Always have the money before you make any credit purchase. If you don’t have the money and use EMIs to pay for a luxurious lifestyle in the hope that you will accrue the money in the near future, then that is something that can land you in trouble. 

Have a monthly budget. Follow the 50-30-20 rule. Spend 50 per cent of your monthly income on your essential needs like rent, bills, groceries, and transport. Use 30 per cent for fulfilling your wants and desires. This is where you spend. If 30 per cent of your monthly income isn’t enough to acquire those items, save 30 per cent of your income for a few months and later make the purchase. The remaining 20 per cent of the income must be used for savings and investments.  

Curb impulsive buying. Think before making an impulsive purchase. Ask yourself, “Do I really need it right now?” This will help practice restraint. Avoid using EMIs for purchase of non-critical or want-based goods.

Maximise the utility of all the luxury items you buy instead of upgrading to newly launched products.  

Educate yourself about the advantages of investments. Investing from an early age can yield great results in just about 10-15 years. This will help elevate your lifestyle in the long run.