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The American dream often includes the image of a shiny, new car parked in the driveway. However, the financial reality of achieving this dream can be a nightmare for many. This article aims to shed light on the often-overlooked dangers of car loans and the impact they can have on your financial health.
Whether you’re aware of it or not, at some point in life, you may fall victim to a phenomenon known as lifestyle creep. It’s a common financial trap that can catch you off guard without your knowledge.
Typically, this tends to occur as you progress in your professional career and your income increases. However, it’s important to note that not everyone experiences lifestyle creep, so it’s essential not to make sweeping generalizations assuming everyone has encountered this trap.
(photo: @timbatec)
Pay Yourself First
One of the oldest rules of personal finance is the simple admonition to pay yourself first. All the money books tell you to do it. All the personal finance blogs say it, too. Even your parents have given you the same advice.
But it’s hard. That money could be used someplace else. You could pay the phone bill, could pay down debt, could buy a new DVD player. You’ve tried once or twice in the past, but it’s so easy to forget. You don’t keep a budget, so when payday rolls around, the money just finds its way elsewhere.
