Qvisory - Tools for Life Blog - Keep Up With Yourself Rather than the Joneses

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Keep Up With Yourself Rather than the Joneses

Jason Simon

Posted Jul. 11, 2008
Tagged: Money, MoneyTips

Keeping up with the Joneses is a popular catchphrase, and failing to keep up with them is perceived as demonstrating socio-economic or cultural inferiority. Nevertheless, times have changed, and trying to keep up with whoever those Joneses are is kind of like buying a gas guzzling SUV, not wearing a bike helmet, or throwing recyclables into the trash. People who still try to “keep up” are a little behind. Being frugal and being more conscientious about your finances is an emerging trend, especially as the economy sputters along. Here are some tips to help you focus on yourself and your finances rather than the Joneses of yesterday:

Cut back on small pleasures. Don't expect to replicate the lifestyle of your parents who have worked for years. Read how a family of seven is able to live on $35,000 a year after taxes, and read What I do to Live Frugally from Grad Money Matters for even more tips.

Use debt sparingly. Try not to borrow more than you can repay.

Repay debt. Start paying down your credit card debt by paying more than your monthly minimum payment.

Know your credit score. Once you borrow money from a lender that reports to the major credit bureaus - Experian, Equifax, and TransUnion - you will have a credit report. Monitor your score!

Start an emergency fund. Start saving immediately even if the amounts are small, and consider setting up an automatic transfer online so that money from checking goes directly to your savings account.

Take the match. Many companies let you contribute part of your salary to a 401(k) or 403(b) plan, and government employers offer 457 plans. If your employer will match your contribution, take advantage of it!

Invest for the long term. If you have extra money, contribute to an individual retirement account (IRA).

Be skeptical. Be critical of anything a salesperson tells you. Read the contract and fine print.

Select your job wisely. Income is important, but so are benefits, especially healthcare and retirement. And don’t forget about job satisfaction and advancement opportunities!

My name is Jason Simon and I am your Qvisory Money Content Manager.

Money matters to me as much as it probably matters to you. I know what it’s like to feel anxious, confused, and angry while trying to figure out how much to spend on rent, where to find a job, or which credit card to use. These are the types of decisions we all must face.

I strongly believe that Qvisory is opening a space to discuss these issues, learn from each other, and creatively advocate for money, work, and health issues that affect our daily life.

I have worked for a number of nonprofits in the field of intergenerational relations and dispute resolution. I graduated from George Mason University with an M.S. in Conflict Analysis & Resolution and the University of California, Santa Cruz with a B.A. in Sociology and Community Studies. See Jason Simon's other posts and profile.

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