I was able to return to the studios of KBK FM this morning to continue the "Young Money" program. his morning's topic was "Bad Spending Habits", in which I highlighted 3 of the 6 major habits which keep people in financial bondage, struggle and debt. These were (1)impulse buying; (2) the desire for instant gratification; and (3 spending to keep up with others.
Impulse buying is buying things on impulse or on the spur of the moment, without planning to do so. Most of us do this, and as a result, we waste (as opposed to spend) a lot of money. Instant gratification is about satisfying our desire for certain goods or services now rather than later. This habit also drives people into the hands of the money lenders.
Then there is all the money (a lot of it in fact) which we waste buying things, not because we need them but because other people have them. Most of us don't like the way we look or live; some people even hate themselves. Many of us compare ourselves with others which leaves us feeling that others are better off than us. This makes us want to be like the people we compare ourselves with, we so spend our money the same way they do. We buy clothes we see other people wearing, and eat food other people eat, or even buy expensive items like cars and stereos we see other people having and seemingly enjoying life.
I will continue the talk on "bad spending habits" next week.