Here’s Why Spending Small Money Is Keeping You Broke

February 21, 2020 215 views

A Collection of Resources Related to Your Spending Habits

When it comes to spending, it’s not so much the big-ticket items that throw off your budget —it’s the little things that add up.

Here’s my reasoning. 

The majority of people make big purchases once in a while. When they make those purchases, they need to arrange financing; for example, a new vehicle, home, renovation, college, etc.

It’s the small daily purchases we don’t plan for or really think about that make a difference. You do a little shopping, you see a couple of things — oh I’ll pick up that magazine. Oh yeah, they have these shoes on sale. Let me pick up this new phone cable — I like the color, and it’s only a few bucks. What are a few bucks, right?

You walk out of the store, and you have just spent a quarter of the monthly car payment.

Make this little shopping trip once a week, and you have spent the car payment — and what do you have to show for it? Probably nothing.

I find spending on the small stuff is where a lot of your monthly expenses go because there is no budget for the small spending. That’s why sometimes you wonder where all the money went at the end of the month.

Another important point is you don’t put any thought into small purchases — it’s only a few bucks.

Well, my friend, you can do a simple exercise that can change your finances.

Make a list of every purchase you make that’s not in the budget, and at the end of the month add it up.

This will be an eye-opener.

Either you’ll give yourself a pat on the back for managing your money well, or you’ll give yourself a slap in the face as a wake-up call.

Your list will contain anything you buy you don’t have in your budget.

For example:

      • Coffee
      • Lunch
      • Donuts
      • Candy bars
      • Trips to the corner store
      • Things you pick up while you’re at your favorite store or online site.
      • Etc.

I once heard a recorded seminar many years back about investing and money management. The speaker was talking to a large audience about if you start early in life and save a few bucks every day that you can have over a million dollars in your retirement fund. One lady screamed out, “my latte is costing me a million dollars?!”

Your spending habits need to be managed every day.

Friends, I have made a lot of money in my life. I have come into a lot of money easily, and I have lost a lot of money. I have come close to bankruptcy, and I have lived without an income, and I have struggled with working and earning an income that was not enough to cover the basics. So when it comes to money, I have been around the block a few times.

Big breaks don’t come around a lot. When they do, seize the moment and control your spending.

When you’re making large purchases, do your research. Don’t rush into anything. If you’re buying that new car . . . sure, you want it . . . but do you want the payment that comes with it for the next three to seven years? And after the seven years, it’s not worth much.

Pay attention to the purchases you make.  Never try to live above your means; life will be much more enjoyable.

In a closing note, two guys were talking about how their friend Jimmy was having financial difficulties and about to lose his house.

One of the friends asked how could Jimmy be going bankrupt when he makes $7,500 every month. The other friend laughed out loud and said, “oh, that’s easy — he spends $12,500 a month.”

Friends, it’s not how much money you make — it’s how good you manage your money!

That’s the way I see it.
Acey Gaspard

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