Impulse Buying Is The Major Problem

It's been 2 days since the sale started in both Flipkart and Amazon and a lot if collegue have started showing their latest bought items. Some have bought IPhone whereas other have bought shoes and other things. One thing is common in all of them is that along with something which they are buying, they are also buying something which is on sale but they don't require it.

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For example, the guy who have bought an iPhone is now thinking of buying the Apple Buds to make the complete set. The guy who bought the shoes, is also buying 1 more pair as the one he got is too good and he wants to keep a backup. And similarly people are buying more and more stuff all because their is a sale going on.

Now that's the problem with most of the people. I am not saying that they should not buy it, if they have the money they should enjoy their buying. But if they buy with everything they have then they will not have the money to save and they have to continue paying the EMI. The balance is required, it's good that you are buying stuff which you need but also try to save and invest something. When you get into the cycle of EMI then it's very hard to get out of it.

One of my collegue had 70% of his income as EMI, that means if his salary was Rs 100, he was paying Rs 70 as EMI. And recently he lost his job, that means now he has to search the job soon otherwise he has to start selling the items which he bought. And that's why it's good to start investing first and get the sizable corpus before buying something. Because then you can buy it from your money rather than the EMI.

Posted Using INLEO