three general rules? Would you add others? How would you define ‘wise’ spending?
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