Nasty Spending Habits We Should Really Avoid
Can’t resist that latest Louis Vuitton bag and MAC lipstick? Envious of your officemate’s new iPhone? Can’t live without having two or three cups of latte every day?
The pleasure of having a job is having money enough for you to survive, but the unspoken truth about it is the tendency of overspending. It is hard to accept that you do not get enough and fair compensation for a job well done, and it is harder to accept that you spend too much than you earn. Take a time to juggle your thoughts on what you need from what you want, and sit down for a moment to assess your spending habits. Remember that you are not Rebecca Bloomwood, self-absorbed shopaholic, who spends more than what she earns and still complain about her company not giving her fair salary.
Before you complain about being unjustly compensated by your boss, think about the way you spend your money. Ask yourself, make an assessment and balance every penny and bill that you have in your wallet. For some, making a grocery list is hard, but for many budgeting is unpleasantly harder.
One important thing you should remember to avoid overspending is “assessment”, know your top priorities and your daily needs to help you come up with a budget plan; have an idea on your regular bills and credits so you’ll not get surprised by the mailman; and always leave a dollar or two from your paycheck in case of emergency. Moreover, make a list of all your to-buy things and all your purchases for the week or for the month to keep track of your expenses. It is also better if you divert your attention more on other things that will make you feel better aside from shopping or spending. With these all in mind, you will be able balance your spending habits and eventually learn to save for a brighter future. These are just some general guidelines to avoid overspending.
Now that you have an idea of some general guidelines to avoid overspending, here are some spending habits that you are not aware of doing and are denial of committing.
Caffeine addiction- Can’t start a day without drinking coffee? Most people do not have an idea that their coffee intake every day affects the way they spend. You think that your $2+ brewed coffee or $5+ latte drink is cheap, you are mistaken. Try calculating your every day dose of coffee with 60 days and you’ll see that you are chopping off $300 in two months just for coffee. As a remedy, it is better to buy instant coffee from the grocery and brew your own at home; you can even make yourself a better one with your own flavors.
Electric Bill- Yes, even your electric bill can cut off a large sum from your pocket. Do you fall asleep with your TV open? Do you play XBOX 24/7? Do you leave the house with the air conditioner running? These maybe simple I-forgot-to-turn-off-this problems, but these contribute a lot to your bulging credit. As a resolution, always remember to turn off unused appliances at home when you sleep or leave the house. Also, moderate the use of laptops and video game machines. Try to look for outdoor hobbies instead of bumming yourself playing XBOX the whole day. With these, you can save up to $30 per month and that’s $360 per year.
Dining out- You may think that dining out will save you from consuming electricity and yes, effort; but you are totally wrong. Dining out regularly can add up to your increasing credit. Instead of having fastfood meals thrice a week, try investing in short courses in cooking or in buying cookbooks; they will not help you save at least $100 per week, they can also save your health too.
Splurge kitten- You’re the mirror image of Rebecca Bloomwood from Kinsella’s Confessions of a Shopaholic. You shop a lot and buy things that you do not necessarily need. You follow the latest trend, but you just use some things once or twice or not at all. Try resisting the urge to shop, and you’ll see yourself saving up a lot more than expected and you’ll be able to buy something better in the long run.
Be a smart smart phone user- Having the latest smart phone with the coolest features is a pleasure, but an increasing phone credit is not. Maximize the use of Short Messaging System (SMS) if it is not that important. Avoid the urge to call someone just to exchange his and hellos. Also, moderate the use of social media by not updating your status and tweets in every second. By following these, you will find your bill notice pleasant to read.
It is hard to not splurge your own money but it is better to have saved it for your own future because there is nothing brighter than a future carefully planned.
Ah shit, I need to start spending more!
This is the wrong forum to post this on. If youre in banking or consulting and cant afford to spend some cash on a cup of coffee a day theres something wrong with you. How many bankers get time to go home and cook themselves a nice delicious meal? This is either a brilliant attempt at trolling/sarcasm or its spam.
Like a wise philosopher once said, "Ain't trickin if you got it."
When you first get into the industry, you think you are going to be the exception and live a spartan lifestyle where you avoid eating out regularly, buying the newest iPhone, etc and save as much as possible. But then after a few years of grinding, you realize that your savings aren't adding up fast enough to really make that much of a difference in your life, and so you say, fuck it, life is short, I am going to enjoy myself. The way the math pencils, working hard and being successful will increase your net worth far more than hoarding your pennies, and it's easier to work hard if you're not miserable the whole time.
But yeah, good luck with that.
Busting your ass for long hours week after week is hard enough without enjoying some of the fruits of you labor as you go along. Do I spend more than I probably should? Of course, but I didn't get into this business to live like an assistant manager at Target.
In before 'but retiring at 50 is better than retiring at 60'. Not if I live like a (comparative) vagabond to get there.
I'm just going to stick with buying what I like.
If you look through hsi brief post history, you can see that he's a spammer. His comments are just just verbal diarrhea because he feels the need to say something. He's probably in high school.
Shut the fuck up.
I Spend Money To Make Money (Originally Posted: 08/19/2013)
As I realized that I am unable to save very much money month after month, I began to take a close look my expenses. My main expenses broadly fall into three categories: Housing, Food, and Entertainment. Each one of these expenses is so high because of my job. Like anyone else living in NYC and working in finance, there are certain expenses that must be made. People make a lot of money and live a certain lifestyle, but which one is really influencing which? Do people work hard and make a lot of money because they need a certain lifestyle or do people justify their shitty job and long hours by partaking in a certain lifestyle?
This post looks at the main expenses of living and working in NYC, and the rationale behind them.
Does lifestyle lead work choice or does work choice lead lifestyle? I obviously believe the latter. Thoughts?
Do you have a point? I don't feel sorry for anybody who does any of the above and then complains about it. I live outside of Manhattan, I work in the city, and I have no problems with a relatively modest salary.
Work choice and lifestyle do not have to be related when one has a little something called humility.
Expertly put.
@peyo212 or something called self control.
@Stormborn says "it becomes necessary to go out and party all weekend to escape work"... no it doesn't....
"Typically, someone spends $15 for a meal that is extremely average at best."..... what.....
"Commuting hours a day is just not reasonable when one has to work long hours at the job and can be called in to the office at a moment’s notice." .... living anywhere in Manhattan avoids this....
Sounds like you need to learn the difference between want and need. Maybe a trip to a third world country would serve you well.
"Each one of these expenses is so high because of my job. " The expenses don't just accumulate because you have a finance job bud. These are choices you have made, expenses you have chosen to take, your job has not caused anything.
How is the article's content related to its title, of spending money to make money? And why do people with 22 points have a wso blog?
Why is this on the front page? This post is stupid; you clearly need to organise yourself a little bit...
On the rent: Get a roommate. Save about $500/month, keep that cash for a rainy day.
On the food: Organize yourself a bit and stop spending $15 per day on disgusting and unhealthy takeaway. Make home food during the weekend or prepare sandwiches in the morning (I do that and I start working at 6am every day). This will save you tons of cash. Treat yourself and your girlfriend to a $100 dollar per person meal in a proper restaurant once a month with the food savings.
On booze: Drink away. I do the same ;)
Life is made of choices, you just need to figure out what you want in life...
Are you talking apartment roommate or splitting a room?
Perhaps the title, "I Make Money to Spend Money" would have been redundant.
I definitely agree with the first. Many people live far from work to "save money," yet they fail to account for the opportunity cost of commuting and the small fortune they spend on gas.
As far as food goes, cheap, healthy, and convenient need not be at odds. Protein bars and powders can substantially reduce the cost of meals, and they eliminate the need to wait for food at restaurants. Most online stores have flat rate shipping for about $6; so I usually order 35+ pounds of bars and powders at that price.
For entertainment why not go to parties to enjoy the amusing conversation while not partaking in the intoxicating effects of alcohol. Diet ginger ale may be substituted for champagne to create the illusion that your a heavy drinker.
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