Consumer Debt is at Record Highs:

In the fourth quarter of this year, consumer debt, excluding mortgages and other home loans, rose 5.5% from a year earlier to $3.82 trillion. (via WSJ)

That is the highest amount since the Federal Reserve Bank of New York began tracking the data in 1999. Moreover, consumers’ non-housing debts accounted for just over 29% of their overall debt load, also the highest amount on record

Each person is responsible for their own choices.  But, it’s hard to imagine that this current debt binge will end well.

 

 

 

• *Disclosure: My aim is to recommend products that will truly benefit you.    I believe in transparency and want to disclose that I’ve included certain products and links to those products on this page that I will earn an affiliate commission for any purchases you make.

 

I chose to become debt free and make changes to my lifestyle.  One of the things I did was to look at all of my purchases and analyze which products and services really added value to my life.  And paying more for a designer label really started to feel like a large waste of money.

Confession time:  Until last month I had never purchased any fitness clothing other than Lululemon, Nike, Adidas, or Under Armour.

 

I’ve always liked expensive brands like Ralph Lauren.  I make no secret about that.  Now that I am on a journey to early retirement, I try to evaluate which products are truly adding value to my life.

If a product is worth a premium price, then great.  But if not, I will switch to a more economical competitor.  It’s my money.  I want to use it in a way that adds value to my life.

By reviewing my purchases from last year, I know that so many of the products and services I was using didn’t add value.  That extra savings helped me pay off my car and become debt free.

It is about taking control of my money.

 

I use Ebates and they give me cash back for nearly all of my purchases.  Ebates gets a commission from stores you shop at and they share the commission with you.  Average cash back is about 7%, which is great.  Right now, they are offering a Free $10 Gift Card when you join and spend $25.  More about Ebates Here.

 

 

 

 

Frugal Tip:  Now I’m exclusively watching Amazon Deals for most of my new gym wear.  For example, last  month, I found a pair of Champion sweatpants for $14.   Amazon offers some great deals on less expensive workout clothes.  They have exercise clothes, workout gear, fitness equipment, and active wear.   At great prices.

So, I went for it.  And they’re better than the Nike and Adidas workout clothes I usually buy.  They fit better and are more comfortable.  And yes, I like that they saved me about $20-$25.  Yeah, I like that a lot.

Life goes on if you’re not in the most overpriced workout clothes (lululemon yoga pants)!

 

 

 

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I know some single people are thinking, yeah but I need to look good, because I’m single.  And to that I say, you might actually look better in other styles and brands of active wear and fitness clothing.

Again, if you’re getting value from a purchase, then that’s fine to pay a premium.  But, if you’re not, then definitely consider switching.

 

 

Are we getting what we pay for?

My dad used to always joke that every polo shirt is made in the same factory.  And for the Ralph Lauren shirt they put the polo player on it and charge $70, while the other polo shirts have no polo player and sells for $25.

There’s a lot of truth to that.

Luxury does not always equate to quality.  It used to.  But not always these days.  And certainly not in all things.   More on fashion and debt. 

 

Less expensive gyms:

I switched to a less expensive gym about a year ago.  I’m saving a lot of money and I haven’t noticed much of a change.  Working out is important and I know some finance blogs suggest cutting it out altogether.  I think that is a decision that is up to you.  For me, working out is important to keep me healthy both mentally and physically.  I get value from my gym membership.

I do suggest looking for gym deals and comparing gym membership prices.  And negotiating a better deal.

What I’ve learned is that You don’t need expensive yoga pants or an expensive health club membership to feel good about yourself.  It usually comes from inside.

 

Have you switched brands since you started paying more attention to your finances? 

Share in the comments.

 

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