Consumerism - Deepstash

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Stop Being Broke Now | Real Estate Investing | Blog

Consumerism

Lifestyle expenses and rampant consumerism, heavily advertised to us, are making us more and more broke, year after year.

We tend to buy expensive things on credit, because we think our lifestyle has to look good no matter how are finances are in reality.

Plug this hole and a majority of the problem is solved.

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Making Your Budget Too Strict

Budget for the life you have. When you’re going through your budget and assigning spending categories, be realistic. 

Don’t tell yourself you’ll never buy a single discretionary item, because you’re setting yourself up for failure. Give yourself some breathing room.

Budgeting for a Life You Can’t Afford

This becomes a problem when you’re spending for a life you can’t afford. It puts pressure on your budget and encourages you to live in a paycheck to paycheck cycle.

Assess your financial situation, cut back on your expenses, prioritize your money goals, and then come up with a new spending plan.

Budgeting Without a Purpose

It’s hard to stick to a budget that doesn’t have a goal.

When there isn’t one, your budget becomes an afterthought rather than a spending plan to reach your financial goals.

The Investor

People who invest are those who love the risk, trade frequently and have enough confidence to think they will beat the market.

A 2011 study found out that most investors underperform, namely 82%, because they were trading instinctively rather than strategically.

Advice: Continue to educate yourself, limit your trades to the amount you could afford to lose and try to act for your long-term financial benefits.

The Big Spender

The Big Spenders like to make social statements by having the latest car, clothes, or phones. They use the money for love and attention and are the main representatives of consumerism.

Advice: Think twice before making a purchase and try to filter the things that you really need from those bought by reflex.

The Ostrich

The Ostrich is someone who would rather bury their heads in the sand than organize their finances. 

Advice: Ostriches should try to take slowly their heads out of the sand. They should try to examine their finances, take a close look at a better saving rate and consider approaching a financial planner.

The Golden Rules of Personal Finance
  • Spend less money than you earn
  • Always plan for the future: you should always look forward beyond the current month
  • Make your money make more money: invest, start a business or invest in your education.