Extravagance is the mismanagement of limited funds or resources, it is the absence of ability to control excessive spending of money. It is a very common trait among people now are days, people spend recklessly on things they can't afford. They pay excessively for goods or services render and mostly people do this for show off in the public, to make others know about their wealth. Been extravagant is a very dangerous traits as it makes some get broke or poor easily and extravagance can lead someone into endless debt cycle as one now survive on income to income and if there's a delay in this income it might lead to unending debt cycle so it is important to have better plans for the future so its neccessary to safe to fund these plans.
Though extravagance is like an addiction but it can be stopped if one is willing to put an end to this harmful lifestyle, some of what to do are, firstly there's need to draw a scale of preference and fix a budget. A scale of preference is like a table showing all items or things that are needed on the order of their necessity, one really need to write out all wants or needs in the order of their necessity, with the use of scale of preference, only important wants are satisfied also there's need to fix a specific amount to spend on all this needs, fixing a budget helps you to satisfy needs according to your budget also its neccessary not to spend above this budget as this will help you in saving more money and stop extravagant lifestyle.
Secondly, its neccessary to cultivate a good savings culture, one must learn how to save from the earnings or money you see, Money is earned after a lot of effort and it is advisable that spend it wisely. Wise spending means getting maximum value out of your spending also one feels relaxed when is an urgent financial emergency as you can take from you saved money to deal with the urgency. You can also invest your savings into profitable business which will serve as additional source of income and ease financial stress.
Extravagance can also be stop by avoiding anything that will lead to debt, debt really affects savings, it is neccessary not to borrow to spend on irrelevant things, people borrow alot from financial institutions like bank, etc to spend on irrelevant things like vacation, parties, etc. They spend excessively on this and use vital properties as mortgage, some lose this property to bank if they are unable to repay their loans or they may end up using all their income to pay this debts thereby making them go broke. Its neccessary not to ever borrow to fulfill a lifestyle ambition an also important to hhave a much better insight into your finances.
Resisting Peer pressure, peer pressure really influences decision most time, it is a powerful force that can cause lot of harm, most people spend excessively majorly because of their friends, they are tempted by their friends to make heavy purchases also sometimes people spend extravagantly to oppress their friend and boost their social status, they may get their friends very expensive gift during parties and other heavy spending. its neccessary to understand how to cut this influence off by reducing the way you spend at party, cutting off friends who are likely to tempt you back into extravagant lifestyle also it is neccessary to know that Frugal people are aware that they are responsible for their own savings and spendings. Don't allow other people through peer pressure, to spend your hard earned money. It's also advisable to find friends who share in your goals, someone who Is interested in stopping excessive spending like you so you can be supportive to each other and set new goals together.
Don't overpay for goods or service, one must not pay excess money if one is trying to stop extravagance, it's important to make bargains when in the market and also compare price among shop before you buy or use any service, always go for the cheapest among all option as this would help save more money also it is not wise to continue paying for service you no longer need, once you've stopped a service it is neccessary to cut it off from your spending, only pay for what you use also when adding a new luxury into your life like car, jets, pets ,etc. Its neccessary to weigh the effect of this luxuries on your new goals, will it be beneficial or dangerous to your goals ? If it is beneficial then you can add this luxury but if it will jeopardize your goals then, it is advisable not to purchase the luxury.
It is also important to understand what triggers the extravagance lifestyle, is it your environment ? Your mood ? , etc. When you understand the triggers it becomes easy to curb excessive spending if it is your environment like places you visit that you feel obligated to spend heavily like shopping mall, shows, parties, etc. Its neccessary to stay away from this environment or visit them less often. Also somtimes our moo affect our spending habit, different moods and emotional states affect our body system, making us more likely to make impulse purchase. For example, if we're excited or happy we may call some of our friends to come over for a party and lot of money are spent on parties. But instead of partying it is advisable to hit the gym for exercise or go for a walk in the park. It is important to identify the moods that affect your spending patterns, and to find ways to avoid spending during this moods.
Setting goals, it is neccessary to have written goals and agenda about your new lifestyle, you set objectives for yourself on what to do to stop extravagant lifestyle, this goals will be like motivation during the process and it is important to work towards achieving this goals.
Extravagant spending can only be stopped through dedication and commitment .
