For a European the way Americans spend their money and deal with their finances is really weird. My (2!) credit cards have almost no incentives and I always pay back the negative balance each month. Balancing out a credit card debt with one of my other nine credit cards is not a thing here, which demands a more conscientious way of dealing with debt. Just don‘t spend money you don‘t have.
this post was submitted on 03 Oct 2023
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Almost our entire economy in the US is built around spending money you don't have. You can't finance a car, sign a lease, or buy a house without having extensive history of buying things with money you don't have. On top of all of that, we continually lean further and further away from actually owning anything and instead either renting or borrowing every necessity and commodity available. At that point, why bother spending money you do own on things you don't get to keep? Especially when you continually watch people who have significantly more money than you racking up debt and then getting it forgiven just for shiggles.
Every month there's a new "unprecedented" event. Wild fires, shootings, repeated attempts to strip our rights, opioid epidemic. There's a miriad of reasons to feel like long-term investments are an exercise in futility.
Also, when an especially bad flu season can financially ruin you due to Healthcare costs, why fucking bother?
Holy shit so much this
Why do they always attack the things that might bring a modicum of joy in an otherwise bleak world? Collectively we're depressed and mental health is not a priority in this country so we shop.
Not sure if someone had the intention to attack anyone but isn't it somehow part of the problem that people seek joy primarily by spending lots of money? Without ANY savings on the side, you'll be constantly on the short leash of big corporations and have little to no room to improve on mental health and stuff.
Not talking about people buying groceries and other daily use items obviously. But I doubt buying expensive electronics, fancy clothes etc. will make anyone happy but the shareholders of the manufacturers and the credit card companies.
I can’t speak for everyone but when I’m spending 40+ hours a week working a job I don’t like, another 10+ hours commuting to that job, and however much more time it takes to do things like clean and physically take care of myself the little dopamine hit I get from seeing something, thinking “I want that” and then being able to have it feels life changing for a moment. It’s one of the few places in my life where I feel like I can just make something good happen without having to struggle for it.
I’ve also found when I’m working less (or not at all) my “I want this right now” desires nearly completely go away. The behavior has been the same regardless of if I’ve had savings or not.
My view is that some savings allow you to take more risky decisions. E.g. if you know, you can survive the next 2 months without your current job, you'll be more confident to apply for a better one elsewhere with less commuting, more remote work, better benefits, more freetime etc.
Satisfaction from consumption to cope for a bad mood is almost never healthy. Being it drugs, binge eating or shopping. It leads to a short term release of dopamine that won't last long and that might be even follwed by regret.
Not saying one should never buy anything except the absolutely necessary. But "I feel bad, so I should buy me a treat" is not the way. Go outside for a walk, spend time with people, do some sports, get into arts, visit a public library... There are many hobbies you can do on a budget that will have a more lasting effect on your mental health. :)
No paywall: https://archive.ph/fkNeb
According to the article people spent on experience for fear that they will be unable to in the future. Which is a sad reason. People are ditching long-term savings to live it up now. Rather than save for a house, expensive vacation.