During the festival season, most youngsters go through emotional consumption expenses, even at the cost of irresponsible borrowing.
1. These are expenses with no obvious economic outcome, except a high happiness quotient.
2. Instead of condemning all such spending, a good place to begin is to nurture the habit of doing so responsibly by doing 3 things:
a) Take the time to think through and prioritize by being realistic.
b) Allocate a mental budget as a percentage of your income, instead of rupees.
c) Make the most of your money by planning its spending well.
3. Remember that impulsive decisions are the enemy of happiness expenses.
4. If you are borrowing to fund your happiness expenses, do it with a clear repayment plan.
5. Use a debit card, plan ahead and get a cheaper personal loan, say from elder relatives, borrow against your deposits and repay regularly.
6. Restructure and be prepared for severe cutbacks if you have piled up a big debt.
1. These are expenses with no obvious economic outcome, except a high happiness quotient.
2. Instead of condemning all such spending, a good place to begin is to nurture the habit of doing so responsibly by doing 3 things:
a) Take the time to think through and prioritize by being realistic.
b) Allocate a mental budget as a percentage of your income, instead of rupees.
c) Make the most of your money by planning its spending well.
3. Remember that impulsive decisions are the enemy of happiness expenses.
4. If you are borrowing to fund your happiness expenses, do it with a clear repayment plan.
5. Use a debit card, plan ahead and get a cheaper personal loan, say from elder relatives, borrow against your deposits and repay regularly.
6. Restructure and be prepared for severe cutbacks if you have piled up a big debt.