Seven Categories of Spending
Different types of spending and definitions
purchase-verb-the action of acquiring something by paying for it-noun-something bought or payed for
3. Pleasure Purchases
Goods purchased to bring fun or happiness. Some examples of pleasure purchases are as follows: plays, concerts, theme parks, etc.
4. Convenience Purchases
Purchases to make life easier or to save time. (Vending machines or fast food)
5. Ego Purchases
They are items purchased just for the sake of showing off.
- Over-sized house
- Expensive Car
- Name-brand Clothing
Purchases made without rational thinking.
Irrational purchases made because you feel like you have to or are obliged to. (Weddings, showers, birthdays, etc.)