Why keeping up with the Jones’ could leave you broke?

Today's society places a lot of value on material possessions and many people feel they cannot achieve true happiness unless they have the latest gadgets. However, despite a mountain of the newest technology and a bulging wardrobe, some people continue to be tormented by others who seem to have more.

Having a houseful of expensive goods is no longer a sign of wealth as an increasing number of people are willing to get themselves into debt in order to keep up with the latest trends.

Even those with a low credit score and little personal funds are able to continue to accumulate belongings with the assistance of bad credit credit cards.

But while it can be fun to splash out every now and again, being caught in a spiral of debt just to keep up with the neighbors can be wearisome, let alone costly.

So how can it be possible to escape the inner desire to stay one step ahead of the Joneses?

Experts suggest taking a long hard look at the people you most envy. Appearances can be deceiving and while some people can appear to have everything, behind closed doors it can be a different matter. Those who always have the latest designer clothes, the flashiest autos and the most exotic vacations may be financing it all with borrowed money and maybe even a bad credit credit card.

Having the knowledge that in order to have the best possessions, it is necessary to sink into a pit of unmanageable debt can be very liberating.

The same neighbor that has the best of everything may not be particularly savvy when it comes to saving money and could end up spending their retirement scratching to make ends meet while you enjoy cruises away on your pension.

The recession has done Americans a backhanded favor in some ways by leveling the playing field so that nearly every household has to economize and make concessions, even if it isn't always obvious.

With the exposure that debt is getting on the news every day, people are becoming far more honest about having to pay for things with credit, even admitting to owning bad credit credit cards rather than continuing the facade of having deep pockets.

However, it is human to hanker after what we don't have and what we can see around us but there are tips that can help to put things into perspective.

Most people tend to look towards those who have more than them and compare themselves unfavorably. A good alternative to try is to compare yourself to where you used to be and to people who have less than you and you will see how much you have achieved.

It is also important that while making savings and not overspending a priority, that you let yourself have a little fun and splurge on something you really want sometimes. Feeling hard done-by and deprived will only make you feel disgruntled.

If all else fails, a simple but effective method to fall back on is to ask yourself, does it really matter?

Sometimes, acknowledging that, sure, your neighbor's new auto is great but really, in the long run do possessions really matter that much? Is the stress of having unmanageable debts worth a lump of metal sitting on the drive?

It may sound patronizing but there are some things that are more valuable than money, such as time with your family, health and peace of mind and anyone who has those things is rich in the way that matters the most.