Feb 8, 2017
Pattie's financial tip of the day: Stop trying to keep up with the Joneses
I once joked about buying a pair of Prada shoes back in 2008 – which truthfully I did. They cost a small fortune and yet it is now 2017 and almost a decade later I’m still wearing them. If I ever took the time to break it down, the shoes have more than paid for themselves several times over. Sure in the interest of full disclosure they have been resoled more than once.
My mantra now – buy quality, ignore the trendy and think through the purchases, recognizing that just because you can, doesn’t mean you should. In today’s environment, we’ve become consumption-mad and constantly try to keep up with the Joneses who by now we’ve all determined are broke. Do not confuse a decent salary with a solid financial foundation.
Tips to take control of your purchases:
- Reach out for help, ask lots of questions and diversify your information resources. No one person has all the answers.
- Be realistic and recognize the only money you have to spend is the money you keep in your pocket. Always think in after tax dollars.
- You only have so much discretionary income so look to get the biggest bang for your buck. Spend your money where it gives you the greatest pleasure.
- Don’t try to keep up with the Jones - they are broke.
- Money isn't a taboo subject, talk about your investments, strategies and even your money fears.
CTV's Chief Financial Commentator Pattie Lovett-Reid offers a financial tip of the day during the month of February for Your Money Month.
