6 Needless Expenses That Keep You POOR

If you’re like many people, you probably find that money seems to disappear like water through a sieve. You probably don’t consider yourself to be extravagant, but for some reason by the time your next paycheck comes, you’re already hurting for money. Why does this happen? And what can you do about it? Well, a lot of it has to do with a lack of awareness. We can often treat our finances the same way we treat brushing our teeth. It is just a daily routine that we don’t even pay much attention to. In order for us to stay on top of our game financially, we need to be aware at all times!

Hey, I’m Shivam! The other day I heard a quote from Dave Ramsay where he said “You’ve got to tell your money what to do, or it will leave.” And nowhere is this truer than when you find yourself shelling out cash for things you don’t even need. But how do you know which things not to buy? How do you identify the needless expenses that are keeping you poor? Well, in this Article, I’m going to share the six of the most common needless expenses that are making your future dreams of financial abundance a reality. Are you ready? Let’s jump in!

Buying things because they are on sale

First on our list is buying things because they are on sale! Sale season is always upon us and it can be tempting to stock up on everything we think is essential. However, this is a bad idea. Just because something is on sale doesn’t mean you need it. More often than not, you’ll end up spending more money than you would have if you had bought it at full price. Indeed, the marketing world is a deceptive place. It’s easy to get caught up in false advertising and other sales tactics.

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Here’s another marketing strategy you’ll often see: giving away products for free with the promise of “saving” money or getting an item at a lower cost than its actual market price. This is called a “loss leader”. And, just like the $5 rotisserie chicken at Costco, it is their hope that you’ll also buy the $25 tub of mayonnaise on your way out the door. So, next time you’re tempted to buy something simply because it’s on sale, take a step back and ask yourself if you really need it. Chances are, you’ll save yourself some money in the long run.

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Buying brand names

Second, on our list is buying brand names! We all want to look our best, and sometimes that causes us to splurge on a few designer items. Gucci and Louis Vuitton are two of the most popular brands out there, and their products can definitely make a statement. But before you drop a bunch of cash on a new handbag or pair of shoes, there are a few things you should keep in mind. First, it’s important to remember that Gucci and Louis Vuitton are luxury brands. That means their prices are going to be higher than most other brands, even for the same quality or style.

If you’re on a budget, you might want to stick to more affordable options. Second, while Gucci and Louis Vuitton products are often very well made with high-quality materials and construction, don’t let that sucker you into buying the brand. If you do your due dilligence and research, you can often find products that are also well made and will stand the test of time, for a fraction of the cost. You just need to avoid cheap, poor quality products in your search for those hidden gems. Keep these things in mind. It’s important to know what you’re getting into before you make a purchase. Otherwise, you might end up regretting it later.

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When I was in college, a lot of my friends had Louis Vuitton purses, and it really irritated me how they flaunted the brand name and expense of the items. It made sense that people would want them since they were good quality and fashionable, but I noticed that many of my friends rarely had enough money for other more essential items. This was one of the things that made me realize that a brand name is a fast track to the poor house. And this is also one of the main reasons why I’m not much more careful with my money these days and on the road to building a brighter financial future.

Spending money on pricey coffee shops

The third needless expense is spending money on pricey coffee shops like Starbucks. We all know Starbucks. It’s the coffee chain that seems to be everywhere, with a presence in nearly every city and town across the globe. And for good reason – their coffee is delicious! I’m definitely a fan and often find myself stopping by for my morning cup o’ joe. Of course, there are plenty of other great coffee places out there. But for me, Starbucks is always my go-to. Unfortunately, all of those visits add up.

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Starbucks isn’t the cheapest place for coffee, so it’s one of the unnecessary expenses that are worth cutting down! If you’re like me and can’t bear to part with your Starbucks habit, there are ways to save. For example, you can order smaller sizes or skip the add-ons like syrups and flavored coffees. Or you can cut back on visits by making coffee at home more often. I now have a Nespresso Vertuo machine, and while there was an initial cost to buy the appliance, I’ve saved hundreds of dollars since each cup of coffee only costs around a buck. Whatever route you decide to take, curbing your Starbucks habit can save you a lot of money in the long run!

Buying a car

Fourth on our list is buying a car. Specifically, buying a NEW car. Of course, whenever possible, we should try to have our main means of transportation be our two legs, a bicycle, or public transportation. However, if you ever live somewhere where you need a car, definitely consider buying a used instead of new one. New cars are one of the biggest financial traps that most Americans fall into. This is because of the huge depreciation that happens the moment you drive that car off the lot. Additionally, a used car – just 5 or 8 years old – often works just as well as a new car. Cars can be expensive to maintain, but with a used car many parts and services cost less. . If you do need a car, buying a used one is the way to go. You can find a reliable car for a fraction of the price of a new one. And you won’t have to worry about it losing value as soon as you drive it off the lot.

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Fifth on the list is subscriptions. If you’re like most people, you probably have a few subscriptions that you pay for each month. Things like Spotify or Netflix are great, but they can also add up quickly. One way to save some money is to cancel any subscriptions that you don’t use regularly. Or, you could stagger them each quarter. So, from January to March, you use Netflix and Disney Plus. But then in April to June, you switch to HBO Max and Paramount Plus. This way you can still catch up on your binge-watching without paying for twice the service for each one. This may be easier said than done – especially if you’re a Marvel stan like me and want to keep up with each new release – but it’s definitely worth a try! If you’re not using a subscription service regularly, then it’s probably not worth your money.

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There are plenty of other things that you could be spending your money on, so why not cancel your subscription and save some cash? It may be difficult to let go of something that you’re used to, but it’s definitely doable. Just be sure to weigh your options and make the best decision for your financial situation. Lastly, If you’re looking to save some money this holiday season, one simple way is to avoid buying holiday gifts. I know it may sound strange, but hear me out. There are so many other ways to show your love and appreciation during holidays like Christmas and birthdays, without spending a fortune. For example, did you know that Americans spend an average of $942 on Christmas gifts?

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That’s a lot of money! Instead of spending your hard-earned cash on gifts that are ego-driven, why not volunteer in your local community? Shelters and orphanages can always use an extra pair of hands during the holidays. Or, on birthdays, you could write a heartfelt letter to your friend instead of buying a present. I guarantee they’ll appreciate the gesture just as much, if not more. So this holiday season, consider skipping the gift-giving tradition and opt for something more meaningful. Your wallet, and your loved ones, will thank you. Do you know that saying “less is more”? The idea is that if you reduce something to it’s essential components, then you end up with an overall higher value. This is even more true when you’re talking about your finances. Cutting down these unnecessary expenses will not be easy, but little by little over time the rewards are worth it!

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6 Needless Expenses That Keep You POOR

How much should the average 22 year old have saved?

The conventional consensus is that you should set aside 20% of your income for retirement, unanticipated expenses, and long-term objectives. If you worked full-time and earned the median pay for the equivalent of a year by the time you were 21, you ought to have more than $6,000 saved by then.

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