Even ages ago, red flags had already been deemed as a distress signal. When there’s a red flag waved, it means that there’s a potential problem that needs immediate action, a danger zone, or in general, it serves as a warning. But do you know that in budgeting, there are several red flags too? Well, I’m pretty sure that at some point of your life as a budgeter, you have already encountered some red flags. Only, you didn’t recognize them as such.
When our economic weather is gloomy, the wisest things for you to do keep an eye on your budgeting styles and make sure you are not running short of finances. Seeking out for tips and ideas on how to save your money would also be a great thing for you too. Now, as you do this, you shouldn’t only focus on the do’s. Rather, keep an eye on the don’ts too and make sure you are not falling into the danger of taking them for granted.
However, red flags do not really appear as danger to most people. In fact, many people find them pleasurable. This is because these red flags usually take in the form of a person’s favorite items like delectable foods, fashionable items, cool gadgets, or other stuffs that may entice a person. More often than not, we find it hard to resist our cravings. Therefore, despite the knowledge that you are under financial stress, you would most likely yield in to your cravings and, either in an abrupt or subtle way, you suffer great financial loss in the end.
Now, the said things do not really mean to say that it is bad to yield in to our desires. Only, there should be an appropriate time for everything. When you think you have all the financial means for your personal cravings, then there is no problem at all. But when you are under financial stress, then it would be best for you to learn the art of budgeting, control your personal desires first, and put your priorities in proper order.