A person who believes that they need all the latest gadgets may ask, how do I control my spending? Well the first thing that you must do is to prioritize. Take a serious inventory of where your money is actually going.
Every time you open a newspaper, log on to the Internet or turn on the TV set, you read or hear about some new gadget that is available. The advertisement suggests that you just cannot live without it. That if you don’t get it, you are somehow inferior. All of these advertisements suggest that you need more. They suggest that you need something bigger, better, newer.
Take your cell phone for example, since you started using a cell phone, how many have you actually purchased? And why? Because something newer and supposedly better became available. Now your cell phone can be used to take photographs, movies, and maybe by next year you can program it to cook dinner. If you already had cell phone, did you stop and ask yourself before your purchase if you really needed a new one? Or were you just convinced by the advertising that if you did not get a new one, you would somehow be falling behind the times?
It is all well and good to try out new gadgets, or replace old ones which have become worn out, however, this requires thought and planning. If you really want to control your spending you must plan on and question every purchase. You absolutely must give yourself a budget, and stick to it. This budget should include investment and savings as well as spending.
When you are inclined to buy the latest “toy” that you see or hear about, remind yourself that it won’t be long before this item also becomes “obsolete”. if you choose to make this purchase anyway, you may as well just give your money away as soon as you get it. Why not save for? Why not wait a year or two until the price comes down?