Good Lifestyle

The middle class can shrink, but it still represents the larger financial tranche in America. In fact, half of the population is considered an middle class, which makes between two thirds and double the median income of American households. Although everyone's experiences and finances are unique, certain common trends are considered typical of this support.

“The families of the middle class tend to own their own house (although with a mortgage), have a car (although with a loan or a lease), send their children to college (although with student loans or scholarships), Economy for retirement , and have enough disposable savings to offer some luxuries like eating outside and vacation, "said Investopedia.

Of course, all purchases are not necessarily good investments - and for anyone in the middle class who assesses the ascending mobility, it is important to make careful financial decisions. This is why we have consulted financial experts to find out what eight things you should stop buying if you are middle class.

In relation: 10 things you should stop buying your retirement, finance experts say .

For many people, there is nothing more symbolic of the American dream than ownership . However, several of the experts we have spoken of warned against the purchase of more houses that you can not allow it realistically.

"Although ownership of ownership is an important financial objective, individuals in the middle class should be careful about the overexxion to outdo themselves to buy a house beyond their means," explains Artem Minaev , main investment advisor and co-founder of Cryptodosis . "Excessive expenses in a house can cause financial stress and limit the ability to invest in other assets. A more affordable house can offer financial flexibility for savings and investments."

When it comes to buying a car, individuals in the middle class should balance their needs and desires with more practical considerations. Don't forget - just because you can Get a loan for a more expensive car does not mean you should.

"These luxury cars can look great, but they are a great success on your wallet," said Rob Whaley , a finance specialist with Horizon financing group . "They quickly lose value, and you are better with reliable wheels that will not break the bank."

Jonathan Merry , an expert in personal finance with Moneyzine , said that instead of driving a new car off the batch, you better buy a high quality used car that is about three years old. "At this age, the first owner faced the greatest drop in prices or in bulk for damping, allowing you to save money," he said Better life.

In relation: 24 smart purchase habits that will save you a lot of long -term money .

Usually, when you buy a gadget or a product, you are offered an extended warranty. More often than not, you should refuse this.

"I have seen that many middle class people buy prolonged guarantees for various products, thinking that they offer additional protection. However, these guarantees are often delivered with high price labels and are not profitable," explains Minaev. "Most products are designed to last beyond the warranty period, and the money spent for prolonged guarantees could be better invested or used for an emergency fund." AE0FCC31AE342FD3A1346EBB1F342FCB

To make sure that you are not blocked if something breaks, book a certain amount of money for a generalized "fix-not-it", rather than protecting a particular product.

Luxury clothing and accessories can also drain your bank account without it being.

"Brand -clothes may seem cool, but they are not an investment. Quality stuff without the flashy logos are just as good and do not destroy your budget," said Whaley.

These days, even the upper class people opt for more discreet clothes, "Stealth Wealth" looks at flashy and brand clothes. You will adapt perfectly to a handbag of Cuyana ,, Lo & sounds or other mid -range brands that offer a high style without The shock for your wallet.

In relation: Never use your debit card for these 6 purchases, according to financial experts .

Although there is no need to cancel the subscriptions that really bring you joy, it can pay to review your commitments and unsubscribe from everything you don't use.

"Individuals in the middle class often subscribe to various services, such as streaming platforms, subscriptions to the gymnasium or magazine subscriptions, which they do not use entirely. Review these expenses and cancel those who are not regularly Used can release funds for more significant financial activities, "advises Minaev.

Living a middle class lifestyle means you should be able to enjoy madness from time to time. But a good basic rule is that you should avoid putting anything on a credit card that you cannot pay in a month.

"The high interest debt, such as credit card sales, is like moving sand for your finances," explains Whaley. "You end up paying a ton of interest and you can get stuck in an endless debt cycle. It is smarter to repay these debts and put this money in savings or investments."

Instead, try to balance manageable purchases that now improve your quality of life with longer -term financial objectives, such as savings, investment and reimbursement of debt.

In relation: 5 ways in which your credit card ruins your finances .

Taking control of the latest technological version can be exciting, but it can be an expensive habit of always looking for an upgrade.

"Many people in the middle class think that the purchase of new technology each year is intelligent. This is not the case," said Merry. "The difference between old and new models is not always large, and the high price is not always worth it. Hunting the latest technology can waste money that could be used better elsewhere."

Instead, carefully think about the features you really need and get the cheapest gadget that includes these features.

Sometimes small luxuries in life can mean a lot - for example, spending quality time with friends or family in your favorite neighborhood lair. However, there is a difference between enjoying a special evening and relying on restaurants for most meals.

"Dinner in fanciful restaurants can often put a serious bump in your finances," said Keith Donovan , start -up advisor and founder of Start -up status . "Home cooking can save a large amount of the long term and always offer delicious meals."

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Best Life offers the most up -to -date financial information for high -level experts and latest news and research, but our content is not supposed to replace professional advice. Regarding the money you spend, save or invest, always consult your financial advisor directly.