In last 10 years, TEN major reasons for degradation of financial situation of a family :
1. Everyone in family owns smartphone.
2. Vacations under social pressure.
3. Buying a car & gadgets as a status symbol.
4. Avoiding home made food and unnecessarily eating out on weekends.
5. Brand conscious for salons, parlours and clothes. Spoiled lifestyle increasing medical expenses.
6. Trying to make Birthday and anniversary special by spending more money rather than time together.
7. Grand weddings and family functions.
8. Commercialization of Hospitals, Schools and tuitions.. education...etc.
9. Spending what you haven't yet earned...by loans and credit cards...
10. Spending tons of money on interiors of house & office and thereby increasing the Maintenance cost....
We are copying other's lifestyle without understanding our own needs and income.
If this does not get curtailed, it will lead to lots more stress and anxiety with passing years (as habits don't change).
