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Financial Planning Lessons from Reality TV

MC900438784-150x150Five Smart Money Lessons from Reality TV” offers advice from a TV category you might not think to turn to for financial planning wisdom.

Shop Smarter: Wardrobe makeover shows advise the people they assist to buy quality pieces that they can use in multiple ways instead of cheaper, trendy pieces that are not as well made. Often you will hear a style expert suggest making an investment in well-made wardrobe basics because you can then get trendy accessories to pair with classic garments instead of spending good money on things that will quickly go out of style.

The article also cites “Extreme Couponing” as an example to follow, noting, “While radical [it]…demonstrates how you can save money by planning ahead.” You may not want to go to recycling centers to find newspapers and clip thousands of multiples of the same coupon but you can certainly be more strategic about shopping.

Be Realistic: On shows like “The Biggest Loser,” viewers see the trials and triumphs of someone who wants to lose a lot of weight. If you are trying to reduce debt and control spending, you may find that this too is quite challenging. Contestants on weight loss shows are often working against the habits they’ve built over a lifetime and “Just as losing weight is a constant struggle, you can actually expect to lapse into your old spending habits occasionally.” The key is to keep at it and seek out the support you need.

Bargain: Many of us think of a bargain as something you buy but bargain is also a verb—you can negotiate the price of goods and services, and viewers of “Pawn Stars” get a tutorial on price negotiation when they watch the show. We are accustomed to paying the set price but you can try to negotiate for a better deal and make more of your resources.

If you are looking for support in your journey towards financial wellbeing, a Fee-Only financial planner can help you stay realistic and cheer you on as your stick to your goals. Getting this kind of expert help is a great investment in your financial future.