Time to rethink your spending!

Why does the younger generation easily spend on experiences but hesitate to invest? It's simply a matter of their whole life experiences. They are a more confident generation that is more sure of themselves. When you're a little unsure of your financial future, then you'll worry about it, following which you'll plan for it. Also, the spending avenues have grown. Now you have Blinkit, Zepto, Zomato, Amazon, Flipkart, etc. Everything is just a click away with speedy delivery. Suggested read: Zomato's new blood has investors upbeat. Will it be the final game-changer? Due to the provision of EMIs, it has become easier to make big-ticket purchases. For instance, if you want to purchase an iPhone but don't have the money to shell out for the full price. While an EMI of Rs 8,500 over a period of five years seems like a reasonable deal, you get stuck on this EMI. And it leaves little room for other expenditures. You can even borrow to spend. No one is stopping you from spending, of course. You can even mortgage your income to spend more and more. But if you're doing it for something unnecessary, you might regret it. On the other hand, if you are certain about your flow of income, then you'll have less regrets. The real reason behind this avid spending is that people have too many needs and desires that can be fulfilled easily due to friendlier payment mechanisms and online shopping. This is also a time when you have lower resources - you're just starting out, so you earn less. Suppose, you need to buy a bike or want to go on a vacation, most of your money i

This article was originally published on October 18, 2024.