How many of us tend to live outside our means from time to time? Most of us do. It’s easy to just put a large purchase on your credit card, telling yourself you’ll pay it off later, and then putting it out of your mind. There’s a lot of pressure from those around you to live a certain way, or at the very least, to appear to be living a certain way. Social media doesn’t help with this pressure. You see so many other people going out and living luxurious lives, and it feels like there isn’t really much of a consequence to live this way, and just pay for it later. But is that trip to the Maldives worth it?
Bankruptcy is a slippery slope
You are probably saying that you would never let your debt get so out of hand that you had to file for bankruptcy. But don’t you think we’ve heard that before? Most people find themselves in a tough financial spot, and realize they’ve allowed themselves to get to this place, and are now tens of thousands of dollars in debt and have no way of getting themselves out. It starts small. During this summer season, we all want to spend some time on a coveted vacation. And doesn’t a vacation sound nicest when you aren’t worrying about the amount of money that you are spending? While this is true, taking a cavalier approach to your vacation may not be a good idea.
Be realistic with your financial situation
To keep yourself out of a sticky situation you will really regret later on, you need to be realistic with yourself. If you can’t afford a summer vacation this summer, then you simply cannot afford a summer vacation this year. It isn’t worth going into debt, dipping into your retirement, and all of the stress you will experience over the coming months. Maybe instead, plan a fun weekend outing in a neighboring city, or plan a roadtrip to visit a relative. You can find a way to get out of the house without going broke. Take this as an opportunity to force yourself to get out of debt and save up for a killer summer vacation next year.