13 Reasons Why We Blow Our Money on Junk
https://www.youtube.com/watch?v=MpLinJa2LNc
When people have money, they have a natural inclination to spend it and this is where the challenge comes in. if the spending process has not been planned or given major consideration, it is very easy for people to blow all their money and the main issue is that the money is usually spent on junk. So why do we blow all our money on junk? Here are 13 reasons that explain the reasoning behind it.
Poor budgeting
The main reason on why we spend all our money on junk is poor budgeting. Any amount of money received should be budgeted for to give it a purpose and to eliminate the aspect of spending without a reason. It is this spending that inspires the acquisition of junk since it is our perception that the money is too much.
Holding lumpsums
In the event that any individual has a lumpsum, they are bound to spend it on junk. This explains why benefit pensions are paid over a lifetime and not in one lumpsum since people are characterized as wanting to spend the amount thinking it won’t run out. When we hold lumpsums, our mind works on overdrive in terms of what we can capture with the money not realizing the money can run out fast.
Self-gratification
We spend our money on junk due to the aspect of self-gratification. People want to have self-gratification in order to feel part of the society and to boost their standing. From designer clothes to candy and custom coffee; these rank as the junk we spend money on for self-gratification.
Shopping on deal sites
One thing that leads to us spending all our money on junk is shopping on deal sites. Deal sites are the enemy of money management since they make us believe that we are getting a good deal on virtually everything that exists in the shop which makes us spend on unnecessary junk.
Bad habits
If there is a factor that makes us spend on junk is the bad habits that we carry. Bad habits range from hobbies to the guilty pleasures that we have. Be it the sodas, candy or fast foods; we are characterized as spending in excess of $2.8 billion on them which means we blow money satisfying our bad habits.
Bad decision-making
Having bad advisers amounts to financial suicide since it is guaranteed that we will end up spending all our money on junk. Bad advisers coupled with a lack of knowledge combine to make us have a bad spending habit which means we take on junk and unnecessary stuff. This directs the fact that we tend to have bad decision-making tendencies and this is not helped by the intoxication due to alcohol and other stimulants we take on in the name of fun.
FOMO
The Fear Of Missing Out (FOMO) has come in a strong factor when it comes to why we blow all our money on junk. FOMO causes many people to spend their money on junk in the hope that they will be able to experience what others have which is a wrong mentality to have.
Societal lifestyle
People in the society are spending more on junk than on the basic elements that actually make a difference in their lives. Societal lifestyles being peddled stand as one of the main reasons as to why we blow all our money on junk.
Illusion that ultra-processed junk is cheap
There is an illusion that is peddled intimating that ultra-processed junk is cheap which is a wrong mentality to have since it actually becomes expensive over time. Spending on junk never ends since one product leads to the other and people lose track which means it becomes a habit that cannot be stopped easily.
Society has intimated it’s the way to buy love
People who need to buy love and affection from friends and relatives have learnt from society that buying the junk endears them to the select target individuals. With society intimating that it is the way to buy love, we end up blowing all our money to make people close to us happy.
Showing off
People feel compelled to have a sense of self-worth through showing off and they do this by buying clothes, houses, and cars, spending money to impress people. Spending to show off therefore becomes a factor that makes us blow money easily.
Impulse buying
Impulse buying is the greatest reason for blowing money on junk. Influencing the target audience to perform impulse buys has been identified by marketers as a successful tactic which ensures people get to spend with reckless abandon.
Concept of upper limits
If people have money they think they don’t deserve, it becomes easier to spend it and drain that well dry. The illusion of having so much money makes it okay to blow it which leads to people blowing all their money on junk.
