“Too many people spend money they haven’t earned…to buy things they don’t want…to impress people they don’t like.” – Will Rogers
Have you heard this one before? Will Rogers definitely hit the nail on the head in terms of budgeting. I mean, where do we draw the line between what we want and what we need? When budgeting, we should ask ourselves if we really want something or if we are buying it to impress someone else. If that is the case, it is better left on the shelf.
It doesn’t help that 8 out of 10 of Americans are in debt (source CNBC.com). Money management has been left behind as we view commercials showcasing the “cool” guy in the car with a bunch of hot girls, the best hair, best clothes, and the best life! He is living “the good life” we all want, right? It is because of advertisements such as these that most people feel what they have is never enough and going into debt for “the good life” is as easy as a stroll in the park.
Yes, my friends…Advertising is at an all-time high. You may not realize you want that new lamp until you see a perfectly placed store display at Target and the lamp starts calling your name. After watching one cartoon, my kids now want three different toys they didn’t even know existed until the said cartoon was complete.
It seems the latest and greatest has replaced any concern for sticking to a budget. Credit cards are the norm and people spend on a whim without realizing the full consequences. These consequences of spending without a budget include the following:
- Huge debt
- Paying interest
- Paying more for items because of interest
- Losing your car
- Losing your house
- Unneeded stress and anxiety
- Debt collectors