Wasteful Money Habits

  • Don’t make a record of your expenditures. If you don’t record how you spend your money for a couple of months, you’ll never get the picture. Journal your spending. Even the drinks you buy when you visit with friends at your favorite club. Be sure to include the impulse buying and the emotional buying and the candy bars, exotic coffees and other overspending items.
  • Keep up with the Garcia’s. If you want to keep up the appearances of prosperity, you will end up looking as poor as you are! Your neighbor buys a big new pickup truck, and you have to buy a bigger one. You want to live at the same level as your parents, even though it took them years to be able to have the nice house and furniture and car. But, you want to take shortcuts. The only place where Success comes before Work is in the Dictionary.
  • Pennywise and pound foolish. If you drive 10 miles to save 4 cents per gallon, you haven’t saved anything. If you drive 15 miles to shop for bargains and cheap products, did you really save more than the time and gas? If you have buyer’s remorse and go back to the store, and wait in line for 25 minutes to get a refund, then drive another 5 miles to buy the same item for $3.00 less, what did you save?
  • Buying cheap products. If you buy something just because the price is cheap, and it wears out in 2 months, what did you save? If you had bought quality on sale, it would last a long time and you would save real money. The shoes I buy last for years, even if I wear them every day, because I buy real quality for $50 – $60 dollars rather than buying “cheap” shoes for $30 that will last for a few months. Get off the poverty mindset and learn how to shop for quality items on sale.
  • Don’t budget. If you journal your spending, and learn where you are spending your money unncessarily and wastefully, you are ready to build a budget. Plan your spending and you will get out of the credit prison you’ve built by excesses, emotional buying, and lack of planning.