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A New Spin on “Keeping up with the Joneses”

I recently read this story in the Globe and Mail about a young man in Ottawa that managed to save $32,000 by the age of 26 after being in debt by $18,000 when he graduated.
As a fellow member of the Millenials or Generation Y group—those of us born during between 1980 to 2000—I have seen evidence that the people of Generation Y want what everyone else has and feel they’re entitled to it. By trying to keep up with the Joneses, the cycle of spending never seems to slow down.
But, if we want to have sustainable livelihoods and be able to save for the future, we need to start looking at our spending habits in a new way.
Instead of competing with friends and neighbours for who has the newest technology, biggest house or shiniest vehicle, a great sustainable way to look at keeping up with the Joneses could be to take pride in how much you can save. Robert Nettleton, the young man from Ottawa I mentioned before, has managed to save at least $600 a month. He could be the new Jones to keep up with. Now that is something to strive for!
This isn’t to say that you should make unrealistic savings expectations either. Look at your budget and simply save what you can each month. Every person’s budget is different and any amount counts!
Let’s talk about it! What changes could you make to your lifestyle so you can save more money?

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