Are You Spending Money Before You Have It?

Published by Sharekhan Education | April 5, 2021

Are You Spending Money Before You Have It?

Do you remember the fairy tale of Aladdin and the Magic lamp? Aladdin would rub the lamp; a genie would appear and fulfil his wish. How many times after listening to this fairy tale, did you wish you had that magic lamp? What life would be if you had that lamp instead of Aladdin? All you had to do; rub the lamp and get your wishes fulfilled.

Seems like your childhood wish is fulfilled; the genie of the lamp has finally arrived; technology is that genie and your smart phone is that magic lamp. At the touch of a button you can practically get whatever you wish for. Makes life really simple doesn’t it? Without leaving the comfort of your home you can get things delivered right at your doorstep. But wait there is a twist here. Aladdin did not have to pay to get his wishes fulfilled but you do.

What does all this lead too? You are right; overspending, living a lifestyle beyond your means and accumulating things of no real value. In short it drives you away from your financial goals and straight into a debt trap. So if you are one of those who are spending more than what you earn or have then it’s time to stop and take control of your finances. It is time to answer a very important question “Are you spending money before you have it?” if yes, then it is important to realize that you are living a very fragile lifestyle that needs to change.

The easy credit lines offered by banks and other financial institutions do make it easy to get what you want, but use it wisely and only when you need it most. To lead a financially successful life it is advisable to build a solid foundation and live within your means.

So pull up your socks and take appropriate actions. It is time to understand that the genie is here to make life easy and not difficult. So plan your expenses and make a sound budget that you can stick to. At the same time take appropriate actions to get out of the debt trap. Stop rolling your credit, pay your credit card and other bills in time and most importantly think before you shop. Spending more than your means every month; month on month may give you monetary pleasure but remember it will spoil your future. To enjoy a financially sound future it is time you seriously followed the golden rule “Never spend money before you have it”

So before we wrap up a few words of wisdom to all, before you hit the “buy” button think ten times “are you spending money before you actually have it?” Don’t lead a lifestyle of Kal Ho Na Ho and put your financial future in trouble. Encourage a habit of savings first rather than spending first. Always remember, you need to take charge of your finances today, otherwise lack of it will lead to credit card companies taking charge of your finances forever.

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