How to Handle Money Envy
What it might look like: Just like the iPhones I saw everywhere when my phone still flipped, it’s easy to be envious of the coworker who’s constantly whipping out the latest and greatest gadget. Or your friend or neighbor with the bigger-screen TV.
What to remind yourself: A new and expensive gadget provides all sort of opportunities: the opportunity to break it, lose it or have it stolen at a bar, which means the additional cost of having to insure it.
Is your need to have the latest and greatest gizmos really about the technology itself, or is there something bigger at play? “You don’t want to assign feelings to a material object—if you form an attachment, there’s a problem,” cautions Krakower. If you want that tablet because you’re psyched about the technology and it will be the perfect thing to bring on your travels—fine. If you want it because everyone else wants it, you may need to take a step back.
Plus, thanks to phone upgrades and promotions, you could soon be the one with the shiniest gadget. “In two years, when it’s time to trade up,” says Lasky, “you’ll have the newest gizmo for six months … until a newer one comes out.”