"When you feel the urge to spend money on an luxury item, only use what you earned after you get that urge to buy it Do not use your previous savings. And it has to be more than what your will spend."
2007-05-16 02:50:12 · 11 answers · asked by Eric Chua Yanshan Maynas 3 in Entertainment & Music ➔ Polls & Surveys
I would change "luxury item" to "any item". Paying rent, utilities, buying food....these are month to month expenses, and have to be budgeted for. But, these are also controllable to an extent. And the saying you quoted does apply to these as well as a luxury item. Basically, the first two sentences say "don't live beyond your means, live within them" implying that you have money left over for savings. The last sentence implies that when you do spend on a luxury item, that you also have money left over out of the budgeted amount to put into savings. You get to enrich yourself in two ways: owning the item, and adding to your (stored) wealth. That's the whole key to this: savings. Your rainy day hedge or your retirement.
It's a great tip.
2007-05-16 15:28:41 · answer #1 · answered by Anonymous · 2⤊ 0⤋
No, just resist the urge if you wanna get ahead in your Financial Life. You'll find that you really need very few "luxury" items, unless you're already fabulously wealthy.
2007-05-16 02:55:50 · answer #2 · answered by Skreet Smartz 1 · 1⤊ 0⤋
I think that will work, if you can stick to it... depends on how badly you want the luxury item.. If you want it bad enough - you'll find a way to buy it - even if you have to dip into your savings to get it.
2007-05-16 03:13:01 · answer #3 · answered by fabulousfun2 2 · 1⤊ 0⤋
yes,that's a good one!!now just give me an idea to make money so i can buy luxury items!!!lol!
2007-05-16 04:04:08 · answer #4 · answered by ....FED UP............ 7 · 1⤊ 0⤋
I think its a good start. So many people spend what they cant afford or dont even have. Being in debt is a bummer.
2007-05-16 13:37:02 · answer #5 · answered by Smarty Pants™ 7 · 1⤊ 0⤋
all luxury items can be purchased at wholesales prices.
never pay full retail price.
2007-05-16 03:54:54 · answer #6 · answered by manhattanmaryanne 7 · 1⤊ 0⤋
I actually agree. But, many people don't practice that.
2007-05-16 18:35:17 · answer #7 · answered by filia_san 5 · 1⤊ 0⤋
Its a good idea.
Every one knows.
No one follows.
And there are problems.
So its better to practise it.
2007-05-16 20:11:27 · answer #8 · answered by Jacky.- the "INDIAN". 6 · 1⤊ 0⤋
tough one but good question.
2007-05-17 11:02:36 · answer #9 · answered by Anonymous · 1⤊ 0⤋
i'll keep that in mind
2007-05-16 02:53:35 · answer #10 · answered by Mag 7 · 1⤊ 0⤋