Money Mishaps: Keeping Up With the Joneses
Hi Money Masters!
Welcome to a new series I call “Money Mishaps”. In this series, I will discuss common mistakes we all make with our money. These mistakes have the potential to bust our budgets, ravage our retirement accounts and sabotage our savings! The goal is to be able to identify when a money mishap has occurred and how to avoid it in the future. The first money mishap we will discuss is:
Trying to keep up with our friends or neighbors.
I’m sure you’ve heard the idiom “keeping up with the Joneses”, right? This phrase has become a cultural benchmark for social status and material accumulation. It is possible for a person to feel pressured to purchase the same luxury car or designer handbag as their friends or neighbors in order to “fit in”. This mode of thinking is very dangerous as it may cause many to live beyond his/her means.
What to do: First, remind yourself that you are blessed in so many ways! Tell yourself that you have the power to control your finances. Then, set your priorities. Next, make a budget, if you don’t already have one, and be diligent about tracking your spending. Do some comparing of budget apps and find one that appeals to you.
Remember we are only human, so, if you happen to mess up don’t fret about it and make a mental note to try not to repeat the same mistake.