Real Housewives of New Jersey star Teresa Giudice is reportedly learning to live frugally after filing bankruptcy with $11 million of debt. Giudice tweeted that she was using coupons to purchase Halloween customs for her kids which is a far cry from the lavish spending she engaged in right after filing bankruptcy. So, what lessons can we take from this celebrity bankruptcy debtor's newfound frugality?
- It's never too late to make a difference in your spending habits. Even if you are a lavish overspender who has never budgeted or kept track of your finances, beginning to take little step to improve your spending habits can make a huge difference especially after bankruptcy gives you a fresh new start.
- You don't have to succumb to peer pressure or the need to keep up with the Joneses even if you are a celebrity. While Teresa Giudice has her flaws, it took a lot of courage to file bankruptcy and to eventually admit, at least to herself and maybe her family, that she was having financial difficulties. It takes even more courage to cut back on lavish spending after bankruptcy when it is expected (and even required) that celebrities live like they are billionaires.
- Facing reality is the best remedy to beginning to tackle any financial troubles. Many were shocked to find out how little Teresa Giudice earned from her show; but the truth is that Teresa was probably more shocked than any of us. The reality show celebrity has mentioned throughout her bankruptcy that she didn't realize that there was a financial problem. Well that's because, like many of use lesser known individuals, she was ignorant about her own financial position until bankruptcy forced her to take an honest look.