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Practicing Thrift: A Noble Habit |
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Thriftiness in the era of globalization is an important aspect in achieving
success as the world and a country's economy continue to grow. However, the
world often encounters issues that slow down the economy, causing inflation to
occur domestically and globally. Economic uncertainty and rising cost of living
have encouraged conventional societies to adopt thrifty practices to escape the
inflation trap. The government provides inadequate assistance, so individuals
must take the initiative to ease the financial burden they face. What are the
thrifty practices that can be practiced by all members of society? Consistent
and comprehensive efforts will yield results if each of us implements them in
our daily lives because being thrifty is a noble habit.
Encouraged Thrifty Practices
One of the practices promoted for thriftiness is budgeting. This financial
management step ensures that the money being spent is worthwhile and not
harmful. As an adult, we should set financial goals that describe what we want
to achieve with our own money in a certain period of time. For example, if we
want to buy a house or car, what percentage of our salary should be saved to
achieve our goal in the future? This issue is a controversy among society,
especially among young people who are new to the working world. Without proper
guidance and direction in budgeting, future financial burden will consume us. In
addition to setting financial goals for the desired period, we should list all
types of expenses. This is because a financial record is evidence of spending
habits and it is easy for us to analyze the right and wrong expenses.
Prioritizing Needs Over Wants
At the same time, we should prioritize needs over wants. This scenario is seen
as a norm among young people today, where they prioritize their own wants and
are willing to incur debt around their waist just to get satisfaction or praise
from others. The influence of social media by wealthy individuals and
celebrities who flaunt their wealth is one of the causes of many young people
shopping to get a luxurious life like celebrities. On the other hand, young
people, especially those who have just started working, should be thrifty by
buying necessary items and saving or investing money for future ease. Prioritize
needs such as insurance premiums because misfortune has no smell. If we are
involved in an accident or something else, the insurance premiums will help
reduce the increasing cost of medical treatment from year to year. Branded
clothing, overseas vacations, and luxurious cars are not necessities, they are
bonuses for some people. The best way to practice thriftiness is to prioritize
needs, save and invest, and be content with what we have. |
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