Buy what you need and not you want ..

a lot of the younger generation get caught up in credit cards then they end up going into debt. they buy what every catches their eye and dont always remember that they have to pay it back! i think they should start teaching money management in school!

Thats exactly what I was a few months before, I had same problem I am still paying my EMI every month till the end of this year .I am really feeling bad for what i brought simply which i did not needed.Do you know how can I get out of this soon?

Hi Sonia! Your observation about your friend is very right, she should not spend more than what she is supposed to spend or more than what her pocket allows. A credit card should be used for convenience and not for taking credit and she should have remembered that it is she who has to pay the bills of credit card and if she does not, she'll have to pay very heavy interest. I try to spend within my limits and do not go on buying expensive things, just because I've credit card and I can purchase without paying anything. How about you? Do you go for shopping, as per your pocket? Nonetheless a very good discussion.

some times people will buy the most costy things and don't want or need them but they think that if they have it and you don't have it then their better than you.

Its kinda different with me. I am not a big spender. I hardly buy stuff which i want....spending money on things that i want is out of prospects. There are a several reasons for that. About a couple of years ago... when i used to spend money..it would burn my blood. My mind used to keep thinking did i really had to spend my parent's money on that. Did i really needed it. Is it worth ...is it so important. My mum used to explain to me that its no big deal and i need not care but i did. That was a really bad thing. So i actually read online how to cure myself and i did. Now i don't buy things which i need.... maybe cause i don't care and really i don't need "things"... or out of laziness... So spending money not an issue with me but i think its a right message that you are sending. Its recession time and people should keep a chek on their spending habbits...

Credit card fascility is provided so that a person can purchase those things that he/she might not be able to purchase with cash at that particular moment cause of less cash or any other fact effecting the income. Definately one should keep in mind if he/she can pay back or no? if can under whatever circumstances then i feel its ok to purchase those things also which we think are not of utter most important to us. Expensive things are also made for everyone who want to own it. so its not wrong in purchasing those things which you want and might not need.

I have to agree with you completely on this point, needing and wanting are a lot different than each other. I personally spend too much on a mobile because I want it, whereas a cheaper model would serve the same purpose. The same applies to my computer, for which I spend far more than is needed because I want to have a better system despite the fact that my current system is more than adequate. The only saving grace in my case is that I will not spend money that I cannot afford, and only use a credit card for convenience. If I do not have the cash to clear my credit card as soon as the bill arrives then I would not use it. Over spending is far too easy nowadays, and very difficult to remedy.

I am one of those people who generally only buys stuff that I need. But sometimes I do have to splurge. I recently bought shoes that are nearly $100, and normally I buy $15 Target shoes. But these were specifically for running and I figured they were so awesome I couldn't pass them up. But one of my friends will buy tons and tons of weird knick knacks, clothing that doesn't even fit her but she wishes it did, etc. But she has a ton of money so I guess it's not a problem for her. At least she finally realized that she does live a very expensive lifestyle. I told her she couldn't be my roommate with a lifestyle like that, because I would expect her to pay the bills instead of going out shopping all the time. She thinks it is okay to pay people back with stuff instead of money. Which is great when you need stuff. But when it comes to rent and expenses like that, you need money, not stuff.

Thats exactly the way we live .most of things i purchase are not needed they are jut to show off that I have the branded but afterall what we need is to cover up ourselves whether its branded or a normal one the purpose is the same.

there is nothing wrong if we buy what we want or outweigh the needs from the wants just as long as you have the means to pay for it. there are a lot of people who lives beyond their means, thinking that it can be paid for but in reality it can't be done. i know because i learned it the hard way in the past.

hi soniya yeah i fully agree with ur views-u r right when u say that one shud buy what one needs and not that one wants-just spending ur money over some things that catch ur fancy is utter rubbish-even my gurl is a shopping addict-even she loves blowing money-but i still manage to keep a tight lease over her and somehow control her-some times u have to let her pamper herself-but to buy luxuries which u cannot afford and take a credit for buying the same is really foolish, coz u have to rturn back the money sooner or later.

Hi, Soniasont! Yes, that is so true, if we only buy what we need and not what we need, then it will save us more money down the road. Like with me, I would rather have a walk man, instead of an ipod. I could mange without one. But, it really isn't a big deal to me. I would love to have one, but I just can't afford one at this time. If, I could do without it, I would buy something else instead.

I agree with you. We just have to live within our means. We must categorize what we are buying - we have to tag what are our needs and our wants. Our need is a must buy because it is our basic needs -food,, shelter and clothing. Wants are the commodities we can live without, thus include luxuries in life.

it's a good thing I don't have a credit card.I pay in cash and it is much better for me because I can track my expenses better.also,I shop for secondhand and vintage clothes,so even if I buy a lot of clothes,I get to pay less.I have a "SPLURGE/SAVE" list.

Yes absolutely but I think here one catch is the explorative behaviour of human. We usuallu buy whatever looks good and can fit into our pocket. But yes we need to have serious control on ourselves in this time of recession where economy is heading towards zero inflation.

Credit card is a biggest cheat that has ever happened if you dont pay on time.Their interests are just unpredictable.Hence be very careful before you use and know your cards benefits are actually hidden.

i think if you borrow money once the capital should be used later when we get our new shopping