This list will likely change over time.
Being 34 is different from being 18.
When I was 18, things like “laundry detergent” and “food” were huge wastes of money. I could give everything the “sniff test” and live on Busch Light, no problem.
I’m sure when I’m 50, I’ll think differently as well.
But here are 5 enormous money wasters in our current society.
Money Waster #1: Cars
I’m not sure if there’s a bigger money waster on earth.
A new car will not change anything about your overall happiness level.
All the fancy gadgets in the world won’t change its ability to function as it should and take you from point A to point B.
The best car is the one that’s paid for. No payments other than gas and oil changes is always a good thing.
Rule of thumb: When your repair bills become more than a monthly car payment, it’s time to cash in your chips. Almost nobody does this, instead opting to purchase a new car when they get “bored” or they need to feel better about their lives.
Money Waster #2: “Accessories” (watches, purses, jewelry, etc.)
Believe it or not, even my wife is on board with this one.
I purchased her some high quality items in the past. She has a nice watch, a blinged-out wedding and engagement ring, and a few necklaces.
And she’s totally content (thank God!).
There once was a time where I thought I was a “watch guy”. I have two Citizens, and I couldn’t wait to nab a Tag Heuer or a Rolex.
I’m so far from that thought process now, it isn’t even funny.
Luckily, I’m a teacher by day and I wear a pair of jeans and a tee shirt on a daily basis. A fancy watch isn’t a requirement at all.
Any accessory that serves a function will do its job whether it cost $30 or $3,000.
There are exactly two reasons why someone would ever purchase an extravagant purchase like this:
- They want to show off to others and make them think they have lots of money.
- Their job requires an appearance of success, so the item would create more business for them.
#2 only happens in the rarest of circumstances.
#1 happens countless times per day across our society.
Money Waster #3: Shoes
Warning – this will sound sexist………..but females have a real problem with this. At least they do in my house!
All three of the ladies I live with (love you all!) have more shoes than they could ever wear.
I mean, they have:
- Fashion boots
- Snow boots
- Tennis/gym shoes
- “Nicer” sandals
- Beach/pool shoes
- Dress shose
- And more that I can’t think of because there are so damn many.
I have given up trying to fight this.
I will likely need to purchase a second home, or lease an apartment for all the shoes.
Sometimes, I throw a few pairs out when they’re not looking. They’ll never know.
Mum’s the word, k?
Money Waster #4: Cable Television
We all fall into this category, right?
We spend way too much money on cable TV.
My wife watches about 3 channels.
I watch about the same.
My girls could survive on just Netflix, as they only watch cartoons.
If it weren’t for a few specific, niche stations I have to watch out-of-town sporting events, we would have ditched cable TV already and saved the insane price.
I envision a day where you can a la carte your channels for a few bucks a pop and save a great deal each month.
When that happens, it will be awesome – and it will tell you exactly how many crappy cable stations are out there that “hang on” due to their affiliation with a “cable package”.
Only the strong will survive.
Money Waster #5: Anything Purchased While “Sport Shopping”
What is “sport shopping”?
Ever go to Target with no purpose? Just to “look around”?
And you come home with $150 worth of stuff.
But people do all the time.
Did all that stuff you just bought fill the void inside of your heart?
Didn’t think so.
What should you do instead of spending your free time perusing the aisles of a department store?
Get a hobby and create a side hustle. Try to get better at it every day.
You may find you create enough revenue that your Target purchases will sting a whole lot less.
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Yours in saving,