WHEN MONEY MAKES YOU CRIB

Buying a top from Derby was not in her list of priorities until last month when Raksha went hanging out with her cousin. The Derby shop at the high street found place in Raksha’s scheme of things as soon as her cousin bought a top.

But being expensive as it is, 23-year-old Raksha couldn’t buy her pick immediately. She decided to come back next month and splurge a bit.

To give an idea about her income, Raksha has been working with a buying house for the past 6 months. The top that her cousin picked and she coveted too was tagged at Rs 7,000 which is almost half her take-home salary of Rs 16,000. About her cousin, she’s the wife of a highly placed London-based investment banker.

NUMBERS THAT MATTER

Raksha pays Rs 6,000 as rent for her sharing accommodation. She has no savings as of now. So, if she ends up buying a 7,000 rupee top in a month, she’ll be left with just Rs 3,000. It’ll not be a good idea for her then to buy the top with no savings to back her essential expenses like phone bill, internet bill, food, toiletries etc.

However, if she’s really hung up on the clothing, she can wait till the end of the month when her next salary is about to come. If she has enough money to buy the top by then with no other expenses pending, she can go for the kill.

WAIT MORE!

Well, she can be wiser and save for a couple of months for the top. Well MoneyQuin believes this is actually a good thing to do also. It indirectly inculcates some discipline in individuals. Though you are saving to splurge, you are actually planning and practicing restrain.

IT HELPS

Your obsession with that particular Derby clothing is stopping you from buying those unnecessary pair of shoes which may just end up filling up the vacant corner in your room or that pizza so full of calories you would actually feel guilty after eating.

Also, there are chances that by the time you’ve saved enough and reach the stage to buy the top you would have lost interest in it. But by then you’ll have savings. If you are mature enough in handling money, you may decide to put this amount in something more worthwhile and useful.

But even if you spend the money saved to buy the top, you would have unconsciously picked some money logic on the way.

BEWARE THE TRAP

So that way it’s not a bad idea to crave for the car your neighbour bought. But be careful that you don’t end up getting caught in the debt booby trap.