The procurement of various pleasures and desires have always been the final outcome of money. These necessary vices can range to many things, from the harmless every day needs, to more luxurious intentions. It matters not. All of it leads to one thing. A fateful plunge down the rabbit hole for your cash. Perhaps not as catastrophic, but if care is not taken and only abandon becomes the heart’s norm, then say bye-bye to your cash. Most that are affected by this problem are teenagers around the age of 15 – 23. I have first-hand experience of it (the author is 23 and near bankrupt enough so he learnt his lesson well), so that is some credence to my claim. But a few working class people are affected by this as well, though not as disastrous, yet it cannot be overlooked by virtue of stereotypes or preconceived notions.
Yet before we can truly begin, allow me to clarify a few things. True that many of the points that are written here are laced with my own thoughts, but it is not to say that this article is charged only with my assumptions. I assure you reader, that the sources are from valid individuals, so in knowing this, you may take note without fear of blunder. I will present three ways, a tad bit of a small amount I know, but I believe these three are crucial to spending smartly.
The first way to not murder your savings is by making a list of what you value. It is a mundane process, one that does not really warrant much attention to be considered. A list is just that, something you glance at, and within ten seconds or a minute, you forget about it. But alas, quite contrary, it does have an impact to what you do, in this case, you salvaging of what remains of your wallet. This is because whenever you took out the list, it clarifies you, lets you see a fraction of the bigger picture, and once this is grasped, comprehension will come by more easily, and when comprehension comes, maybe the wallet’s salvation is not that far off. Now returning back to the listing of values, to do this, rectify unto yourself of what do you uphold the most in your heart. Is it the security of the family? Is it the pursuit of happiness? Is it success in your business? Once you are done, ask yourself; ‘Am I spending things on what I value?’ Think long and hard. Then ask yourself again; ‘Am I, or am I not, spending money on what I value?’ This simple effort will prove insurmountable in clarifying on giving consciousness to the spending of your money.
The second way is to know the value of enjoyment, or satisfaction you are going to gain from what you are spending. Unlike a list, this one requires a degree of thought behind it, meaning to say, you actually have to stop, and truly ponder on the decision you are about to make. There is no turning back from a stupid decision. Once it is done, then all you can do is either regret, or shoulder on the pain. In short, if possible, whim should not be the primary factor behind the justification of a purchase. Regardless, to do this, you have to first recognize on what really bring joy, satisfaction to yourself. Is it fullfilment? Is it having a complete collection? Is it the thought of being able to attain anything? Ask yourself these reflective questions. And when that inner turmoil is clarified, then the buying decision would be more or less clarified. A semblance of understanding would be earned, and even if the wrong decision is made, the pain would be dulled by as the previous reflection had safeguarded from the worst of the ramifications.
The third way is to create a budget. What is meant here is that you create a plan for your money, a stratagem to the entirety of your spending. Most have a certain degree of a budget in their mind, spending how much and saving how much. Yet the problem here is once again, clarity. If it is all sealed in the head, then it becomes much more difficult to follow the plan, as it is prone your own internal modification and alterations, and when this happens, more and more changes are made. It is not necessarily a bad thing. Versatility is often times a virtue, as adaptation to the situation becomes tantamount. But at times, it can be detrimental due to the fact that there is no clear regulation to be had, no precise coordination to behold. If anything, a budget lets you see the bigger picture, un-muddled by your own thoughts. And when this happens you will know which segment of your needs do you require to allocate the most wealth, how much of my income will keep me afloat with my luxury needs, what to buy, what not to buy, how much to decrease the debts, and so on and so forth.
To conclude, they are three ways to spend your money wisely and avoid the potential murder of your wallet. The first is making a list of what you value. The second is knowing the value of enjoyment or satisfaction you are going to gain from your purchase. And the third is to create a budget. With these three steps taken, perhaps the death throes of your wallet can stifled, and you will be all the richer.
The Author is Mohd Akmal Nabil
Intern from UiTM