These are excerpts from the author’s book “Deep,” which contains eight of his small books published in the form of Wisdom Literature covering different aspects of life: Facing troublemakers, dealing with pain, personal financial issues, gastronomy, reading, criticizing, inspiring, and feeling always good to go.

Series 3: Pocket – Your Personal Economy

Week 38: If You Are Spendthrift by Nature

• Spendthrift people are creative in inventing ways to spend money. If you are unable to completely control your spending, at least try to invent ways to spend as an investment that will bring you a constant or even immediate return.

• A wasteful person cannot be confident in controlling their spending, no matter how many consultations they receive and harsh practical experiences they go through. Force yourself to invest or save with a mandatory deduction from your monthly income in exchange for a loan, for example, that you utilize to purchase a fixed asset—like a house—or start any project that brings you a reasonable fixed income.

• Don’t give up on trying, no matter how impossible the task seems to you. It is better to constantly try to rationalize your spending, even though you would probably fail so many times and succeed only a few times, than to let your financial problems escalate and lead to a catastrophic end.

• If you do not need a larger size or more quantity, do not fall into the trap of buying a bigger capacity in discount offers just assuming that saves money. The larger volume may be an obstacle when storing it, and the extra quantity might lead to the consequences of excessive consumption.

• The situation that prompts you to review your spending drastically is not only when you feel that you are on the verge of declaring bankruptcy. Budget review and continuous spending control are necessary for every person, but a wasteful person needs to review their budget and their spending mindset much more than the average person.

• Minimize as much as possible asking for financial aid from those close to you. Instead, do not hesitate to seek precious advice from those who are trustworthy and have valued knowledge and experience.

• It is not wise to wait for a sudden increase in your income to cover a fixed monthly deficit in your budget. Take immediate remedial action to reduce your expenses by eliminating the least important items from your monthly purchase list.

• The satisfactory budget consumption is not necessarily proportional to the amount of your income. However, to best control and be satisfied with your budget if you are spendthrift, you must compress your expenses until they become obviously less than your income, no matter how much that income is.

• Don’t buy everything you want at once. Consider the principle of deferring the purchase of nonessential items and distributing them throughout the year, or even longer than that, to allow your budget to accommodate your desires comfortably.

• Don’t despair when you find your urge to buy irresistible. If you can never give up thinking about some purchases that you find urgent but beyond your monthly means, instead of borrowing, substitute some items on your regular shopping list and buy what is urgent or even what you just feel a strong desire to own.

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