Pinch Like You Mean It! 101 Ways to Spend Less Money Now by Dr. Penny Pincher - HTML preview

Tip 96: Stay off the hamster wheel

I sometimes feel like my family and friends are in a different socioeconomic group than myself.  It seems like everyone around me has newer, nicer clothes and fancier technology and stuff.  Maybe I should buy new stuff so I can be more like everyone else...  That is the kind of thinking that can get you on the hamster wheel of debt.

There will always be a newer, blingier cell phone that you don’t have.  Someone will always have a newer car or newer clothes than you.  As soon as you buy something and take it home, it is no longer new.  I try to focus on functionality instead of having new things.  Do I have a car that runs and is reliable?  If so, what more do I need from a car?  Do I have a cell phone that works so I can stay in touch with my family?  If so, what else do I need?  Do I have clothes that allow me to go out in public without embarrassment?  Well, maybe...  My kids are pretty embarrassed by my old clothes, but I think they would be even more embarrassed if I tried to wear the latest clothing styles.  The shirt I am wearing now is at least 10 years old.  I bought the jeans I am wearing at K-mart in 2009 for $8.  I would be more embarrassed to wear expensive clothes- I would rather have money to take care of my family than spend it buying expensive clothes for myself.

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