You hear of so many people that either have to or decided to go back to only living with the basics of life. That means no fancy foods or eating out, no loans or credit cards, no fancy big gas guzzling car, no designer clothes, and cutting back on cable and electronics.
Yet cell phones have replaced many laptop and desk top computers and eating out or not might not be a choice for a single person who cannot afford to stock up on food for the freezer. Basics are different for each family and situation. For example child care might not be a choice but a necessity for some families while others can't afford it at all and have to find alternatives. Something simple as a diamond engagement ring, a once in a lifetime item will have to wait for some while others would get a loan for it. Their choices are what they must feel comfortable with.
While I applaud those who can make cutbacks and do without due to lack of funds, I do not like people who are constantly preaching about paying off your loans and credit cards when they themselves do not have any money worries. Yes I am talking about millionaire financial gurus like Susie Orman. While on the surface their advice sounds good but in practice it falls flat on its face.
Bottom line, do what is comfortable for you to do with your lifestyle and money funds.
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