I know due to the recent pandemic affected the financial situation of everyone this made me think that is it the covid19 or some other reasons for degradation of financial situation.
In the last 10 years, 10 major reasons for degradation of the Financial situation of a family.
1. Everyone in the family owns a smartphone.
Purchasing & changing frequently with the recent model, recharging expenses, accessory expenses have increased the expenses of every family.
I remember the days when there was no phone or just one landline phone in the entire locality that too in a rich family.
Purchasing & changing frequently with the recent model, recharging expenses, accessory expenses have increased the expenses of every family.
I remember the days when there was no phone or just one landline phone in the entire locality that too in a rich family.
2. Vacations under social pressure.
Summer vacations were been spent in the grandparents(maternal) home with the least expenses.
But now it's a status symbol to go for vacations on a foreign trip just to share on social media & creating pressure on other families for doing the bigger budget vacations.
Summer vacations were been spent in the grandparents(maternal) home with the least expenses.
But now it's a status symbol to go for vacations on a foreign trip just to share on social media & creating pressure on other families for doing the bigger budget vacations.
3. Buying a car as a status symbol.
I have seen many car owners who don't need it nor they go on drive frequently probably they drive less km then the yearly insurance fees of the car.
I'm not including other expenses of owning a car like cleaning, changing the battery, interest on the investment along with depreciation of the rate of the car seems to be in total loses just to maintain the status symbol.
I have seen many car owners who don't need it nor they go on drive frequently probably they drive less km then the yearly insurance fees of the car.
I'm not including other expenses of owning a car like cleaning, changing the battery, interest on the investment along with depreciation of the rate of the car seems to be in total loses just to maintain the status symbol.
4. Avoiding homemade food and unnecessarily eating out on weekends.
Recently after the emerging of a food supplying sites like Swiggy, Zomato facilitates to order food from the favourite restaurant or hotel.
This has developed the tendency to avoid preparing food at home in weekdays too.
Eating out in big & costly restaurants on weekends is a status symbol more than enjoying outside food once a while.
This has also disturbed health due to unhygienic eating habits increasing medical expenses.
Recently after the emerging of a food supplying sites like Swiggy, Zomato facilitates to order food from the favourite restaurant or hotel.
This has developed the tendency to avoid preparing food at home in weekdays too.
Eating out in big & costly restaurants on weekends is a status symbol more than enjoying outside food once a while.
This has also disturbed health due to unhygienic eating habits increasing medical expenses.
5. Brand conscious for salons, parlours and clothes. Spoiled lifestyle increasing medical expenses.
Markets are growing by branding each & everything.
Recently I was astonished to see an advertisement for a brand of a broom.
Attractive, creative advertising to create & develop a brand is on the cost of the pocket of a family.
Markets are growing by branding each & everything.
Recently I was astonished to see an advertisement for a brand of a broom.
Attractive, creative advertising to create & develop a brand is on the cost of the pocket of a family.
6. Trying to make Birthday and anniversary special by spending more money rather than time together.
I do agree Birthday & Anniversaries are special in everyone's life & give joy in your life celebrating with your love ones but if it's just a showoff with a big party I consider it as an unnecessary expense.
I'm sure you will agree to me in your heart.
I do agree Birthday & Anniversaries are special in everyone's life & give joy in your life celebrating with your love ones but if it's just a showoff with a big party I consider it as an unnecessary expense.
I'm sure you will agree to me in your heart.
7. Grand weddings and family functions.
Looking at the grand reception or a wedding party of a celebrity or a leader's daughter has motivated us to do grand weddings & family functions by taking personal loans from banks or from a money lender at high-interest rates.
Dowry in spite of a crime is growing just to showoff degrading the financial situation of the families.
Looking at the grand reception or a wedding party of a celebrity or a leader's daughter has motivated us to do grand weddings & family functions by taking personal loans from banks or from a money lender at high-interest rates.
Dowry in spite of a crime is growing just to showoff degrading the financial situation of the families.
8. Commercialization of Hospitals, Schools and tuitions.. education...etc.
Everything is commercialized.
Once upon a time, the institutions which were to educate and serve the community have become the financial burden on the families just because they are providing the status with some increased facilities.
Everything is commercialized.
Once upon a time, the institutions which were to educate and serve the community have become the financial burden on the families just because they are providing the status with some increased facilities.
9. Spending what you haven't yet earned...by loans and credit cards...
Digital payment is one of the best options for receiving, investing, purchasing from anywhere since the transaction is in white money & the government get the taxes without theft.
The sad part is that banks had facilitated for more liquidation of the funds which has increased the tendency of spending on luxury goods & services before earning.
Expenses on credit cards and interests on the loan have degraded the financial situation.
Digital payment is one of the best options for receiving, investing, purchasing from anywhere since the transaction is in white money & the government get the taxes without theft.
The sad part is that banks had facilitated for more liquidation of the funds which has increased the tendency of spending on luxury goods & services before earning.
Expenses on credit cards and interests on the loan have degraded the financial situation.
10. Spending tons of money on the interiors of the house & office and thereby increasing the Maintenance cost...
Home is a place to live comfortably & enjoying together with the family.
The increasing tendency of having a separate room with full facility & decoratives increased the expenses on interiors and electronic gadget in every room & thereby increasing the maintenance cost.
Home is a place to live comfortably & enjoying together with the family.
The increasing tendency of having a separate room with full facility & decoratives increased the expenses on interiors and electronic gadget in every room & thereby increasing the maintenance cost.
SUM UP
During this lockdown, we have understood the importance & difference between essentials & luxury.
During this lockdown, we have understood the importance & difference between essentials & luxury.
We are copying others' lifestyle without understanding our own needs and income.
If this does not get curtailed, it is and will lead to lots of stress and anxiety.
If this does not get curtailed, it is and will lead to lots of stress and anxiety.
Income is not growing at the rate at which expense is growing... resulting in more distress, more hospital bills along with pills & less peace.
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