Major truths that you must face regarding your lifestyle and fashion habits
If you are one of those people who absolutely love fashion and lifestyle magazines, you are either dreaming of living that way some day or currently trying to keep up with current fashion trends and lifestyle. There is nothing inherently wrong with wanting to be fashionable and trendy or with living a particular lifestyle. However, you need to ensure that you are within your financial limits. Going over your personal financial limits can put in you debt.
Consumer debt is the kind of debt that you rack up on your credit cards purchasing things that do not increase in value. Granted, they make you feel great right now, but in the future, as you pay off the debt, it may not feel so good. There are certain truths that you must face regarding your lifestyle and fashion habits:
- Going shopping or visiting the most popular haunt may feel good for the moment, but it won’t really make you happy in the long-term. Psychologists refer to this as hedonic adaptation- feeling euphoric about something when we are doing it and then drifting back to the baseline level of our existence.
- You may be into fashion because you like buying new stuff, looking hot in it, taking selfies and living a particular lifestyle, but this can be very dangerous. At the end of the month, your financial situation will let you know that it is an illusion.
- If you are always keen on wearing the latest fashion items and living a particular lifestyle that is above your means, you could easily end up in major debt. You don’t want to be spending money that you really don’t have on items that you really don’t need.
- You can’t sustain this type of lifestyle. If you continue making purchases from money you don’t have, it is only a matter of time before your credit card debt is so high that you can no longer sustain your lifestyle. The only thing left is to look for some debt relief as you work to get your finances in order.
The place to begin is to take responsibility for your debts and the fact that you spent money imprudently in the past. Is this to say that you can no longer wear fashionable clothes or live the lifestyle you have always dreamed of? Not at all! Once your finances are under control, you can then begin spending money responsibly. If you have a particular item that you are interested in purchasing, it may be a good idea to save for it first instead of impulse buying or going into debt for it.
If you are living paycheck to paycheck because of your high level of debt, it may be a good idea to speak to a professional about how you can reduce and eventually eliminate your debt. Some of the solutions that may be available to you may include debt consolidation, credit counseling, debt settlement, a debt management plan and if all else fails, you may have to file for bankruptcy.
Mike Richard is a professional financial consultant. He believes, if you have gone into debt by spending your money on fashion and lifestyle choices that are out of your reach, you can find debt relief by facing your debt head-on and getting some professional help.