It’s essential to remember to live within your means, especially during holidays. Rather than feeling pressured to spend beyond your budget, focus on enjoying quality time with loved ones and making the most of what you have. This not only reduces financial stress but also fosters meaningful experiences and connections.
Category: Financial Mental Health
Making Smart Choices in Car Ownership
My friends and relatives often express their desire to buy a car, and my initial question to them is always, “Why do you need a car?” While it may seem unsympathetic, I’m genuinely concerned whether the car will be an asset or a liability. Many consider taking loans to purchase one.
We all dream of owning our dream car, but the reality is, owning a car is akin to having another dependent, requiring constant care and expenses. When I began working, I didn’t rush to buy one because I didn’t have a pressing need. However, circumstances arose that compelled my husband and me to purchase one—our son’s distant school necessitated expensive daily taxi rides.
After deliberation, we saved up and bought a car outright, avoiding loans. The cost of fuel alone was significant, but later, my cake business helped cover the car’s expenses through deliveries and rentals. Today, I use the car sparingly, primarily for essential errands and occasional rentals for extra income.
Before considering buying a car, ask yourself: Do you truly need it? Can you afford it without financial strain, including loan repayments, fuel, maintenance, insurance, and fines?
