I talked about this article with someone who handles loan applications for the likes of Ford Rangers. It is not uncommon for people who are already in debt to borrow another $30,000 to $60,000.
For what? To look the part? No one needs a new Tesla, and many double-cab ute buyers don’t need them for work. Even then, a modest second-hand ute would do the job if they do.
While the flash wheels and fake wealth of buying a Tesla on hock might grab headlines, it’s the smaller, habitual spending that really kills your chances of getting ahead.
When banks assess mortgage applications they see everything. Not just income, but where every dollar goes. They see the OnlyFans subscriptions, the vape shops, the TAB bets, the late-night Uber Eats, and the buy now, pay later splurges on Temu or Shein.
They see the tap-and-go coffees, meal kits, bar tabs, the weekend getaways booked on credit, the $300-a-month “self-care” routines, nails, lashes and supplements, and the in-app game purchases.
None of these is bad individually, if they’re budgeted for and there is money for food and other essentials.
Give yourself a “guilty pleasures”, “pamper pot” or “takeaway treats” category in the budget and look forward to spending that money, then waiting until the next week or month’s chunk drops.
Spending gratuitously becomes something to look forward to, not do every day.
If you hear yourself talking about the “cost of living crisis” but your bank statements show these and more, then it’s time for a rethink.
Some easy first steps include removing some or all of these:
• Streaming creep: Netflix, Disney+, Spotify, Amazon Prime, Neon and so on. When was the last time you added them all up?
• App-store leakage: $5 here, $10 there for mobile games, “premium” features, or productivity tools you barely use.
• Temu and TikTok temptations: those “just for fun” impulse buys, the LED lights, novelty gadgets and cheap clothes add up faster than you think. Download a year’s bank statements and add them up.
• Uber Eats and DoorDash: convenience costs. A single $40 meal delivery once a week adds up to over $2000 a year.
• Actual Uber rides, or paid e-scooter trips. They’re expensive. Consider public transport or walking.
A special note on buy now, pay later. The popular form of debt makes it easy to believe you can “afford” something because the payments are smaller and spread out.
Almost everything you can purchase this way isn’t essential. Even worse, when you have multiple purchases running at once, they eat away at your financial future.
If you need a 2026 reset, consider some of these additional tricks to cut the s*** you buy:
• Set a 24-hour rule before any online purchases, including UberEats.
• Keep your fun money, or any of those categories above, in a separate account with no overdraft.
• Have a no-spend weekend, or week, once a month.
Financial success is partly about learning to stop. Stop scrolling, stop buying, stop convincing yourself that you “deserve” it right now or “need” it. Because that s*** you buy, is often the reason you’re still stuck.
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