From the existing economic crisis, we have learned one thing-savers are forever happy and more secure in their lives. While being a spender can be really fun, it sets off your chance in having an enjoyable life. And it is necessary for you to be realistic in life, be aware if you spend too much or not. Answer all the questions below with honesty and see if you are spender or a saver.
1) Do you follow the attitude of “live for today”? If you answer it with a big YES, you are definitely a spender. If you have a credit card, you will use it more often. Having an attitude with borrowing money and promising to pay it back tomorrow is not good, because you tend to borrow money to pay other debts. These are the people who refinance their homes and others who are having problems in paying their credits.
2) Do you buy things that you can’t afford, and defend the action by convincing yourself that you deserved these things anyway? Once more, it is the mentality of being a spender. All of us deserve the nice things around us; and it is only by means of hard work that we can be able to get those things.
On the other hand, the most essential thing is the right timing when doing big purchases. You have to consider the perfect time to reward yourself, for instance, you are doing well in paying off all of your debts plus you gain unexpected large amount of money. If that is so, you can allocate 10 % of that money to pamper yourself.
3) Are the food in your refrigerator often wasted? Do you have 10 or more items in your closet that are unused? These are the problems associated with spending. Most of the spenders tend to make the so-called “impulse purchases”, meaning buying things that are not needed; hence, you don’t know how and when to use them.
This means that you are not good when it comes to spending money because you spend too much without thinking of the possible effect. It also manifests in the things in your home, such as clothes, that you do not use or wear. This is the challenge, look at your closet, get all the clothes you don’t really appreciate, and then sum it up. Ask yourself, which do you prefer -the clothes or the money?
Jeff Deutsch is a personal financial consultant and contributes to this blog. To learn more important facts about New Jersey jumbo mortgage and jumbo mortgage rates NJ please click the preceding links.
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