In today’s world, our lifestyles and place in society is important to us, but and therefore has become more consumptive. As a result the funds needed to meet these desires get higher – so we need to distinguish between need and desire. It easy easy to be tempted by heavily discounted item, for example – so ask yourself that question! The problem of consumerism faces us all, and common problems are:
1) No planning
We all have different needs and unfortunately most people do not take care of their financial planning. They tend to think short-term, purchase unnecessary items for momentary pleasure – but regret this later in life when those items are no longer needed.
2) It is difficult to save
Actually, everyone is aware that they have to set aside money for savings. Unfortunately, it is still very difficult to do. The problem is that when we have more money – a salary increase for example – we are first tempted to spend it and not save it.
3) Financial education
Consumerism and poor financial planning is the cause of a lack of financial education in the community. Financial education be taught from an early age.
The goal is not to make you become rich, but rather how to manage your income to enable prosperous, comfortable and fulfilling life.
4) No vision for the future
Each person should make plans for their future happiness and financial stability. For marriage and family, travelling, home buying, investing or perhaps a business – to do these things cost money – so it makes sense to start saving early to make your dreams come true.