Take a Break from Social Media

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“The Joneses are in debt…Make your lifestyle and purchasing decisions based on what you can afford, not what your peers are buying, and instead of coveting thy neighbor’s car, try to feel smug about your fat retirement account, your zero credit card balances, and the car you own free and clear.” Jean Chatzky

Taking a multi-week break from social media and not comparing yourself to others can be immensely beneficial to your wallet and for your financial anxiety and stress levels. People that on the surface appear to be doing very well for themselves and have all the trappings of success and everything society attributes too modern success to look like, such as the nice cars, big houses and luxury holidays when they have wanted.

Unfortunately for some of these people it has merely been a way of projecting a false success which is unsustainable. They’re living a lie and making you miserable at the same time with their false trappings of success.

“It’s possible that some of your financial stress could be a result of comparison syndrome”, says Choncé Maddox, founder of My Debt Epiphany. “If you’re struggling to pay your bills right now, you don’t need to be worried about trying to keep up with a brand new spring wardrobe or kitchen renovations that your friend is spending money on. If you struggle with this, take a little social media break to avoid unrealistic comparisons, and practice gratitude instead.”

“Make sure you make the most of your money,” says Howard Dvorkin, CPA & chairman of Debt.com. “Don’t buy stuff you don’t need.” Knowing where your money goes and actively tracking your spending habits might leave you surprised and bewildered how your money is actually spent or wasted. This week, start tracking your spending and expenses, and see what you might need to rein in a little bit or a lot.

“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, a famous American performer

Spending your money on material possessions might make you feel better in the short term, but it won’t make you happy in the long term or help you reach your future financial goals.  Buying new stuff might make you feel good, but that feeling has a way of fading quickly. However, having money in the bank for emergencies and savings for retirement offers a kind of security you can’t get anywhere else. Better yet, the feeling that comes with having savings and building long term wealth is not fleeting at all, but rather long-lasting.

New cars, shoes, vehicles, and boats you buy to impress your friends depreciate rapidly as well, which means you’re likely throwing money down the drain when you buy all this stuff as well.  Your savings and investments, on the other hand, will grow over time – giving you the type of financial security that will help you sleep at night.

The Truth About the Joneses

The Joneses are the envy of social media. They throw the best parties, drive the nicest cars, have big screen TVs in every room, sport the latest smartphones, and go on the most Instagram-worthy vacations. But the question is . . . how can they afford it?

“I had to come to terms with the fact that I was caught up in comparisons. I was chasing someone else’s life instead of enjoying my own. I was letting someone I had never met influence not only how I was going to spend my money, but how I was going to live my life.”  Rachel Cruze, Love Your Life Not Theirs

The truth is that the Joneses are broke and in debt. Remember—the grass isn’t always greener on the other side. Sure, it may look greener, but are you willing to go into thousands of dollars of debt each year for the nicest lawn in the neighborhood?

Here’s the thing: 78% of Americans are living paycheck to paycheck, according to a CareerBuilder Survey.  Furthermore, the study highlights:

  • Nearly one in 10 workers making $100,000+ live paycheck to paycheck
  • More than 1 in 4 workers do not set aside any savings each month
  • Nearly 3 in 4 workers say they are in debt today – more than half think they will always be
  • More than half of minimum wage workers say they have to work more than one job to make ends meet

Basically, that means almost 8 out of 10 people probably can’t afford the home they’re living in and the car they’re driving. They do not even have the cash to cover the next emergency that pops up.

You Have Nothing to Prove

Life is a journey, not a race. Those who collect the most material possessions don’t win a race or earn a prize. So, why does it feel like we need to compete?

Because every commercial on television, on social media, and the radio is aimed at parting us from our money. Every ad campaign was created to convince us that what we have is not enough, and that we need this item or that service — and that we’re depriving ourselves and our families if we don’t buy it.

Don’t believe the hype. You have nothing to prove, and you’ll be a lot better off if you ignore the commercials, social media narratives, your friends, and the hype, and do what is best for you.

When it comes to money, not caring what other people think can actually make you rich. Think how much more money you would have if you didn’t feel compelled to buy brand-name clothes, get the latest tech device, or if you had chosen your home based only on your family’s actual needs.

Now imagine how much more cash you would have if you quit worrying about how much money you look like you have, and focused that attention on what was in your bank and investment accounts ––if you took every ounce of energy you spent trying to look rich, and used it to become rich instead.

When you stop caring what other people think and focus your attention on improving your life in tangible ways instead of superficial ones and saving for the future, you might find that the stars align in your favor.

As Dave Ramsey likes to says “No one accidentally wins at anything. You have to pay a price to win, and you don’t win if you don’t pay a price. And the price of getting out from under those chains of debt might seem high now, but in the end, it’ll be well worth it.”

Instead of spending time on social media, you should always be looking for opportunities to improve your life, remembering that money won’t necessary make you happier, but could provide you choices that will make you happier.

Additionally, it’s important to be grateful of those things that you already have, which are probably those things that money can’t buy.

References:

  1. https://www.hermoney.com/connect/confessionals/7-ways-to-stop-money-stress-forever/
  2. https://www.thesimpledollar.com/save-money/stop-spending-money-to-impress-people/
  3. https://www.daveramsey.com/blog/tired-of-keeping-up-with-the-joneses/
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