With all the catchy advertisements maligning against our budgets and social media channels smirking at us for having spent more to show-off our lifestyle, our wallets are left wounded. Literally wounded. With bandaged card slots and a swollen zipper. Rude. So, why not start with cutting unnecessary expenses? I can almost hear my wallet get giddy with all the anticipation. Strain your ears a bit, and you’ll hear it too. Without further ado, let’s dive into the things that we’re all spending way too much cash on:
1. Morning Coffee
You knew this one was coming, right? That’s why you’re longingly gazing at your coffee as you scroll through the FGB site. The sad news is that an average American worker dishes out $1,100 annually on coffee. That’s $1,100. You read it right. Invest in a home coffee maker instead and do your budget a major favor.
With Netflix, Hulu, and the rest of the internet taking the lion’s share of attention, there’s no reason to shell out money for a traditional cable provider. A piece on Money.com shared that folks between the age range of 14-24 spend 46% of their time on their phone, PC, or tablet. Consequently, several young people are not spending on a TV at all, let alone the cable. Don't buy those expensive packages past generations have been reliant on!
Hunger has a remarkable sense of time. It always strikes when we’re out running errands or at the gas station. Supposedly, the very sight of snacks can be provocative for the tummy, which explains why spending on snacks like beef jerky and chips has increased a lot more than grocery shopping. Carrying some nuts, baby carrots, or other such snacks can save you from making a beeline to the snacks aisle every time you're out.
4. Bottled water
This easily avoidable expense makes your budget hysterical. Let’s allow the numbers to do the talking here; At an average price of $1.22 per gallon, you’re spending 300 times more on bottled water than tap water. Business Insider revealed this statistic with a bold headline: “Bottled Water Costs 2000 Times As Much As Tap Water.” No wonder our wallets panic at the sight of those glistening bottles.
Finance writer Maggie McGrath warns that your friends and social life may also be jeopardizing your budget plans. It’s particularly apparent when you order a salad to save money, but your friends order extra wine and desserts and insist on splitting the bill evenly. Or when you end up ordering more food than you planned just because you were out. McGrath writes, “Financial peer pressure is subtle; it will appear during moments when you just want to fit in or go with flow.”
6. Work lunches
Lunch breaks are a good time to step out of your office and de-stress a bit. But getting lunch daily can slow poison your monthly expenses, even if it starts at only $10 per day. Add your lunches together, and you’ve $50 per week, which is roughly $2,600 in a year. A bit too much, isn’t it? Packing lunch wins in contrast.
While we can go on adding items to this list, the bottom line is that there are several areas where we’re splashing out money and draining our budgets. Look out for such expenses. As you cut them, you’ll notice how avoiding these small expenses can stitch up your wallet and give you a healthy budget.