WASTE LAND: Spending money unnecessarily is root of all budgeting woes

Posted By: Matt in Budget on 04/07/2014 at 07:03:11

Who doesn't love a lavish spending spree, or the feeling of buying something really expensive that is more sumptuousness than necessity·

Those types of purchases probably should be reserved for those who have the expendable income to do so or if you're in the midst of a financial windfall that allows you to spend freely for a short period of time and hopefully using what's left to save and invest properly.

But for the rest of the population, most spending is tracked specifically, down to the last dollar and if a particular buy doesn't make sense, then you simply exact good judgment and pass accordingly. Most people, however, can't employ that type of restraint when it comes to spending, which leads to buying what you don't need and wasting money on products, items or services that you easily could live without.

Some of these so called wastes of money aren't necessarily a speed boat you've had your eye on or that sports car that beckons to you from the window of the dealership. These expenses deemed incredibly uneconomical could be a daily expense like overpriced coffee that tips the scale at $5 or $6 per cup or bottled water at $5 per case, when a filter system would suffice.

Big ticket items also aren't absolved of blame as far as being inefficient purchases, such as a new car or clothing that is deemed designer. The latter is often referred to as anything from ridiculous to a flat out scam. The word "designer" often is marketed as meaning better quality and remarkably fashionable in comparison to other clothing that doesn't carry that advertising tag line.

Most of the time, you can swap the higher priced, stylish clothing that carries a budget crushing price and find something suitable or identical for less at a department store. Taking the time to actually shop around, rather than buy off the rack, often is the difference between throwing money away and being able to have at least few bucks left over at the end of the day.

As for the car, that 2014 sticker price could easily be $5,000 or $10,000 more than the cost of a vehicle that is only a year or two older. The mark up on a new vehicle is highway robbery in some instances, and the consumer who doesn't need the latest and newest model is the one who carries a five or six year car payment that saves them roughly $6,000 in that time period.

Who says you can't have what you want, and still have money left over· If you simply take an honest and frugal approach to spending money wisely on the items you have deemed luxurious, you'll have the best of both words: money in the bank and products previously thought to be unattainable.

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