Consumer market is increasing like anything and people are buying the goods and services to improve their life. With the technology advancement, the life of the people are getting better with all the devices out there in the market. Now the problem is since we have so many gadgets out there and every other gadgets does one thing good, it asks you to buy more and more.
PC: Pixabay.com
Now because of this technology advancement most people usually buys more and m9re stuffs to make their life better and sometimes it changes their finances. For example, if I take Oven as an example, we usually do not have a great use case for a Vegeterian in India. But still we have bought it because it helps us to make pizza and cake. Just for the sake of making pizza and cake at home, we have bought a $120 Oven which could have been avoided.
And just like Oven there are a lot of items which actually you do not need in your life most of the time, you end up buying because it helps you to do one good thing. Now because of that your finances can go for a toss. With 0% interest options available for most of the products now people usually buy stuff selling that the EMI is so less. But these EMIs when added together is a huge amount in your monthly budget.
And when you don't take control of your finances it's obvious that your finances goes out of hand and it is very likely that you go in a huge debt. I have seen some of my friends having a huge debt because they have not taken control of their finances and thus face quite a problem down the line.
Controlling your finances means you have to budget your salary and expenses well so that your expenses doesn't go beyond your salary and you should be able to save for the future. I know saving is not a priority for most of the people they think that they will be earning till the 60 years of age and thus can enjoy after it.
But the problem is with the technology changes you are not sure of your job will be same or not or will you work till 60 years. So it's better to do both the things nicely and evenly like savings and enjoyment using the income.
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