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financial success


Why going shopping isn't a bad idea (but don't do it on Boxing Day)

Two years ago on 26th December, I wrote an article about why not going shopping on Boxing Day is a good idea. Today I’d like to talk about why going shopping isn’t a bad idea (as long as you don’t do it on Boxing Day).

  • Want VS Need:

    There is an effective way to manage your money - only buy things you need; don’t buy things you want. Whenever you are about to buy something, ask yourself, “Do I need this? Or do I want this?” If you want it, don’t buy it; if you need it, you can buy it. That’s a great way to save money.

  • Nonetheless, what you want isn’t always unnecessary.

    Actually, if you buy something that you absolutely want, that usually means you will use it. Therefore, you aren’t really wasting your money. I would argue that money enjoyed isn’t money wasted, as long as you have a practical financial plan and you can stick to it. Similarly, time enjoyed isn’t time wasted either.

  • It’s not beneficial to save all your money in your 20s.

    Learning how to save your money is certainly useful in the long term. Nevertheless, if a 22-year-old person is always thinking about how to save 50 cents while buying a T-shirt, chances are this person will probably still think about how to save 50 cents while buying a T-shirt when they are 32, 42, …. What I’m saying is you have to invest in yourself when you are young (e.g. investing in your education & buying things/experiences that can benefit you in the long run). In fact, you might benefit more if you spend all your money in your 20s so that you don’t have to worry about how to save 50 cents in your 30s, 40s, …. Yes, knowing how to save money is important, but you should only focus on saving money when you are older, not when you are 22 years old.

Those who dare not spend money also can’t make real money. You have to learn how to take a calculated risk. When you are still young, you can afford to be involved in high-risk, high-reward activities. Invest in yourself now!

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