TOP BUDGETING ADVICE FOR YOUNG PROFESSIONALS
Internet. Cell phone bills. Branded clothes. Signature bag. Concerts. Movies. Clubbing. Visiting places. Today’s young people tend to indulge themselves. Since they believe they only live once, these yuppies live their life to the "fullest" by spending all of their hard-earned money. But before you go "YOLO" and begin spending on anything, you may want to know the number one budgeting tip for you, young people.
Being with BFFs or Practicing Good Spending Habits?
Shopping is most apparent to people in their late teens and early 20s. Peer pressure is always there, but technology gives young people the power to share product choices through their social media accounts like Facebook, Twitter, and Instagram. Their recommendations may be valid, but heeding the advice of your spendthrift friends can ruin your finances, as they tend to convince you to break your budget. Say you only purchase inexpensive products, but buying a lot of it plus the frequency of shopping can pose a threat to your budget.
Having said that, which would you prefer: being with your best friends or sticking to your budget? It is better if you can choose both. Anyway, you can still maintain your social life without breaking the bank with a little planning. Or if they coax you to break your good financial habits, steer clear of them.
It is Difficult to Stop once You Start Splurging
Have you wondered why credit card companies chase young professionals? Yuppies love spending, but they do not have enough cash to buy everything they want, from gadgets to downloaded music. Therefore, they will resort to credit cards to do so. Also, consumers tend to stick to brands as they grow older.
Shopping as a form of entertainment is good, if controlled. Otherwise, it can be a lifetime addiction, which results to impulsive purchases. As your salary increases, your shopping spree becomes higher. To control your shopping tendencies, you may look for something else to do, such as finding a new hobby. Remember, experience is greater than things.
Be Financial Savvy
Come up with save versus buy coping methods such as the following:
- Befriend financially responsible people, so you won’t feel uncomfortable saying no to costly escapades. Plus, you will learn a lot of financial tips from them.
- Let your loved ones or friends know you are saving up for some financial goals, such as a new house or an investment. Make them understand why you cannot just say yes to every spending opportunity.
- Do not bring all your credit cards and ATMs with you, especially when shopping. If you do not have it, you cannot spend it. Simple as that.
- If you want to buy something, delay it for at least a week or two. That way, you can determine whether that item is worth the purchase or not.
- Invest on experience. Like what I have said before, experience is way greater than all the things you can buy in this world. You may study a new hobby or take a master’s degree.
- Volunteer to be the pickup person for vacations or concerts. If you do that, you can control your spending. Have your friends pool their money beforehand so everyone gives their share.
- Differentiate your needs and wants. If you think all your "wants" are "needs", there lies a problem.
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