You Spend Too Much on Convenience
How much money do you spend every month? Have you ever counted it, or are you just groaning at the impulse purchases that add up to your bank statement?
The Ascent from Motley Fool surveyed 1,015 people about their spending habits. Their average estimate of how much money they waste each month? USD 139.
Seventy-nine percent of those surveyed said they spent more money than they should. Respondents agreed that paying excessive or unnecessary fees or interest is an obvious waste of money; the same thing happens with impulse buying and buying things that you already have.
But when people discussed their own spending habits, it turns out that they were making a variety of options that could be considered wasteful. Throwing away leftovers or expired food was a major crime. It was the same with buying fast food, spending too much on drinks, and buying impulses.
Why are we wasting money? The poll says: desire.
“I really wanted something” is the most frequently cited reason for wasteful spending. In second place is convenience, in third – “so that I feel good.”
But more than half of respondents said they regretted their wasteful spending, indicating that our excuse at this point could quickly fade away.
Compare that to another recent poll that found that Americans make an average of five impulse purchases per month, costing them $ 109. The survey also noted that 58% of respondents believe that there are other important things that they cannot afford, such as saving for retirement.
How to deal with waste
I’m not here to rate your purchases. But if your survey spending habits tell you, we surely have tips to help you get better.
If you want to spend less on food to go
Make a meal plan that works for you . Meal planning doesn’t mean you have to spend all of Sunday planning menus, grocery shopping, and preparing meals that will last the entire week. Even a simple look ahead of your calendar can help you figure out when it makes sense to turn to your favorite convenience options.
If you end up regretting impulse purchases
If your shopping motto is “I see, I like it, I want it, I got it,” soften it with one of our impulse containment methods. I prefer to wait 24 hours before buying unplanned items that cost over $ 25.
If your panel tabs terrify you
Spending too much on delicious cocktails? So do I. Try to stick with cash the next time you go to happy hour.
If influencers make you feel bad
Remember, taking care of yourself is what makes you feel good, and you don’t have to spend all your discretionary funds on bath bombs. We have tons of free self-care ideas for you to try something new.