this makes a huge impact on the economy. - page 7.

EarnOnVictor

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Quote from: cafter on November 21, 2023, 01:29:11 AM

I am surprised by it because in my family we usually buy only things we really need, I am starting to understand how other people's spending habits can affect the business.

Do you also find yourself spending more on you payday?, or you approach your expenses differently?

My case is different because I have streams of income, and I don't depend on a monthly salary. Also, your family may not be relying on the payday which is why it might not be obvious to you. Those whom you are referring to are paid job employees, there might have been a long list of what they need, which could be a pressing one or needed for the whole month. It happens everywhere, not only in your country, there are needs and wants every time, but to them, money is a constraint which is being solved when they receive their monthly salaries.

For those who are business people or are financially free and not depending on the monthly salary, you would never know their spending culture because they get what they want when they want it. Even if they spend more on frivolities than those who depend on their payday, you will definitely not know because there wasn't a time limit for their financial freedom.

Payday or should I say payment week is also the week that ATMs are mostly busy and debt paid in my country. It's also the time that sellers claim they record the most sales, which I believe is normal and for obvious reasons.

crwth

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Now you have discovered how marketers target the market in terms of when they would get money or how they will afford something at the time. Check the local stores in your area and see "when" they put up the big red sign with the word "SALE". Usually, it's around the time when it's time for salary, like you have mentioned. Additionally, people tend to make use of this in online shops as well and consider the paydays as well.

It makes a huge impact in the economy because of the taxes that are produced during that season. The effect depends on the people who run the country.

bluebit25

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Spending management in finance is also part of the investment problem, I agree that spending behavior is more comfortable when users have money in their pockets, or they may also be willing to owe money to be able to pay later some products. I don't see too much of a problem when looking at large denominators because for each different region we have different data, and in my opinion, it is also a stimulus when lending forces people to work.

According to what I've been exposed to, workers have spending habits partly due to trending products that, as the OP shared, are not actually used when purchased. But I think it's also part of the business problem, and we can imagine that our behavior is based on a lot of factors.

kingvirtus09

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Quote from: cafter on November 21, 2023, 01:29:11 AM

I noticed majority of the people in my area tend to spend more money then usual when they get their salary, like buying things they don't really need.
I said majority of people because my dad owns a grocery store, I have noticed that most of the customers tend to buy more stuff on the 1st and 10th day of the month because on these days they get paid in my country.
I already seeing this pattern on news or business related youtube videos, but I didn't think it was a big deal.
Now I realized that its very important to consider this behavior of people when making business decisions because it can have a big impact on the sales or finances.
I am surprised by it because in my family we usually buy only things we really need, I am starting to understand how other people's spending habits can affect the business.

Do you also find yourself spending more on you payday?, or you approach your expenses differently?

For people who make a budget every month, once they receive their wages, they already know where they will allocate expenses and fees, as if they have calculated how much they should consume for a month's survival.

And if there is anything left over, they will save it for emergency funds if there is anything left over from what they have paid. There are other people who get paid and buy things they don't really need right away. They are the type of person who thinks they will never run out of money, and their spending method is actually wrong.

bayu7adi

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This kind of thing has been happening for a long time, and I find it pretty normal. They make a lot of money in one month, and they see it as a reward for their hard work. Everyone seems to be like that; their monthly budget is refreshed, and they can buy whatever they consider important and makes them happy. But many of them don't manage that limited money well. in my area, it's common for people to struggle to buy things at least 7 days before they get their next paycheck... this is actually a problem in the financial world.

People who don't have other income that brings profit every week or every day are usually spendthrifts in the beginning and very thrifty towards the end. Their budget is always out of control, making them happy at the start of the month and miserable at the end. It's a lifestyle pattern that needs to be modified to achieve better planning.

Samlucky O

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Quote from: cafter on November 21, 2023, 01:29:11 AM

I noticed majority of the people in my area tend to spend more money then usual when they get their salary, like buying things they don't really need.

You can't really said they buy things they don't need. Because whatever thing they bought with their money is sure valuable to them. Choices are different. Like me when I was working whenever I get paid I buy all necessary item needed by the family in other not to walk around the grocery shop. It's just like a compilation of required items buying in balk. So that isn't caled unnecessary.

Quote from: cafter on November 21, 2023, 01:29:11 AM

I said majority of people because my dad owns a grocery store, I have noticed that most of the customers tend to buy more stuff on the 1st and 10th day of the month because on these days they get paid in my country.

You sound like someone who is from an African country. Maybe someone from Nigeria. Because due to economic inflation people always like to buy things in bulk because of price changes. if you don't buy those things as fast as possible you might need to spend more anytime soon. They buy such thing to cut lost because if they use like $200 to buy those stuffs, and price hyk comes up dey will not need to spend much next month or upper, and I will save them unnecessary expenses. Or can be call price hyke elimination strategy Grin

Quote from: cafter on November 21, 2023, 01:29:11 AM

I already seeing this pattern on news or business related youtube videos, but I didn't think it was a big deal.
Now I realized that its very important to consider this behavior of people when making business decisions because it can have a big impact on the sales or finances.
I am surprised by it because in my family we usually buy only things we really need, I am starting to understand how other people's spending habits can affect the business.

I think it's their money and they have right to spend it the way they want. Who knows they have alot compeard to what you have. "All fingers are not eqaul" they said. So those people might have a higher paying job that don't affect them financially.

Quote from: cafter on November 21, 2023, 01:29:11 AM

Do you also find yourself spending more on you payday?, or you approach your expenses differently?

Each an everyone has his lifestyle to leave.

electronicash

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it's the only time they have some money to spend and all the rest of the days going to their next payday is just consuming all the stuff they bought on the 1st and 10th day of the month. it's like living paycheck to paycheck. this must be related to the schedule of payday in your country.

my approach would be the same as well. storing food in the refrigerator enough for days and then doing it again once the food is consumed. but keep enough cash for savings/emergencies.

Don Pedro Dinero

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Quote from: cafter on November 21, 2023, 01:29:11 AM

Do you also find yourself spending more on you payday?, or you approach your expenses differently?

In my case no, but because I recently commented in another thread, partly thanks to knowing this forum and bitcoin, I improved my finances in general and I never run out of money at the end of the month. But it is true, and it is well known, that most people do: as soon as they get paid they go to spend the money as if it were burning in their hands and the last days of the month they eat white rice.

Despairo

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It's not huge impact, but it's what should be expected.

When it comes to economy of a country, people need to spend their money than to hoard it, but money that they spend must be anything that related to their country. If they spend it to outside the country, it will decrease the money circulation, resulting some people get less money than before.

So if you want to support your country, become a freelancer or exporter are good choice as you're making money from the other country.

Oshosondy

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Quote from: cafter on November 21, 2023, 01:29:11 AM

Do you also find yourself spending more on you payday?, or you approach your expenses differently?

People that are salary eaeners will spend more immediately after they collect their salary. Many of them will have many things to buy in mind but not having money or because they are savings and not want to spend from it will let them wait for the next salary and if they collect the next salary they will spend more. But that does not mean they are not still spending wisely. If anyone collect salary and save from it and also have emergency fund and other important funds saved, that does not mean the person should not go for his needs after collecting another salary but also saving wisely. Although some people spending unwisely.

cafter

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I noticed majority of the people in my area tend to spend more money then usual when they get their salary, like buying things they don't really need.
I said majority of people because my dad owns a grocery store, I have noticed that most of the customers tend to buy more stuff on the 1st and 10th day of the month because on these days they get paid in my country.
I already seeing this pattern on news or business related youtube videos, but I didn't think it was a big deal.
Now I realized that its very important to consider this behavior of people when making business decisions because it can have a big impact on the sales or finances.
I am surprised by it because in my family we usually buy only things we really need, I am starting to understand how other people's spending habits can affect the business.

Do you also find yourself spending more on you payday?, or you approach your expenses differently?

Topic: this makes a huge impact on the economy. - page 7. (Read 768 times)