Keeping up with the joneses

I was listening to the radio on my way home from work the other day to a show on Wisconsin Public Radio. Because I was listening in mid-program, I did not have the benefit of hearing the introduction to the topic nor the guest so I half-listened.  Soon, a comment by the guest and subsequent discussion pulled me in.  The comment: social media has an impact on our spending habits.
 
The guest discussed that we all see social media posts about the vacation our friend just took or are currently on, the new car he or she just picked up, or the morning cup of coffee from Starbucks….  These posts come from a minority of individuals who have the ability to impact the thoughts and feelings of the majority.  As the show continued, the guest explained that what we don’t see are posts representing the flip side.  The boring ones.  The ones from the majority.  The ones showing folks who are enjoying a stay-cation to save some money, or ones showing people who are enjoying an equally good cup of coffee made at home that only cost a dime…. All of this made me contemplate the impact that social media has on our financial well-being… 
 
I admit, social media has impacted both my thoughts and my spending habits.  However, I have been able to develop a healthy perspective since my financial well-being is important to me.  The vacation pictures are great, but to me the amount of money spent on a similar vacation not taken with correlating money resting in my bank account is much more important.  I also enjoy a morning cup of brew from Starbucks, but you know what?  The morning cup from my inexpensive and environmentally friendly stainless-steel percolator pot tastes WAY BETTER!
 
Here is a list of tips that have helped me change my consumerism habits over the past few years – maybe a few can help you too.

• Before a purchase, ask yourself if it is a need or a want.  
• When making a purchase, place more emphasis on items that can serve multi functions.
• Do your research on an item.  You may find that those who have already purchased it have buyer’s remorse.
• Put the actual purchase on the back burner for a week, chances are you might forget about it or realize that you really didn’t need it.
• Look at less expensive alternatives.
• Take inventory on what you already own – you may have something similar already.
• Adopt a no-clutter lifestyle and start eliminating unnecessary items rather than add to them.
• Set up a payroll deduct savings account for unanticipated purchases.

 
The road to financial well-being is not easy and sometimes life will get in the way.  If you start adopting savvy habits now, you will be better able to handle the curve balls life throws at you.
 
And, finally, remember - things are not always as they seem.  Maybe…just maybe…the Jones’ are looking at you in envy…