3. “I Need a Larger Loan”

All salaried people have to go for loans at some point of time or the other. Still, we need to draw a line here. Always go for a loan keeping in mind your monthly income. Even when loan schemes are attractive, we end up facing debt. Sometimes even the best loan schemes end up taxing us. Make sure that the loan amount and EMIs (Equated Monthly Installments) are comfortably within your range. Keep the time period of payback in mind as well. If a smaller loan suffices your need, stick to it and don’t go for a bigger one.

4. “I Will be Back to Buy This”

It often happens that we see a particular item but decide not to but it on seeing its price. We decide to save money for it and buy it later on. This is not a wise decision at times. One might forego basic needs to fulfill such a desire. You can buy such an item only if you save wisely. It is better to wait for a while and not burden your finances than instant gratification of your desires. Go for substitutes than luxury items for status symbols. People who like you solely for your possessions will not even bother looking at you when you face money troubles. So, spend wisely.