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Thursday October 30, 2008

All flash and no cash

LONDON LOG
By CHOI TUCK WO


Many Britons are changing their lifestyles following the recent economic fallout.

THE “spend now, worry later” culture seems to have taken a back seat as the credit crunch bites deeper into the pockets of Britons.

With the economic fallout affecting almost everyone, many are changing their lifestyles as they struggle to cope with leaner times ahead. Gone are the days when the people would not think twice about flashing their credit cards to pay for expensive clothes, jewellery or handbags.

Caught up in the spending trap, the “buy now, pay later” generation has left Britain racking up crippling credit card debts of over £60bil (RM390bil) last year. Many have landed in trouble as they spent beyond their means. Some juggle five or more credit cards, owing money on all of them.

Then again, times have changed; the days of affluence and wasteful spending are finally over, no thanks to the economic squeeze.

Middle-income families have, for instance, turned to buying cheaper supermarket products while office workers are said to be bringing packed lunches to work.

Switching gas and electricity suppliers as well as mobile phone or broadband providers to get the lowest possible tariff are common these days.

Curious, isn’t it? But in Britain, loyalty never really pays. You’ve to avoid being tied down with long contracts and keep hunting for the best deals.

The habitual savers are also making every penny work harder; they are scouring the Web for the best fixed-term accounts for their hard-earned money.

Even the financially savvy are not spared. Most are now back on planet Earth as they settle for high street handbags, clothes and shoes instead of designer labels.

Yet there are also those who still aspire to have a taste of the high life even during these times of rising food, energy and mortgage bills.

They don’t mind renting a luxury lifestyle – designer handbags, diamond jewellery, classic cars etc – which they would otherwise ill-afford. So, whether it’s for a hot date or a slice of David Beckham, they would simply fork out as little as £10 (RM65) to hire a Louis Vuitton handbag or Blue Bangle jewellery for the weekend.

Well, renting a designer handbag or a couture evening gown for a night out is one thing. But hiring a lawnmower for £18 (RM117) a day really takes the cake.

It’s sad there are still people who obviously enjoy kidding themselves by renting exotic products just to live a celebrity lifestyle for a week or even a day.

True, they may get to experience the lavish lifestyles of the rich and famous without paying a fortune but at what price? It may not be worth living the shallowness of such a life.

Once back to reality, they’ll probably realise there are more important things in life than having the latest handbag or the most expensive jewellery for a weekend. It’s all pretence anyway – all flash and no cash.

The important rule is always to be happy with what you have. And never pretend to be someone you’re not. What’s more, one valuable lesson from the crisis is that we should plan for the things we need, not what we want.

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