In some countries, people have more money to spend than they had earlier, due to which they are buying more and more things. Do you think it is a positive development or negative?
Over the years, people are spending profusely owing to higher income. However, as the salary hikes, people gradually become addicted to shopping and save less. In my opinion, this is detrimental to society as people will never be at peace and always be lured to earn more money.
Firstly, as the monetary situation improves, people’s lifestyles become expensive, and they start investing in multifarious end products. Too many people buy a new car when their salary is increased even though their old car was functional and fulfilling their requirements. Secondly, an ambitious circle of never-ending wishes for materialistic things get started when a person is over Indus in shopping. Therefore at the end of the month, they do not have funds in their banks no matter how high the salary is. For instance, countless people use credit cards at the month-end as they are short of money.
Finally, saving for the future is compromised because of the extravagant style of Living. Moreover, incorporating the king-size lifestyle is easy but compromising a lavish Lifestyle during monetary issues is very painful. For example, many people in business commit suicide after a business failure as they cannot degrade their standard of living. However, the circulation of money increases in the market as the number of customers increase, but this can not suffice the problem of people going through overspending.
In conclusion, people should not get into the Trap of earning high and spending high. Attaining a balance between spending and saving money is the main key to lead a quality life.
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