4 stupid reasons why you can’t seem to keep your hard earned money

Finance by Sarah

1. You buy unnecessary conveniences.

I get it, we’re all busy people! But is your time actually worth the money spent? Unless you truly work all day, make great money, and have zero time left over- you can do without a lot of luxury conveniences, such as:

Money Apps– I love a shortcut just as much as the next guy. But your finances are not the place two do it! You need to be mindful, educated, and purpose driven when it comes to your finances. Why are you paying an app every single month, just to make a budget for your household? Balancing a checkbook is not difficult, nor should it cost you anything.

Prepackaged food– Shredded cheese? Shrink wrapped potatoes? Precut carrots? Boxed dinners? Presliced salami? Prechopped lettuce? Bottled water? C’mon, surely you can spare the time to prepare your own food. While you’re at it, why not try the meal plan that costs only $2.52 per person per day!

Paying for a Landscaper / Mowing Crew– ugh I know, while we’re on the road we have to pay others to mow our yard, and it’s not fun. But when I’m home? I mow it. It’s really not that bad, and it saves us $30-60 a week!

Fast shipping– do you really need that new shirt to come in tomorrow? Probably not. Patience is definitely worth the money saved!

Gym memberships– the International Health, Racquet, & Sportsclub Association estimates that gym memberships are used by only 18 percent of members consistently.

Mani / Pedi– I’ve been to a nail salon less times than I can count on both hands. And the times I did go? I saw some familiar faces, people I have as friends on Facebook. This isn’t a formal survey, but of the 11 people I saw, all but two of them have complained about a lack of money on Facebook. Furthermore, at least half of these women post pictures of their beautiful nails online at least once a month. The more you do your own nails, the better you get at it, and the more money you save. That sounds like a win-win to me!

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Specialty Appliances– the pizza oven, donut maker, dishwasher (yeah, I said it), popcorn machine, bread machine, and the panini maker are pretty redundant for most. An oven and a stovetop (and the sink!) will more than suffice. Looking to have a more minimalistic kitchen? This post is for you! 

 

2. You let others spend your money for you.

Everyone else is HAPPY to mindlessly spend your money for you. Bachelorette parties (bridal showers, baby showers, over the top birthdays, wedding receptions, the list goes on and on- and it’s one of the reasons why I always specify “no gifts” at my parties) weekend getaways, and binge shopping are all ways your friends and family are spending your cash for you.

Your situation is unique to you, and you alone! $500 on a retail therapy day with friends may only account for 2.5% their monthly income- but it could be 25% of yours! If it’s too difficult for you to refrain from overspending on these trips and parties, don’t go. And if they don’t understand? It’s okay to find new groups of people with different recreations- there’s 7 billion people on this planet.

 

3. You say “a penny saved is a penny earned”.

Saving isn’t enough. Sure, you didn’t spend $40 yesterday on that cute purse- that’s great! But- it doesn’t mean you suddenly have $40 extra to go splurge on a tee shirt. Saving money only works if you KEEP saving it, and keep making the decision every single day, to put your money to better use.

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4. You cut costs in all the wrong areas.

Expensive isn’t always bad, and being “cheap” doesn’t always mean you’re saving money. If a $30 pair of work boots will last you a month, whereas a $120 pair will last you a full year, the more expensive boots are the more cost effective buy.

Bonus- Let’s make you some money!

You’re not limited to your salary. Get a side hustle, a promotion (I’ll have a post on this one later), a second job, or even a hobby that pays you! If you don’t know where to start, check out this list of work from home side hustles, and these little businesses that even the smallest of towns need. Discover which businesses are currently exploiting you, and identify these 35 Lies about Money (that are keeping you poor!).