Trust me, I know it gets tempting and one at some point of life, we have all been guilty of it. Let’s face it, social media, society and your own social circle doesn’t make it any better. At some point we have all played victim to trying to “Keep Up with the Joneses”. No one wants to appear to be the poor person in the group or it is always that one person that stunts to keep from looking like the poor person in the group. 😩
Keep up with the Joneses is also known as “Financial Peer Pressure” “Financial peer pressure is a real problem that can affect people of all ages. According to a study conducted by the American Institute of CPAs, about “78% of young adults look at the financial habits of their friends to determine their own habits.” Another 66% admitted that they strived to keep up with their peers in terms of living conditions, and two-thirds of consumers feel some level of financial peer pressure.” -Wisebread.com
Everything has a price right? It is said that financial peer pressure can lead to stress, bad credit, high and uncalled for debt, impulsive shopping, and depression. Consumers spend billions of dollars a year purchasing new items due the influence of peers.
Here are a few tips on how to put an end to the “Keeping up the Joneses” Syndrome.
1. Don’t compare yourself to others.
2. Learn to value yourself and not possessions.
3. Don’t spend what you don’t have.
4. Don’t be fooled by social media.
5. Don’t be ashamed of your financial limitations.
Can you think of more tips? Comment below: