Photo by E Mens
There’s nothing quite like the feeling of seeing your neighbor drive up in their beautiful new car or hearing about their fabulous planned vacation.
It can make you forget about every other plan or goal you’ve made for yourself. Keeping up with the Joneses can eat away at your financial dreams.
“Keeping up with the Joneses” means to try to own all the same things as people you know in order to seem as good as them.
But when you’re making purchases that have no value beyond impressing others, you’re shortchanging your future.
For starters, it takes away your joy in life.
Nothing is ever quite good enough anymore. There’s always a nicer, newer something that’s siphoning off your money. Houses, cars, electronics. The list is endless.
And none of it makes you happy because it’s a continuous cycle.
Financially, it’s a catastrophe. Trying to keep up with those around you who appear to have it all is devastating financial accounts all over the country.
Many times, those others you are trying to keep up with are in crippling debt themselves. It’s all a house of cards.
Taking a good, hard look at previous expenditures is a key way to determine if you’ve fallen into spending based on others vs. your own plan.
As you look at those expenditures, ask yourself if you’d buy them if you had the opportunity to do it over.
Keep a list of purchases you regret and review regularly as a reality check on where you’re putting your money.
Next time you’re about to make a big purchase, especially one that will put you into debt, take some time to examine your motives.
Ask yourself if you truly want or need to buy that expensive item that will be replaced in a few years, or do you want to retire early?
If your real goal is financial freedom, keeping up with the Joneses is not the way to achieve it.