Save Money By Avoiding Stinking Debt

Tuesday, February 21, 2012, 2:00 AM | Leave Comment

On this blog, we always think about personal finances – the good, the bad and the ugly. By avoiding certain things in your everyday life, will you be able to save money? I am watching TV right now and in one of the commercials, the advertiser says “the choice is your.” Is it really a choice to save and not completely spend your paycheck before the week or the month is over no matter how small that saving is?

The important thing seems to be whether or not we try to save. That brings about the same old mantra of this blog. Does our mindset lead us to completely spend and then borrow and be in debt – sometimes for the rest of our lives?

Alternatively, we all can try to be debt free and live a “free” life for the rest of the time that each one of us has on this earth and perhaps leave something of importance to our kids.

The following items can save you money by not doing them. I am not saying they are complete money wasters but you sure can live without them and save money in the process.

People who have spent in a couple of these endeavors and perhaps made money are in minority – maybe less than 1%. The rest, I suggest, are wasting money by doing them and you would save money by avoiding them.

  • Gambling

    One in a million, probably, wins. The rest always give free money to the house for false sense of having fun. Besides, it is addictive. Once you get into the trap of having a good time by gambling, it’s hard to get out unless you get professional help. Save your money by avoiding gambling.

  • Lottery tickets

    In Massachusetts, a few years ago, its Treasury Secretary, in one of the Mass lottery advertisements, would incite people to buy the tickets but at the end of the commercial, he would say something like “you all know its gambling, right?” And that’s what it is, gambling. Unless you are that one in a million person to win it big, save your money by avoiding lottery.

  • Eating out

    Eating out is fun, but once in a while. Every day is a waste of money. You spend, on average, about four times as much eating out as you would at home. So do the math, and save your money by avoiding eating out.

  • Smoking

    Besides its health problems, it has huge financial negative on your pocket as well. Have you seen the price of cigarettes lately? Is it really worth it? Save your health and save your money by avoiding smoking.

  • Impulse buying

    I have written other posts about this issue. Just restrain yourself. There is always tomorrow. Postpone it, delay it. Do something else but don’t go on impulse buying and save your money by avoiding impulse buying.

Planning for retirement is never easy. Talk to a wealth management advisor that specializes in helping people with Virginia wealth planning.

In a Nutshell
Many folks have problems, issues and concerns with the stinking debt that I described above. Try to keep control over your wishes and worry about fulfilling your needs of living a debt-free life.

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