When you hear about the digits that some people are earning, you are almost tempted to immediately ask them why they don’t have so much to show for what they are earning. You would also easily assume that so long as someone is well paid then the person must have enough and should not even say that his take home pay cannot take him or her home. Well, in such cases, one of the other things you need to consider is the habit of the person and in this case you need to look at the purchasing or spending habit of the person.
If a person buys anything so long as there is the money to buy it then there is a problem. If a person also buys something knowing that he or she has a guaranteed salary that will pay for the things bought regardless of the derived value there is also a problem. Another problem is to buy something simply because it is in vogue or that’s what Mr. A bought and you need to buy it to show Mr. A that you can also afford it. I think we all indulge ourselves in one way or the other but for some people it is pure in discipline not to be able to deny themselves of what they see or know about that makes them buy anything and everything.
There are people who know they have the spending habit problem and they still will not do anything about it. Some people are willing to work on it and they probably have taken some steps but have withdrawn along the line. You cannot afford to stop being on the path of discipline. You must learn to take your eyes off everything even when you can afford them. Until you begin to do this there is no way your take home pay can take you home.
I think we also need to correct the notion that the only thing you will do with money is to spend it. When you keep walking around with the impression that money is to be spent always then you will not stop until you spend all and you are broke again. Someone, I think it was Warren Buffet, who said, ‘when you buy what you don’t need you will soon start selling the things you need.’
Watch your spending habits and be real with yourself. Let no one deceive you. If you have been spending money to impress other people you need to come back to your senses. Don’t think that those people you are spending money to impress have no money. They only have enough sense, in addition to the money in their pockets, to know that they do not have to use their money to impress people. If people don’t like you, that should be their own headaches and not your own fault.
From experience I have also known that sometimes some people cannot control their spending habits when they have issues to deal with in their lives. So you may find someone who is depressed and begins to spend more on materialistic things as though those things can take away the depression. For some others it may not really be depression. Something might just go wrong and they resort to drinking, smoking, womanizing and all sorts that easily take their money away. If you do not learn how to keep your emotion in order, your emotion will keep your finances out of order!
Your take home pay can take you home but if that will happen, you must begin to check your spending habits. A financial advisor or your banker can easily help you out on controlling your spending. Even though there are general rules, it will be better to work with someone who understands the terrain that you live in so that the advice will be real, practical and applicable where you are. Start controlling your spending today!
Fola Daniel Adelesi
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