Critique on Consumption Approaches
People
adopt or depict multiple attitudes towards money management. We may categorize
them into four styles - Miser, Moderate, Lavish, and Generous.
Moderate and generous life styles are positive or constructive while miser and
lavish life styles are negative or destructive. Moderation and generosity
promotes stability and growth, while misery or lavishness promotes volatility
and decline. A moderate person spends according to available means and
maintains cash reserves, generous person spends on others and maintains moral
courage, miser spends only on inevitable needs, and lavish spends according to
lust/brain impulse. A better Money Management gives stability to individuals
during some money crises and growth during normal time.
An effective money manger defines her spending demands as needs or important, facility or less important, aesthetics or least important, luxury or unimportant. In addition, an effective money manager adopts some prudential financial techniques to attain maximum benefits such as, financial goal setting, financial planning, rational execution of financial plans, and finally evaluation & adjustments of consumption/saving attitude.
http://EzineArticles.com/expert/Muhammad_Ilyas_Qadri/466764
An effective money manger defines her spending demands as needs or important, facility or less important, aesthetics or least important, luxury or unimportant. In addition, an effective money manager adopts some prudential financial techniques to attain maximum benefits such as, financial goal setting, financial planning, rational execution of financial plans, and finally evaluation & adjustments of consumption/saving attitude.
http://EzineArticles.com/expert/Muhammad_Ilyas_Qadri/466764
