These debts accumulate because western society convinces its inhabitants that without the latest gadgets life is too hard and stressful. Cars, televisions and mobile phones are a perfect example of this. The minute you buy a new car, a new one which is pitched as markedly superior is created. It doesn't take long for you to stop seeing the benefits of your new car and wishing you had the money to but the newer model.
What's really interesting is that no matter how much money you earn, you will tend to engage in the same behaviours in regards to spending and saving. If you are used to having credit card debt, you will simply purchase more expensive items when your salary increases and end up with a similar (or greater) debt. In theory you would assume that as your income increases, you stay living within your means and save this money or use it to pay off debts. But this rarely happens in reality. Most people become accustomed to a new income bracket and just increase their spending (or choose more expensive items) to match their pay.
You can imagine the stress that is caused by constantly living in debt and hence living well above your means. In the society we live in, it is not possible to escape the pressures placed on us to strive for the best lifestyle possible. We have created a society that places people into classes depending on income. For instance in order to have a good seat at the football, you need to buy a season seat. To sit in the front row at a show, you have to purchase VIP tickets. To arrive at your holiday destination feeling refreshed, you need to buy a first class ticket. To give your children a first class education, you have to pay very high fees for private tuition. Thus, if you cannot afford these luxuries you can feel as though you're missing out, which can result in your lowered self-esteem.
So how can you feel happier living within your means?
One of the best ways to get around this issue is to consciously think about what's most important to you and then to create a budget that makes debt reduction and savings a priority. One if the things we do know is that we find a way to live with what we have. You will only spend money on a credit card if you have one! Similarly, if you put aside an amount of money (of your choosing) for debts and saving and pretend you don't have this money, you will become accustomed to living without that extra money. The by-product of this action is that you will also begin to alter your attitude towards money as you begin to feel excited about what you could spend that savings on.
When you aspire to attain something that is outside of your means, make a detailed plan to achieve it. For instance, if you would like to renovate you home, but have not yet save the money, decide on how you will save or borrow this money - whilst living within your means. Also give yourself a realistic timeframe in which to achieve this goal. Then, whenever you see something that reminds you that you have not yet achieved your goal, focus on the process you have outlined to get you there. If you fail to engage in this last step, you'll place yourself in an emotionally vulnerable position, in which you are likely to feel desperate to change your sutuation and impatiently spend money you don't yet have (and hence place yourself under enormous pressure) in order to increase your mood.
Therefore the key to feeling happy whilst living within your means, is being patient and trusting that by following your processes, you will achieve your desires.
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