For many Connecticut families, managing debt is a top priority, and one that can change the course of family finances for the better. In some cases, it takes years of debt management efforts to reach a state of equilibrium, where paying down remaining debt is not only possible, but easy to work into the family's budget. For these households, looking for ways to reduce spending in the future is an important part of preserving financial stability.
One way to shift spending habits is to take a different approach to the accumulation of things, and re-evaluate the value that so many people place on tangible items versus experiences. There are quite a few sayings that underscore the impermanence of physical things. "You can't take it with you when you're gone" is a primary example. Those sayings are so common that most people don't stop to think about the true message behind the statement.
In reality, we can't take things with us when we are gone. In fact, another way of looking at possessions is that we are really just "borrowing" things during the time that we are here on earth and have ownership rights over our property. Things come and go; they wear out, become obsolete, are damaged or broken or lost. What we can take with us are the memories of spending time together and having experiences.
Viewed from this perspective, acquiring the newest gadgets or the latest clothing styles seems to look like a less appealing prospect, especially in terms of gift-giving. Perhaps a better way to show our love and appreciation is by spending time with loved ones. Time is truly an asset that is beyond value, because it is limited for each and every person. By focusing on making memories and strengthening relationships, Connecticut families can not only enjoy each other's company, but can also reduce household spending and enhance their debt management efforts.
Source: Forbes, "Five Life-Giving Truths About Living Simply And Saving Money", Joshua Becker, July 11, 2017