Yuppies are generally the big spenders, not because they belong to the highest earning group, but because they are the most susceptible to frivolous consumption. You see, most yuppies (belonging to the 20s or 30s) are with very little financial obligations or responsibilities so it is easy for them to give in to hunger for social status. Unfortunately, they do so by carelessly spending on what society and media define as necessary luxuries – electronic gadgets, fashion, and more.
Although there are a few yuppies who invest early in various forms of investment such as stocks and Philippine real estate properties, a large percentage are still unaware of any need to save or invest their money. If you don’t want to fall into such a stereotype, here are some budget tips that might just work.
If you really want to buy something, then do a thorough research first.
For example, there is nothing wrong with wanting a smartphone. In fact, getting one would probably be more of a necessity rather than a luxury nowadays. However, don’t buy an iPhone simply because everyone at work has one. Give yourself enough time to compare as many products as possible. This way, you won’t just be delaying the purchase, but you’re also providing yourself ample time to check if the product you desire is really one of the best in its line of consumer products, or there are items out there that are both less expensive and better performing.
Spend only as much as what you receive from work.
As much as possible, don’t buy anything you can’t pay off in one cash transaction. Despite the number of credit cards you have, do not go for purchases that are beyond your salary’s worth. Doing so will bury you in debts and credits partly because the instinct to buy only gets stronger as time passes, and also because people tend to forget loans.
Always reserve a portion of your salary for saving.
This is not exactly a new tip. It’s a very logical and effective way of managing your finances. The only problem is, not everyone has the discipline to observe it regularly. Yuppies, most of all, cave in to spending temptations faster than others so they have a difficult time saving up money.
Invest on a long time purchase, like a house.
One way to forcibly discipline your spending would be to invest on a long time purchase like a house or a condominium. Obligations such as these help instill some rigidity in character. At the same time, it allows you to acquire properties you wouldn’t have otherwise spent on until later in life.
Jeric is a Filipino guest blogger that is interested in internet and digital marketing. He works as a freelancer in a digital agency that provide SEO and web design services.