Spending spree

In the race of consumption by indulging in excessive spending before finances begin to feel the heat, keeping track of savings is equally important. Only this saving is the best insurance to tackle the immediate crisis to manage it quickly and prevent any strain on finances. Rest of care and insurance will follow in due course only and obviously with preconditions. Never ignore that tackling the emotional and financial toll together requires significant emotional as well as financial resources. With no investments to support, the present as well as future financial responsibilities will be nightmare. That’s why it’s vital to have a financial backup plan lined up else situation will be simply devastating. Despite having the comfort, an eye on managing the financial wellbeing is crucial so that the journey continues uninterrupted.

Money, satisfaction and happiness

With earnings moving upward, saving is almost inadvertent. Even building just a small reserve of cash can make a difference and this is more significant when debt is lingering. Still, the thought of saving a part of income can be intimidating and means to save leads to anxieties about cutting back on expenses, creating a budgeting plan, or making sacrifices. This certainly is path to achieve the ultimate goal of happiness. But does money alone can lead to happiness?

Proceed cautiously

Struggling through the cruel consumerism is crucial. Just suppose want for the latest gadgets. Every new version is having some advancement over the last one. Mere want of it because it is more convenient and efficient with pride to be able to flaunt is just brutal decision of life. Similarly rushing to refreshing the wardrobe at the fall of season is not necessary always. Obviously, there are gadgets and lot of attire to take care of the need. No doubt, sometimes there may be a need to refresh the wardrobe in situation like changing the job which may have different dressing requirements. Upgrading at the drop of hat is certainly disastrous. Momentary pleasure and comfort will soon go away but the pain and hardship will continue for longer period.

Luddite approach to restrict fraud

With news ranging from  technology and social media penetrating everywhere (recently Japan’s Imperial family made an Instagram debut) to sporadic news of digital detoxification by one or other concerned, resisting to technological advancement is very tough task. There is no way to have armour which is foolproof and protects from financial frauds. Sticking to the Luddite approach will exaggerate the matter for self as well as others involved. Hence adopting to changes and upgradation has to move with the appropriate updating of knowledge and skill within the individual’s capacity.

Managing Morton’s fork

Spend and invest v/s spend or invest, choice differs from individual to individual as well as from time to time. But one thing is certain that both of them lead to outgo of taxes. Simply, taxes are unavoidable.