Don’t Make These Reality Show Debt BlundersJul 29, 2015
Canadians love reality TV. Unfortunately, it might just be leading them to encounter money and debt problems. Over the past decade the number of reality television programs has increased from 4 to over 300. However, the ‘reality’ portrayed on these various programs, especially where finances are concerned, is not quite the reality that we experience in our day to day lives. Here are four reality show debt blunders that you should avoid in real life in order to stay financially on track:
1.) Thinking that bigger is always better
Whether it’s a lavish birthday celebration or an extravagant wedding ceremony, the idea that bigger is always better seems to permeate the reality TV world. In reality, ‘bigger’ often leads to bigger debt. If you find yourself influenced by this ‘bigger is better’ mentality, remember your financial goals and your family’s financial plan. Bigger isn’t always better, particularly if the end result is spending more than you had planned, accumulating more debt and adding to your financial stress.
2.) Breaking the budget
Breaking the budget, overspending and racking up debt seems to also be a common theme in many popular reality television programs. Breaking the budget in real life, however, doesn’t work out quite as well. Your family’s budget should be thought of as a financial roadmap. By failing to follow this map, you’ll end up off course and in financial trouble.
If you find that you continually spend more than your budget allows, it may be a good idea to seek the advice of a credit counsellor or London Bankruptcy Trustee who can provide budgeting advice, as well as information about debt options such as debt consolidation in London in order to help you deal with the debt that you may have accumulated as a result.
3.) Keeping up with the Joneses
Whether it’s a competition to see who can hold the most extravagant wedding or who can complete the most amazing renovation, keeping up with the Joneses is another debt blunder all too common on reality television. This pressure to keep up can influence spending habits in real life, causing many to feel the pressure to conform and spend more money than they had intended to do so in order to ‘keep up’.
4.) Ignoring your debt
On most reality television programs, debt either doesn’t exist or is simply ignored without any financial consequences. In reality, ignoring and failing to manage your debt can lead to some pretty big financial woes and even potential bankruptcy if it begins to spiral out of control.
If you’ve been ignoring your debt, it’s time to take back control. Start by investigating debt relief in London and make an appointment with a London Bankruptcy Trustee who can provide you with information about a variety of debt options including debt consolidation, filing a consumer proposal or, as a last resort, personal bankruptcy.
Avoiding these reality show financial blunders will help you to avoid encountering money and debt problems in real life. Share your tips for avoiding reality show debt with BDO London using the hashtag #RealityShowDebt.