One of my old pal who can’t afford a down-payment on a car despite having a full-time job. Each day takes uber for her work. Her workplace is around 30km from home , so a significant part of his day is spent travelling.
Few days back she told me this is both time-consuming and exhausting week in and week out. She wished she could find the money to get her own car so that it would make their lives simpler.
I asked her if she has any plan in place to save for the new car.
“Unlucky I’m since there’s no money right now” she explained to me.
I feel bad for her as it didn’t pursue the conversation further because it would have led to me saying “Actually I think the money is there.”
I know she has bills to pay each month and those expenses can’t be neglected . But trust me, have seen her spending mind-freaking amounts of money on Zara collections , daily starbucks , first day first show tickets, high-end alcohol, and going out on most weekends last believe it or not the 2 wardrobe of shoe collection.
This financial situation isn’t unique. Very often people spend on things that don’t matter and devoid the ability to save for things that do matter.
I have seen many people have a tendency to spend money on recurring expenses like streaming service ,every weekend out and getting expensive concerts tickets,movies and uninterested stand-up shows just because friends told so.
To me, there is nothing wrong with spending money on any of these things as long as it doesn’t cut your ability to have money for the important things in life.
I feel sometime people don’t understand the fact that we have single shot at life. This is it. No re-do. There are few great things that are more important in life: having the freedom to do work you want, spending time with family, for self-improvement and growth,the time to make an impact on others. Unfortunately many people won’t have this freedom and probably never will, the reason is useless spending habits on unimportant things which is same as stealing their prosperity to be financially free.
One of the cause maybe obsession with short-term gratification in our society. They live for the next new car, the next night out on the town, the next piece of clothing, the next shopping spree.
People always find money for the impulses but can never come up with money to put a down-payment on a new home, buy a better car they truly need. These things really matter.
I always say check your spending. Look at your credit card statements. Analyze where money is spilling out of your wallet on a regular basis. You might save a lot after seeing where all money are going.
Emphasized saving for the things that matter in life, because this is it. It’s our only chance in life. Money is a great tool that we can use to make our life ideal and also holds the ability to keep us locked in poor financial situation ,that creates stress and worry, also makes us to a place where we have no freedom to spend any time and money on the important things.
Now you know what the important things are in your life. Try your spending habits aligned with your priorities that would solve most of the problems.