Where Does Your Money Go?
68Let Me Count the Ways...
Plugging the Money Leak
So, now that you know where your money is going, want some ideas on how to fix it?
Start by keeping on tabs on where and how you spend your cash. Sounds like a pain? It is, but you'll be ever so financially thankful for it when you're done. If you spend $3 on chips and a soda when you stop for gas, note that expense (as well as the fuel). Mark it down everytime you buy a magazine, a new shirt or even two tacos off the value menu.
Once you know exactly where your money is going, you can start to plug the leak. Simple things like taking your lunch from home instead of going out can make a huge difference in your bottom line. Can't live without your favorite mags every month? Subscribe. You'll save at least half of what you'd pay for cover price off the shelf.
When you can, buy in bulk. Wholesale clubs like Sam's offer great savings when you average your dollars to the amount of goods you're getting. Obviously, you don't want to buy 100 pounds of ground beef, but a case of canned goods or a jumbo three-pack of spaghetti sauce isn't such a bad idea. Look for things that have a long shelf life and that are easy to break down into smaller, normal portions. Then you can simply store the rest.
Watch for sales. Everyone has them, from the linens and clothing you buy at the mall to the Dollar Days at your favorite grocery stores. And since we're talking about discounts, here's a tip just for the girls: buy your bras at Victoria Secret. They have two blow-out sales every year and you can get your quality lingerie at about half the price. Yes, you could just go pay $10 bucks for a cheapie one somewhere else, but it won't last as long and you'll end up paying more to keep replacing it.
Mail in your rebates. Stores do the rebate gig for a reason: most people don't want to bother making all the silly copies, sending it in and then waiting 6 to 8 weeks for the cash. But you're throwing away your money if you don't. $5 here, $10 there... it all adds up. And because you have to wait so long to get your rebate, chances are you'll forget about it and it will be a nice surprise when the check shows up in the mail.
Get free checking. If you're still paying to have a checking account, stop it! Everyone offers free checking in some form or fashion and if your bank doesn't, its time to consider changing.
And the winners are...
- Fast food - A taco here... a burger there... fast food can easily deplete your income before you can say "I'd like fries with that". Figure $7 to $10 bucks a pop or at least $3 to $5 if you order off the value menu. Doesn't sound like a ton, does it? But multiply that $5 bucks times say... what? three or four times a week? You're spending $80 a month just to go greasy.
- Restaurants - No, restaurants don't fall into the same category as fast food and I'll tell you why. Fast food nicke and dimes you to death while restaurants get you in one big pop. And if you like to eat out on a regular basis, those "pops" add up quick. At $60 bucks a dinner (which is hugely conservative if you're going somewhere nice), you can easily spend over $300 a month just by eating out.
- Friday nights - Or Saturday nights as the case may be. If you go out dancing, drinking and/or clubbing with friends, you can easily drop $100 bucks in a matter of hours.
- Convenience Stores - Candy, Icees, magazines, chips... the list just goes on and on. Convenience stores are easy to get in and out of but that's where the convenience stops. Don't be swayed by all the goodies stocked near the registers.
- Grocery stores - Those magazines, batteries and $1 toys are put near the checkout lines for a reason - while you're waiting your turn, you're more likely to browse. If you go in to buy milk and bread, be sure you come out with only milk and bread. And here's another tip: never go grocery shopping when you're hungry.
- Gas - How much do you spend on gas every week? With the consistent high prices of gasoline these days, we need to take steps to improve our mileage. How? Plan your errands so that you make one big loop instead of backtracking all over town. Clean out your car so that you're not using extra gas to tote around a bunch of junk. And if at all possible, walk or ride a bike. Its good for you and your gas mileage.
- Ebay - I'm the first to admit it... I love eBay. You can find anything and everything you want in an auction somewhere. Unfortunately, this kind of adrenaline shopping can quickly become addicting so stay conservative and shop sparingly.
- Gambling - Online gambling sites have become quite popular and while they're fun, you can lose your shirt just as quickly as if you were really in Vegas. Be careful and know your limits.
- Junk Food - I know I seem to be stuck on food here, but junk food is a quick way to blow some cash. And here's the catch: you'll get your quick fix, but you'll be hungry again in about an hour.
- Department Stores - Whether its a Kohl's, Target, Wal-Mart or whatever... these big "all-inclusive" department stores make it hard to say no. But just remember: while those door beads might just be $9.95, that can quickly add up so pay attention to how much you're really spending.
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