A British English definition says “spending is related to the amount of money that is spent by a government or a large organization” (www.macmillandictionary.com, January 2014) and is the act of spending or disbursing money (spending.askdefine.com, January 2014).
Habit—in psychology, is defined this way: “A habit, from the standpoint of psychology, is a more or less fixed way of thinking, willing, or feeling acquired through previous repetition of a mental experience (“The American Journal of Psychology”, 1903), and “a settled or regular tendency or practice, especially one that is hard to give up” (www.google.com.ph, January 2014).
“Habitual behavior often goes unnoticed in persons exhibiting it, because a person does not need to engage in self-analysis when undertaking a routine task” (en.wikipedia.org, 2014). Thus, trouble with people’s spending habits nowadays gone unnoticeable, until they’re either on the brink of bankruptcy or lack of money to spend.
Spending can be fun and exciting, especially for the teens who doesn’t know how to properly manage their finances and allowances. Spending money makes young and wild and free youngsters feel attractive and as if they belong to an upper society as they see others that belong in the upper class society who spend in the same way. Emulation is defined as “the desire to keep up with, fit in with, and impress people of higher position” (Fischer, January 2014) because “many people want to feel oneness in today’s society” (Josiah Ickes). Some teens might just want to unwind and disport oneself that they tend to spend more than they think they would to take away their boredom. Thus “for a lot of people, shopping is simply a solution to boredom” (Lukac).
Of course psychological thinking isn’t the only reason why people overspend. People spend because we have to, in order to cover bills and for the cost of living. The sad truth is the reality that living is expensive and escalating greatly to become more expensive, giving us the appearance that the woes of spending are not necessarily the fault of the individual. Fact is, Elizabeth Warren cites in her compilation “The Over-Consumption Myth” that the spending rate in America has not necessarily increased due to choice but because life is getting more expensive. How much more for the unemployed, freshly graduate and working students? How much more would it cost them to obtain such hoped-for diploma?
Nowadays, college students spend their allowances and/or earnings in several different reasons and ways. Sometimes, they just don’t know how to manage their finances and what is to be prioritized and what is not. Others are making lists of the things necessary for themselves, budgets their money in order to meet their needs while others prioritize their wants over their needs. There are a lot of things to spend money onto especially when studying in college. College students do not only spend on their academic expenses every day, but also in other aspects...