No to Mindless Spending

Aside from cutting back on my expenses to save more money, I took on the challenge of a shopping fast because I wanted to say no to mindless spending. I can be the worst impulsive shopper if I want to, you know. But I realized it would just lead me to nowhere in my journey to financial freedom, so I decided to stop.

We all have an imaginary (sometimes physical) list of things we want to acquire or have. It could be a designer bag, a set of expensive jewelry, a piece of modern furniture, a hi-tech gadget, or a trendy home appliance. Mindless spending, or in this case, shopping, happens when we suddenly come face to face with a particular item in our so-called “list.” Normally, such item is hard to come by that when we chance upon it, the tendency is we buy it right away without second thoughts for fear that such an opportunity won’t present itself again. It’s like a moment of destiny when the universe conspires to make things happen for us. I’m telling you, I’ve experienced it a lot of times and the impulsive shopper in me always won.

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Emergency Fund: What, Why, and Where

Emergency fund is money set aside for use in cases when you suddenly have to spend on something very important or urgent. It could be anything from job loss, sickness, and unforeseen expense. Actually, you can recognize it easily when you experience it.

Emergency fund, or funds for that matter, should be accessible any time the need for it arises. Personally, I had been aware of the concept of emergency fund during my high school years and I got to build up my own only when I got my first job. I didn’t take it too seriously then. As long as I had some money in my savings account, I thought I was okay.

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