Come on, I’m sure we could all cull a few frappucinos from our budget and dine out less, but I doubt that those frivolities are what is breaking the bank for the middle class.
Looking at my own budget, even I did cut out what I would call “luxuries” from my life, I wouldn’t be saving a siginicant enough amount of money to make it worth cutting out in the first place.
A lot of older people I talk to about the financial situation of young people today give me the same stock answer: “Well, you just have to not buy designer clothes, live a simple life, not use your credit cards, and you’d have a lot more money.” And while that is true for some people, I really don’t think it applies to most. I don’t think the older generations realize that what has increased isn’t luxury spending, it’s cost of basic living. If the rent on my quite modest 2 bd apt wasn’t so ridiculously high, I’d have a lot more money to put towards savings.
