Keeping Up with the Heathers March 19, 2013My MoneyOff

In a study by the University of Hertfordshire, 52 percent of women surveyed admitted to going on shopping sprees and spending more than they should to impress others.

Pressure to look and dress like celebrities and the “you deserve it” mentality has lots of women spending $500 of non-disposable income on handbags, only to find themselves swimming in a pool of credit card debt.

“As we make more money, we get used to spending it,” says Elle Kaplan, CEO and founding partner of Lexion Capital Management, LLC. “We grow gradually accustomed to increasing standards of living, and we run the risk of taking luxuries for granted and feeling entitled to them.”

Men are extremely prideful, but so are women. We want to appear to have it all together and would rather fake it than be honest with ourselves and our friends.

“[When that happens], we create an artificial barrier between our friends and family,” Paula Langguth Ryan, author of Bounce Back from Bankruptcy tells PINK..

“If you’re not willing to discuss these hard, real topics with them, then you’re not actually being real with them. They don’t know you.”

What’s a girl to do?

“You have to strike a balance,” suggests Kaplan. “Budget 30 percent of your paycheck for ‘wants’ and other fun spending, and be selective about the discretionary purchases and outings you make.”

Relish in self-control as much as a new pair of red bottoms and your bank account and stress levels will thank you later.

Bonus PINK Link: Loving all the money you’re saving? Learn how to have beauty on a budget.

Is your social circle the source of your debt?

By Kelsey Cruz

Kelsey is a freelance writer at Little PINK Book. Follow her on Twitter @kelsey_cruz or visit her blog Caramel City.

“Before you try to keep up with the Joneses, be sure they’re not trying to keep up with you.” Erma Bombeck

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