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How to Improve Financial Culture

One of the sources of constant concern among Bulgarians is the lack of money. Reasons can be many, both politically and economically. Still, as a foundation, we can outline the extremely poor financial culture in the country. Knowing well the mistakes of the Bulgarian, we will give you some valuable advice from Them Loans, which will definitely benefit you.

The financial culture of the Bulgarians

The good monetary education of the Bulgarians is not something that is characteristic of us as a people. If, however, we draw on successful examples around the world, we can easily realize that living a little better, even without credit, is not such a difficult task. Knowing the home budget and its efficient allocation between the individual items is a unique opportunity to deal with far fewer resources and to note a significant improvement in your planning.

One of the problems of the Bulgarian is that it does not know the opportunities that the system provides for it to spend its money more efficiently. Inform yourself and find out how you can reduce your taxes or take advantage of the different opportunities our tax system provides.

Planning and self-discipline are key to a more efficient spending of the family budget. Plan purchases for the next month on the basis of the previous one and take advantage of promotions and offers for discounts over a wide range of times.

This is an option that will allow you to wait for one or another product you need in the near future to be reduced and you buy it at 20-30% lower price. Multiply this approach for all planned spending in your household.

If you apply it effectively, how much money will you save per month? Pretty, is not it?

Remember, if something is on a promotion, but it is not necessary for a purchase, it is not necessarily to buy it. Stop the practice of emotional shopping and spend smartly your money as an adult.

A classic example of how promotions make us spend more than planned is if we see a commodity being reduced from $ 20 to $ 15. In the general case, you go and buy 5 products instead of one. The argument, of course, is that you will not throw them away.

In the end, it turns out that because of the emotional purchase you spent $ 20 as planned, and $ 75. This is your month’s budget with an extra £ 55 lender, and you find yourself in a yet another complicated situation where you need to look for additional funding, or you have to get rid of something.

There are, of course, some instances where this may have a logic, especially when talking about a universal consumable without a shelf-life that you have planned in the budget for the quarter – for example, toilet paper or detergent.

Causes of poverty

The truth is that our financial culture is definitely low, and as classic Southern Europeans, we do not know how to plan our spending well. We make emotional decisions, and this makes our quality of life worse.

If we can make a plan and stick to it, surely many people will do much better. The moment your planning reaches a 12-month horizon, you will certainly enjoy a much happier life.

Let’s summarize briefly:

  • Plan your spending as long as possible;
  • Stop once and for all with emotional purchases;
  • Inform yourself about opportunities for tax breaks.

If you fail, always remember that Them Loans will always be at your service whenever you need them!

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