ST. CROIX INSIGHTS
Dumb Ways We Spend Money
BY BRETT ANDERSON/ST.CROIX ADVISORS, LLC
Have you ever thought about some of the dumb ways we spend money?
At the risk of embarrassing myself, here are a few of mine:
- Cable TV (even though nothing good is ever on)
- Cell phone plan (even though I hate always being connected)
- Bottled water (even though I finally purchased a reverse-osmosis system for my house)
- The occasional impulse buy when I see something on sale (even though I don’t need it)
The list goes on!
One overlooked (but still dumb) way we spend money is all those monthly recurring payments. They can accumulate quickly, almost without our notice, but the individual charges are small enough where we’re never actually triggered to cancel them.
Microsoft: $10. Dropbox: $10. Netflix: $10. Gym membership: $40.00 (“but I’ll go someday, so I’d better keep paying”). It’s not the mortgage or car payment that gets us; it’s these nickel-and-dime amounts that really start to add up.
Maybe it’s time to tally up all the dumb ways we spend money and consider dropping a few unused or unnecessary subscriptions from our monthly expenses. After all, when it comes to making smart financial decisions for our future, every little bit helps.
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Ask yourself- can my portfolio support my lifestyle in my retirement?