Question

All things been equal, different families spend money differently on tools, equipment and furnishes. Discuss!

Answer 1

In the modern world, individuals in a society are stratified on the basis of job positions they hold and the monthly family income. In this regard, in hierarchy of social classes some are subordinates and others are considered to be superordinates. Infact money spending is based on individual needs, some people spend more on the same goods, on the other hand, others spend comparatively less on the same products.

Many people from wealthy background spend more on house hold goods such as home furnitures, cleaning equipment and tools used for gardening and kitchen. These expenditures may be affected by the way they are perceived by the society based on the status of their job and the family income per month. This is acceptable, as these individuals have the equal amout of money to spend and rest of the money to deposit in savings. It is also studied that some other group of people in the society spend a lot of money towards house hold decoration in order to show case their wealth to others outside their family system to gain status by means of lenting personal loans from banks. This is detrimental, as these investiments may later result in increased interest on loans which they may not be able to return back if they have less income and more expenditure resulting in legal dispuits.

It is good to spend money for our needs related to housing and interior design but it must be based on the income we have so as to balance the savings and expenditure in order to avoid any financial crisis in the near future.