Thursday, August 17, 2017
Wasteful Consumerism: 7 Must Go’s
This week is Budget Week at Budget Boss and we have gone over many topics like why a budget is important, how to set up a budget and paying yourself first. As I mentioned yesterday many people have a hard time saving for the future or at all because they can’t find the extra money in their budget. I think this is a cop-out because I know for a fact that we all waste money here and there. It is almost impossible not to waste money on something. We all have our guilty pleasures or routines that involve spending money on something that is a waste. I have mentioned it before that you MUST save money every month. There are no two ways around it so if you can’t come up with the money to save on a monthly basis, something has to change. In this post, I will go over seven items you can eliminate monthly to save you money. This extra money should then be saved and put to work for your future.
1) Take – Out
They say it’s not delivery it’s Di Giorno. Well, we all know that for a fact because delivery tastes way better and Di Giorno tastes like a cardboard diaper. Here’s the problem, any venture to Domino’s costs an arm and a leg. I ordered a pizza and the total came to 28 bucks after taxes, delivery and the tip for the driver. (PS: always tip the driver). I am one person ordering a dinner that costs 28 bucks. Did I get a steak or the catch of the day? No, I got Hawaiian pizza with chicken on it and a ranch dipping sauce. This to me is unacceptable. You can make your own better tasting pizza at home for like 10 bucks believe me. Plus the next day the leftovers will actually taste good for lunch.
2) Cable TV
My logic tells me that when there is competition, it naturally drives down prices for items. Then why on earth has cable TV gone up in price dramatically since the advent of live streaming services? Seems like they want you to cut the cable. Well, how about we all give them what they want and not pay absurd prices for poor quality cable TV. No, I don’t need 5 time zones of the same channel. Also, why am I paying for the aquarium channel and Swiss Chalet rotisserie chicken channel? Seems like the answer is simple, Rogers and Bell can go you know where.
3) Starbucks or Coffee in General
Buying your coffee on the street used to be cheap as dirt. Now you are looking at 5-6 dollars for certain types of coffee. I claim a bit of hypocrisy on this one; I do buy coffee from a local coffee shop. It costs me 2 bucks and I leave a buck for the lady behind the counter. I do this maybe 3 times a week for a total of around 10-12 bucks so it doesn’t make a dent. I also put a bit of spending cash in my budget for just that. The point is if you are spending 6-10 dollars a day on street coffee and not saving for your future than you are messing up. Read “The Latte Factor” by David Bach and it might change your views.
10 Ways to Avoid “Lifestyle Creep” – Budget Boss
4) Bank Fees and your Bank in General
See those beautiful floors in your bank that seem to shine like gold and silver. Yes, they are shined with your hard earned money. Banks have found an ingenious way of taking your money, bleeding it from you a few dollars at a time. It is estimated that 7-9 million dollars a day are paid in bank fees in Canada alone. You have to invest in no-fee banking. If that means keeping a minimum balance of a few thousand dollars then so be it. Also if you live in overdraft you have to stop that because it will kill your bottom line. NSF charges, bounced cheques and overdraft are some of the costliest things you can do with the bank so be vigilant.
5) Cell Phone Apps
I am proud to say I have never, ever, ever paid for a cell phone app. I pay enough already for my cell phone that it makes me want to puke. Why on earth would I pay $3 dollars for some dumb game that I will just get bored of in a few weeks anyway? Your cell phone and mine are already money pits that cost us fortunes. Let’s make a habit of not giving any more money to these companies than they deserve.
4 REAL LIFE Budget Boosters – By the Money Momma
6) Energy Drinks
I used to pound a Red Bull a day when I was working 6 days a week serving. The funny thing is I didn’t feel more awake, I really think it was the placebo effect. These cans cost around 4-5 dollars apiece and sadly enough they are terrible for you. They have been linked to irregular heartbeats as well as even some deaths. Plus for the most part, they don’t taste good and give you gut rot. I haven’t drunk one of these in 2 years now and will not ever again, not even with vodka.
7) Shopping While Hungry
One time I went into the local Superstore and left with a full cart including Jell-O Pudding Pops. I don’t even like pudding. I entered that store starving as I hadn’t eaten since breakfast. Bad mistake. Never, ever go shopping while hungry, you will overbuy and make bad decisions. I think that pudding is still in my cupboard.
These are just a few things you can eliminate from your budget that are costing you money. It is important to understand that if you can refine your budget than ambitious savings goals won’t hurt as much. I mentioned yesterday a young lady named Candace who was saving $800 of her $3,500 take-home pay. This would not be possible with daily restaurant trips, shopping sprees, and weekly fake tans. By the way, the sun is free, just saying. She is ambitiously saving 23% of her income and not sacrificing her way of life. All she is doing is sacrificing the crap in her life that she doesn’t really need. Anyone can do it and eventually, you will get a sick sort of pleasure out of depriving yourself. What have you go to lose, except debt, regrets and probably a few pounds too?
“My favorite things in life don’t cost any money. It’s really clear that the most precious resource we all have is time.” – Steve Jobs
Email – joe@budgetboss.ca
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