I think making money is awesome, and that’s why although I make an average 16-23k per month I only spend around $200 - $300( rarely) per month. So that’s why in this video I wanna share with you 10 different things you might be spending money on, that you definitely don’t need to. 10 things to stop buying to save more money fast
1. Credit Card interest: this is optional, you don’t have to pay it if you pay your bill in full every month.
So many people use credit cards as a short term loan, and pay it off over 1 year and sometimes over 5 years.
Solution: use your credit for points/miles, and pay it off in full, and at the end of the year, go on a free flight. But paying 20-35% on interest, when your investment makes an average of 7%, well it's insane.
2. Mutual Funds fees or big Account management fees
Example: Say you invested 10k for 40 years and they only charged 1%. And your money grew at 7% rate every year.
My money grew to 149k
But the fees are: 49k
I lost 33% of my money
Solution: low expense Index fund: I recommend checking out vanguard. Fees are .02 - .08
3. Banking Fees ( so many great online banks with no fees ) – overdraft, maintenance fee, and so on
So many people just care about, bank loyalty.
I've been with my bank for 20 years
The answer that’s great, but where is the reward for being a great customer.
Solution: just get an online bank like Sofi or Varo, no fees Guaranteed.
4. Cable/House phone bill
I walked into a friends house ones, and she had a house phone, and cable.
When I asked why the answer was it came with the package and it’s a 20% savings
I asked when was the last time you used the phone, she said she doesn’t know if it even works, and half the time shes just on Netflix and Youtube.
Solution: just get internet ( 40$ for 100mbs at Verizon)
5. Subscriptions ( the average person spends 200 bucks month on them) – check your phone and your bank statement, you don’t need apple music, Spotify, tidal, amazon music, because you want all the exclusives.
- There are still people subscribed to newspapers
Solution: If it's not helping you then just stop paying for it, check your bank statement and start canceling
6. Buying Brand Name Products:
If your just a customer: then you probably think theirs a big difference in quality.
But if you know a little about retail and manufacturing: you quickly find out, that most products have an insane markup and also are made in the same factories, the same employees and the same materials.
Example: would you pay 490 extra for something that only took 10 to make
Gucci T-shirt cost 1-10 to make and retail for 500 bucks
The same goes for medicine: same ingredients but different prices.
7. Not carrying Reusable Items:
No, I'm not talking about a $10 metal straw
But: Coffee cups, water bottles, reusable Plates,
So I stopped spending $700 per year on the water.
8. Lottery tickets/gambling and any bad habits ( mouth stick also)
I remember when I was in college and had this job, my boss would send me almost every day, to get her a scratch-off and some coffee.
Why? You win every now and then, and once she won 300 bucks.
But she's also been buying for years.
Odds: Are 290m in 1 that you'll win, odds that a business might fail are 1 in 7, just start a business .
9. Eating out
I like outside food, it feels good not to cook sometimes and just order and have them bring it to you.
But I use to spend 15 bucks a day almost on food every day ( and I didn't even get enough calories: and now with $200 bucks I eat for almost a month and a half.
So what I do now, I cook everything in one day and meal prep.
10. Everything that the Jone’s buy
If your friends got the new iPhone then you want it, if they got a new car, now your car looks kinda old.
I had the same issue, everything my friend had I wanted, everything I saw people had on the internet I needed.
But I realized, that there always going to be something new, you can keep up with people. ( and at the end of the day, it doesn’t matter, it just makes company richer and you poor)
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