Money and life are never good friends

It is fast becoming a very materialistic world. With soaring costs of standard of living, strict budget control is not anymore just for the miserly. High income earners, too, find themselves counting the pennies.

A relative confessed that he was finding it hard to relax without thinking about education fees, clothing and other demands required for his children. He has a calculator under his sofa in the living room and another under the pillow of his bed.

“I just whip it out and calculate whenever I feel the urge,” he told me,” I wouldn’t sleep until I have assured myself that I can afford to pay the bills that month.”

Some people would accuse him of being obsessed with making ends meet. It is also true that he is not doing his health a favour either. However, he is not alone. There are many millions around the world who are battling with mortgages, car repayments and credit card bills. One banker said that most of the credit taken by customers cannot be justified.

“ People who are taking loans to expand their houses, buy better cars or put their children in expensive schools know that they cannot really afford the expenses. If they think carefully they would realise that such costs are not necessary,” the banker said.

Of course, banks do not run advisory service to try to discourage clients from taking avoidable loans. They survive on giving out as much credit as possible and it is up to you to sort out your problems. Banks now have a scheme that will put you and your children on a long-term loan commitment. They pay higher education fees for your children that can be repaid when the youngsters start working. They offer you a 40-year mortgage that your children can continue paying after your death. Part of the problem is that banks make it so easy for us to get ensnared in long-term financial commitments.

Banks also team up with insurance companies to get you pay more. They convince you that you cannot afford not to have a cover. There is a life insurance and covers such as critical illness, medical and loss of job. All these extras accumulate to a formidable sum that you don’t really afford. Here in the Gulf, nationals do not have the habit of having two children. We usually breed prolifically to keep up with tradition. The local belief says that every child is born with a special blessing. This means, you don’t have to worry about feeding or educating them even if you have ten children. Provided, I might add, you carefully stick to the budget. However, we go wrong when we cannot resist temptations. It then becomes easy to blame the fast pace of life. However, it seems that people who live quietly in obscured environments are relatively at peace with themselves.

Residents in small towns and villages seem not to be tempted with the trappings of modern life. What would they do with credit cards or life insurances? They work harder, earn little but go home with very little to worry about. In big cities, you have salespeople forever knocking your door and endless leaflets offering trade discounts. Temptations like seeing a new car model or the latest computer is part of a big city life. No wonder some of us envy the simple life villagers live. An Indian expatriate, who lived all his life in a remote hamlet, had something to say after living in Muscat for three years.

“ Money is good but life is bad,” he said with conviction.

I did not have to probe deep for the meaning of his observation. He was absolutely right. Sometimes, money and life are never really good friends.