Our Blog

Stop Wasting Money

Benjamin once said, “a penny saved is a penny earned.” The modern upgrade to that observation might be that $100 not...


stop wasting money blog gretchen stangier certified financial planner portland oregon

Benjamin 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

  • Bargain Shopping… and its Expensive Cousin, Impulse Buying

Fire sales and impulse buying (such as products sold on infomercials) can be money wasters, made worse by how often they sit idly in a closet or drawer.

  • 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.

  • 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.

  • Paying for Water

Switching from an essentially free product to one that may cost up to $1.50 a day or more is a real budget leak. Consider purchasing a reusable container and using that during the day.

  • 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 like!

  • Eating Out

On average, Americans go out to lunch twice a week and spend $10 each time. That works out to $936 annually.³ While dining out may be one of life’s pleasures, eating out 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, November 2014

² This is 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 or tax rates.

³ Forbes, September 25, 2013

Copyright 2015 FMG Suite

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 Your Savings Account Can Become Your Retirement Redeemer

Many news stories and advisors lately seem to focus investment strategies as a surefire way for people to gain extra…

Eating the Estate Planning Elephant… One Bite at a Time, Part I

No one wants to look at it, no one even wants to think about it, yet there it looms —…

Mastering Your Plastic

Purchasing methods are constantly evolving and becoming increasingly convenient over time.  Consumers went from having to walk a herd of…