A British English definition says “spending is related to the amount of money that is spent by a government or a large organization” (www.macmillandictionary.com, January 2014) and is the act of spending or disbursing money (spending.askdefine.com, January 2014).
Habit—in psychology, is defined this way: “A habit, from the standpoint of psychology, is a more or less fixed way of thinking, willing, or feeling acquired through previous repetition of a mental experience (“The American Journal of Psychology”, 1903), and “a settled or regular tendency or practice, especially one that is hard to give up” (www.google.com.ph, January 2014).
“Habitual behavior often goes unnoticed in persons exhibiting it, because a person does not need to engage in self-analysis when undertaking a routine task” (en.wikipedia.org, 2014). Thus, trouble with people’s spending habits nowadays gone unnoticeable, until they’re either on the brink of bankruptcy or lack of money to spend.
Spending can be fun and exciting, especially for the teens who doesn’t know how to properly manage their finances and allowances. Spending money makes young and wild and free youngsters feel attractive and as if they belong to an upper society as they see others that belong in the upper class society who spend in the same way. Emulation is defined as “the desire to keep up with, fit in with, and impress people of higher position” (Fischer, January 2014) because “many people want to feel oneness in today’s society” (Josiah Ickes). Some teens might just want to unwind and disport oneself that they tend to spend more than they think they would to take away their boredom. Thus “for a lot of people, shopping is simply a solution to boredom” (Lukac).
Of course psychological thinki...
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...t, only few has in the Philippines due to the requirements to obtain an account. Although banks and credit card companies set up a kiosk on several campuses telling students that they can apply for a free account to save up money. Students must be an 18 year old and above to obtain an account, and the card itself is not even free. Students may find their selves paying a certain amount of money on their first transaction with the bank. Banks and credit card companies are also running tests to ensure the ability of the students to pay back the balances of the credit card. Hence, students use their parent’s debit cards or credit cards—borrowed if not given to them unconstrained. And the quotation “first things first” will surely help respondents to manage their finances and allowances, and in differentiating their needs from their wants.
Works Cited
en.wikipedia.org
In 1899 Thorstein Veblen wrote The Theory of the Leisure Class: An Economic Study of Institutions. In this work, Veblen presented critical thinking that pertains to people’s habits and their related social norms. He explores the way certain people disregard the divisions that exist within the social system, while subsequently emulating certain aspects of the leisure class in an effort to present an image of higher social status. He also presented the theory of conspicuous consumption, which refers to an instance when a person can fulfill their needs by purchasing a product at a lower cost that is equal in quality and function to its more expensive counterpart; however, said person chooses to buy the more expensive product, by doing so, they are attempting to present an image of a higher social status. The almost 110 year cycle between 1899 and 2010 reveals few differences in buying behaviors, other than the differing selection of luxury goods to indulge, or over-indulge in.
"Majority of Americans Have Frugal Fatigue: Significant Minority Found Lifestyle Changes to be Positive." National Foundation for Credit Counseling . National Foundation for Credit Counseling, Feb 2011. Web. 30 May 2011.
It also hints at the average American’s values, as he regards materialistic goods higher than basic essentials. So why do consumers spend money—typically on credit, money they do not have—on these glamorous objects? Julia Halpert, a journalist writing for The Fiscal Times, has the answer in her article “Millennials: Young, Broke, and Spending on Luxury”. Halpert expertly employs Jason Dorsey, a millennials expert, who explains that “brands represent a lifestyle and luxury goods provide a strong visual representation ‘that either I've made it’ or ‘I want to tell you I've made it’”. This justification demonstrates the common narcissist agenda, that possessing material goods are essential and it makes you socially above another person. A narcissist purchases luxury goods to show off, to display his elevated status and wealth in comparison to others. He wants to garner the jealousy and attention of others and create an environment that concentrates only him. And he, the narcissist, learns through celebrities and the
Habits are choices that one continues to do repeatedly without actually thinking about them. Habits start with a decision, but they eventually become automatic. One can probably think about things we do every day that we wish we did less of, perhaps like binging Netflix, constantly checking social media, or snacking when not being hungry. If one can understand how habits are triggered, one can learn how to overcome them. The Power of Habit by Charles Duhigg and “Rat Park” by Lauren Slater will reveal the main strategies to recognize and overcome habits. Angie Bachman, a women who developed a gambling habit due was well aware of her habits, but she continued to drag herself into debt, resulting in losing all that she owned and getting sued by
“What do you call a consumer who wants to buy everything you have, doesn 't care what it costs and is less than five feet tall? A marketer 's dream? Nope. You call them kids.” (AdRelevance Intelligence Report, 2000). Nowadays, children (age 4-12) already have a sense of fashion and attitudes that we may not see in children back in 1980s-1990s. Based on the “Consuming Kids” (2008) and our daily experience we can see and learned that children tends to follows or try to imitate what they see, it can be from television, magazine, school, and sometimes what they see in the real life. In “Consuming Kids” documentary we learned that the total of money that children spend in a year is about $40 billion and the influence of the kids to adult spending
William Geoff informs the reader that making milestone purchases or small purchases with money will give someone pleasure in his article, “Can Money Buy Us Happiness”. Geoff explains how “some types of purchases have made his patients happy, particularly those that symbolize an individual or family reaching a new level in their lifestyle”. Happiness can come from purchasing a new item someone has been saving up for. After they have saved up and bought the item, they may feel accomplished or thrilled. On the contrary, impulse buying can cause distress among someone. Impulse buying is purchasing unneeded or unplanned items. Soon after making an impulse buy, someone may feel disappointment in themselves. Andrew Blackman’s “Can Money Buy You Happiness” also notifies the reader that spending money on friends and family instead of oneself will cause them to be more merry and cheerful. Saving up money for an exact product or spending it on others over impulse buying, builds pride and self-confidence in the
...ally from two perspectives which are the social influence and individual factors. In order to indentify the fundamental reason, we have a survey to analyze the phenomenon. As a result, we think the social factors such as materialism and post-cultural revolution are the big background which built a microscopic environment, but the main factors are the individual ones especially the pursuit of the high quality and the psychological satisfaction. As the young generation’s conspicuous behavior are heavily rely on others, even the benchmark of overspending should be set differently depends on different situation, but generally the phenomenon of conspicuous behavior could cause the financial burden and the misguided value. We hold the point that the conduct of conspicuous consumption behavior should not be promoted but should be addressed and reduce the negative impact.
As the economy booms, students are increasingly obtaining multiple credit cards. Because it is easy to get into piling of credit card debt without financial education, students should learn the proper use of credit cards before they have one. Professionals, politicians and the general public all provide different viewpoints to the importance of financial education for college students before holding a credit card. Dr. Carla Anderson and Dr. Karen Card’s “Effective Practices of Financial Education for College Students: Students' Perceptions of Credit Card Use and Financial Responsibility” written in College Student Journal and Leslie Richardson’s "Colleges and High Schools Offer Some Counseling for Credit Card Using Students." Written in Republican
As they are growing up, the personal financial for high school students programs will enable them to make decisions that are suitable for them.”we talk about building budgets,expenses,investing money”. Some students will refuse to take or some students can’t get a understand about what’s going
Everyone likes shopping, but everyone has their own way of spending when they go shopping. I love shopping, but I hate being at the mall, if I don’t need to be there then I won’t be there. I’ve noticed that when I have money, I do not buy anything, and when I do not have money I want everything I see. From my experience I’ve observed that there are people who shop smart, people who are just plain addicted to shopping, people who join another person while shopping, basically called window watchers.
After one month of tracking my income, I have learned a little more about my spending habits. I am already aware of most of my spending habits, and where I most often slip up. A little on the background of my spending, I rarely use cash. There are two reasons why I do this; the first reason is so that I am not tempted to spend bits of money here and there on snacks and small things. The other reason is that so I can more effectively track my spending with less effort. I have two checking accounts to keep this balanced since on the statements it does not say what the money is specifically spent on. I use one card on essentials and school needs, and the other account is more of a lifestyle account. Although I have done this financial tracking in the past, I was able to reaffirm that I still have some areas of weakness in my spending.
Students should have for their own financial security some ways such as: looking for a part-time job, establishing a detailed plan for daily expenses and setting goals, or expenditure savings. Having a part-time job not only gives one necessary workplace experiences, but also provides a new source of income. For example if a student looks for a part time job they will gain research and interpersonal skills. Students would cherish money if they could make it by their own hand instead of excessive spending. In addition, students should make a detailed plan for daily expenses to make sure they will be fine at the end of month. For example, one will know how much they can spend in the next few days as well as how much they have left to spend if they are using a detailed plan for daily spending. From there, they will have the facility to tighten their own spending. Students also need to spend their money logically by smart spending or expenditure savings. It means money will be properly used which will reduce unnecessary waste or avoid wasting. For example, if one wants to go from A to B and they have 2 choices that are the bus or the train, but the train is more expensive than the bus because its faster, they can use the
I was recording some type of transaction almost every day and that is when I realized I spend way too much money on a daily basis. Compared to most people I have it easy when it comes to money and working. My parents do not make me work because they see me running track as a job considering how many hours are put into it every day. I also do not have to pay for my own phone bill or car insurance as long as I keep my grades up and continue doing well in track. So when it comes to budgeting that is one less thing I have to worry about. The only fixed expense I have to worry about is rent but that comes out of my financial aid money that I
Habitualization is defined as the idea that society is constructed by us and those before us, and it is followed like a habit (Keirns, Strayer, Griffiths, Cody-Rydzewski, & Scaramuzzo, 2015, p.87). I have acquired many habitual responses throughout my life. For example, my morning routine to get ready for school with my sister is the same every single day. I wake up at 6:15 to use the bathroom, brush my teeth, and wash my face. Once I am finished, I wake my sister up so that she can have her turn in the bathroom. During her time in the bathroom, I will
However like most people, my relationship with money can still be improved. I do have moments when I may go on a spending spree like this week when I want to relieve myself from stressful situations. I believe it would be more beneficial to channel my stress in a more constructive manner rather than be impulsive when buying things. By the end of this week, I had mixed feelings when I realized how much I spent. I was aware of how much I was spending but, I was also aware that I don’t generally spend this much. Even though I felt somewhat guilty, I know that I will continue to save money as a way to pay up for all the spending I did this