The Bad Economy Can Make Budgeting Easier
Up until very recently it seemed like everyone was playing the game of “keeping up with the Joneses.”
People bought far bigger houses than they needed to. People bought houses when they had no money for down payments. People who wanted to live a more affluent lifestyle than they could afford just borrowed against their home equity. What the heck, home values only go up, right?
Then the housing market crashed and took the rest of the economy down with it.
The good news? There is no longer the same intense pressure to keep up with the Joneses. In fact, being frugal is now in. Coupon clipping websites are seeing record traffic. High end stores are suffering.
Of course, it shouldn’t matter what other people think and it shouldn’t affect your lifestyle and spending – but it almost always does. A couple of years ago people who didn’t have a McMansion and a new gas guzzling SUV were looked on with pity.
Now they’re looked on with envy.