When I was last home in October of 2015, I decided I’d like to help my mum out by buying her a pair of glasses. Glasses are quite expensive in New Zealand, and then add in the fact she needed special lenses and the total price was over $700. However, the store had a buy one get one free special on, meaning that we could purchase two sets for the same price.
My mum started to feel uncomfortable as it’s a lot of money and so she suggested that she could talk to a government agency about getting a loan to cover the cost and paying it off slowly.
When the sales assistant heard her mention the loan, he quite sharply said that was an option but she’d only be able to get one pair as the two for one deal didn’t exist for people who needed the loan services.
I was more than happy to cover the cost of the glasses, as I had offered, but I was horrified to hear that someone who’s not in a financial position to buy a pair of glasses in cash and needs help, then goes on to miss out on the free pair. It’s a penalty for being financially tied up and will likely only hinder those who need help the most.
Subtle Ways You’re Keeping Yourself Poor
Likewise I have a friend who has gotten into the habit of buying her travel insurance in short bursts, rather than buying a year at a time (she’s living and traveling overseas long term). A quick look on the World Nomads site brings up a month’s travel coverage as $191.50 for an explorer package or $2298 for the year done in small monthly chunks.
However, if you pay outright for a year’s coverage the cost is: $950.50 – which is a considerable difference of $1347.50. Of course paying $950.50 outright is a lot of money, but you know what’s more money? Paying more than double for something because you’re doing it slowly for the exact same product.
Are You Keeping Yourself Poor?
Scan through your own financial choices, are you making decisions that are keeping you poor? The simple truth is that if you don’t have a decent-sized emergency fund, then you’re probably keeping yourself poor. If you have to use payment plans, credit cards or any form of credit to bail yourself out of tricky situations, then you’re keeping yourself poor. One of the problems might be that you’re paying yourself first – which is what a lot of financial blogs and books suggest, but for me I benefit from paying myself last. I’ve written a whole post on it as it’s such an important issue for me.