No. The pressure to “keep up with the Jones’s” is real. We live in a society of consumerism. Many people struggle with the need to conform to their friends, neighbours, children’s friends and co-workers purchasing habits. The pressure can be to purchase the newest gadget, an annual trip, an HD big screen TV or simply the daily store-bought coffee as opposed to “home brewed”.
Many people do not have the discretionary income available to pay for these items with cash so they use credit.
You are not alone in feeling pressure to buy items you can’t afford. Try to prevent yourself from falling into this debt trap. If there is a particular item that you really want, figure out how much it will cost and how much you need to put aside every pay to be able to buy it with cash. Stick to your plan. By the time you have built up the funds you may decide you would rather hold off and continue building savings. If you refrain from purchasing on credit you will ultimately be ahead of the “Jones’s”.
Jean Goguen, CPA, CMA, CIRP, Licensed Insolvency Trustee
Licensed Insolvency Trustees
Fresh start…the road to financial freedom