Our Blog

Stop Wasting Money

The list of IRA withdrawals that may be taken without incurring a 10% early penalty has grown. Benjamin Franklin once...


stop-wasting-money.jpg

Benjamin Franklin once said, “a penny saved is a penny earned.”¹ The modern upgrade to that observation might be that $100 not spent is more like $143.²

One way to find the money to meet your spending or saving needs is to examine your current spending habits and consider eliminating money wasters.

Top Money Wasters

  1. Bargain Shopping … and its Expensive Cousin, Impulse Buying
    Fire sales and impulse buying (such as buying products sold on infomercials) can be money wasters, made worse by how often items purchased this way sit idly in a closet or drawer.

  2. Unused Gym Memberships
    At a monthly rate of $40-50, unused memberships can add up over time. Begin your fitness commitment inexpensively by walking or jogging; you can graduate to the gym once you know you’re going to stick with it.

  3. Cable and Cell
    Call your provider and see if it’s possible to negotiate a new rate. Cell providers, who face stiff competition, may be responsive. Cable companies may be less so, especially if they are a single provider, but you can review your package and make sure you are not paying for service you don’t want.

  4. Paying for Water
    Switching from an essentially free product to one that may cost up to $1.50 a day or more makes for a real budget leak. Consider purchasing a reusable container and refilling it during the day.

  5. Gourmet Coffee
    $2 or $3 a day may not seem like a lot of money, but when Americans step into a gourmet coffee shop, they may often buy more than just the coffee. Consider brewing your own coffee. It can be ready before you leave for work, and it’ll save you the wait in the drive-through line!

  6. Eating Out
    Americans now spend more money dining out than they do at the grocery store.³ Consider the cost of going out to lunch twice a week. If you spent $10 each time, it would cost you $1,040 annually. While dining out may be one of life’s pleasures, it is often less about socialization and more about convenience. Twice a week may not seem like much, but over time it can add up.

1. Brainy Quote, September 2016
2. This is a hypothetical example that assumes a 30% tax rate. The example is used for illustrative purposes only. It is not representative of any specific tax rate or combination of tax rates.
3. Fool.com, January 1, 2017

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright 2019 FMG Suite.

DISCLAIMER: This website is for informational purposes only and does not constitute a complete description of our investment advisory services or any past performance. This website is neither a solicitation nor an offer to sell securities or investment advisory services except where we are appropriately registered or exempt from such registration. Information throughout this site, whether stock quotes, charts, articles, or any other statement or statements regarding market or other financial information, is obtained from sources which we and our suppliers believe to be reliable.  However, we do not warrant or guarantee the timeliness or accuracy of this information. Nothing on this website should be interpreted to state or imply that past results are any indication of future performance. THERE ARE NO WARRANTIES, EXPRESSED OR IMPLIED, AS TO ACCURACY, COMPLETENESS, OR RESULTS OBTAINED FROM ANY INFORMATION POSTED ON THIS OR ANY ‘LINKED’ WEBSITE.

Back

DISCLOSURE: Investment advisory services are offered through Gretchen Stangier, Inc. DBA Stangier Wealth Management (“Stangier Wealth Management”), an investment advisor registered with the U.S. Securities and Exchange Commission. Stangier Wealth Management only offers investment advisory services where it is appropriately registered or exempt from registration and only after clients have entered into an investment advisory agreement confirming the terms of engagement and have been provided copies of the firm’s ADV Part 2A brochure and Part 3 documents.

DISCLAIMER: This website is for informational purposes only and does not constitute a complete description of our investment services or performance. This website is in no way a solicitation or offer to sell securities or investment advisory services except, where applicable, in states where we are registered or where an exemption or exclusion from such registration exists. Information throughout this site, whether stock quotes, charts, articles, or any other statement or statements regarding market or other financial information, is obtained from sources which we, and our suppliers believe reliable, but we do not warrant or guarantee the timeliness or accuracy of this information. Nothing on this website should be interpreted to state or imply that past results are an indication of future performance. THERE ARE NO WARRANTIES, EXPRESSED OR IMPLIED, AS TO ACCURACY, COMPLETENESS, OR RESULTS OBTAINED FROM ANY INFORMATION POSTED ON THIS OR ANY ‘LINKED’ WEBSITE.

You may also like

How to Save Money on Monthly Bills

Maybe you’ve only thought of haggling when hunting for bargains at swap meets. Or you’ve dickered with a merchant to…

Estate Planning: Who Takes Care of Your Pet when You Can’t?

Fido or Kitty has been your constant companion for years. He’s been there to share your triumphs and comforted you…

Long Term Care Insurance: The Basics

Oftentimes, illnesses and accidents associated with growing older require health care expenses in addition to the expense of long-term assisted…