I believe there are two kinds of people in the world. The
first kind loves to spend, spend as much money as will make them happy. And the
second category is the thrifty kind. These are the people who save as much as
they can. They spend so little that by the time they will leave Earth, they
will probably have saved a small fortune.
I want you to think which of these is the appropriate way
to live and make use of your income? I have used the word necessary because no
one can say either of these is right or wrong. One ideology can seem a little
odd to you, and the other may be your ideal, but none is wrong.
Once you have thought of an answer, I want you to imagine a
scenario. Imagine you won a billion pounds in the lottery, I know it is
impossible to, but still, humour me. So, you have a total of £1,000,000,000 in
your bank account; that are a lot of zeroes. Now, which living style would you
follow, being a spendthrift or still be austere with your spending?
I think for some, the answer may have changed, and that is
completely fine. Your real line of thought just let itself out of the bag. Now,
let us find out how both work.
THE ECONOMICAL AND SAVINGS
Almost half of the population of the world follows the
living style of being prudent with their expenses. Majority of these people are
above 40. Some say it is because people after a certain age develop a maturity
level that is unfound before that. Therefore, they only focus on the essential
things in life and not on material belongings.
These people live pretty sheltered lives, and their reasons
will make it seem logical.
·
NEVER BE IN DEARTH OF MONEY
The first reason for this ideology is pretty apparent. By
spending less, you will save more. As a result, you will never have to ask for
money or get a loan from a lender like London
Cash Lender because you have saved up for that situation. It means that
people with this mindset would never have heaps of outstanding credit card
payments because they never spend that much.
·
BUILD BETTER RELATIONSHIPS
A prudent being does not focus on the unimportant things in
life. The latest version of the iPhone or a brand new car is not something he
desires after. The elements of significance for him are his values and his
family. As a result, these people tend to have better relationships. It is
because they give them the mandated time and efforts, instead of lusting after
their next purchase.
·
SHATTER THE PILES OF STRESS
Every person in the world knows that the future is
uncertain. We do not have the means or the power to predict it. However, we can
be prepared for it. A way to do so is to be financially healthy. A bank balance
can save you from the most crisis. Consequently, frugality makes you worry less
and is great for your mental health.
Some associate are being thrifty to being cheap; however,
that is neither correct nor sensible. It is a way of living that can be the
best for the people practising it.
THE PRODIGAL AND EXPENSES
Let us do a 180-degree turn and move to the opposite
spectrum of the spendthrift and the extravagant. These people are generally the
ones who are in their 20s and 30s and frugality is a concept that is pretty
foreign to them. They believe in living every moment like it is your last.
·
ENJOY LIFE MORE
Enjoyment is the driving force of every purchase that a
spendthrift makes.
o
Going out for drinks every other
night with your friends.
o
Buying a new outfit every week for
work.
o
Spending your income on everything
that is latest in the market.
All these may seem trivial to many, but this can bring a
lot of happiness to the spender. Showing off your colour-changing glasses to
your colleagues and them appreciating and awing over them can make you enjoy
your life far more than the ordinary pair of eyewear.
·
CELEBRATE YOUR HARD WORK
Every adult works for most of his life. The average age of
retirement is 60 and people start to work at about 25. So, that is 35 years of
working every day for 8 to 10 hours. What would be the purpose of this, if you
cannot celebrate it by spending a little too much? Even if you go overboard one
month, it is outstanding; the next paycheck can cover for it. The important
thing is you celebrated yourself by letting loose, instead of being wound up
like a tight cable. Hence, they are never sullied or upset, rather lively and
vivacious.
·
NEVER SETTLE
I think the best trait of the spendthrifts is that they
never settle for something by compensating. If they want to buy a Mustang, they
will not let their budget constraint them and decide on a Volkswagen. Because
they are like this for the mundane things, they are never satisfied by subpar
results in their career or personal life as well. What do you think the outcome
would be? Yes, their success rate is far elevated than the rest of us.
Yes, the spendthrifts may not have as much money as the
other lot of population, but the fullness of their hearts and their wholesome
personalities quickly covers for it.
WINDING UP
In the end, I want you all to think of one thing whenever
you want to spend too much or too little. And that is the fact that we only
live once. Saving all your income or expending, all of it is entirely up to
you. The former may make you productive with more money. The latter will fill
up your plate with happiness. It is you who has to decide what is more
important.
If you can maintain a healthy proportion of both in your
life, then I would have to say some form of frugality can undoubtedly make you
get all the riches in the world, and it is not a myth.
DESCRIPTION
Many financial gurus highlight the importance of savings.
So, being austere can be considered the ideal way of living or is the perfect
way still open for interpretation?
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