Do you ever stop and look at your household expenses? I mean really sit down in front of your online banking statement and stare at what you pay for each month? I'm sure you don't. Because if you did, you'd realize pretty quickly how you and your money became separated on things that you really didn't need.
And I'm not talking about vacations, or grocery shopping, or other basic necessities. I'm talking about the extras. You know the extras.
Some of you are married to TECHNO-HEADS that have to have the latest Apple i-anything, or a 3-D television, the new Wii, or the Audi with the backup camera that also drives for you like a player piano. We all know this type. They have to be the first in their neighborhoods or in their buildings to showcase the latest products. And they must have the fastest internet, the most channels, and the highest bars on their phones. It's harmless, really. Unless of course, you have other bills to pay.
I don't want to stereotype this group, but they have a tendency to be male. So, to be fair, the females gravitate towards another category of wasteful spending. HOME IMPROVEMENT. Are you one of these? For some reason, despite the fact that the house looks good and seemingly has all the necessities, something's just.....missing. They can't put their fingers on it, but it could mean a new couch, a brighter chandelier, new carpeting, expanding over the garage, a new vanity in the bathroom, a mattress, or the seemingly obvious need for a bay window. Therefore, the house is never done. And therefore, you, can never retire.
Now, why stop with the parents? Let's get the kids in on the act. When our kids are really young they don't know the difference between mediocre and great. So, their cribs, clothes, furniture, and toys are really about you, the parents. Somewhere around 6, that all changes. They go to school, and begin to see the difference between Target and Neiman Marcus. And this will typically last until they get their first jobs. Sneakers, clothes, phones, computers need to be uniform with the cool kids, otherwise, they won't "fit in." And what kind of parents would we be if we bought our kids a Nokia phone, New Balance, or a Dell? Shame on us. And more wasteful spending.
Then, I pause and think about what my parents went through. What kind of expenses did they have? First, we didn't even have cable right away. I remember how jealous I was of the families that paid for something called Home Box Office and WHT (Wometco Home Theater). Eventually we caved, but it was pennies compared with today. When we wanted to make a phone call, we used a rotary phone or eventually a push button. But nobody had cell phones.
I needed to write papers for school, so I used a typewriter, and then something called a word processor. It took years before getting my first computer. There weren't fancy laptops, or mobile devices. If I wanted to read a book, I'd wait for the paperback, and spend a few bucks. We didn't have Kindles and Nooks where the temptation to read 3 books at once is overwhelming.
If we were short on things to do, we took a drive. Gas wasn't $4 a gallon, so we could go anywhere. We didn't have a Garmin, so we'd just drive, occasionally taking out a paper map or something the AAA called a Trip-tik. Most of these were free.
If I needed information, I'd go the library. I'd sift through old newspaper articles on microfiche, and I was lucky enough to have an encyclopedia, I'd research at home. By the way, that was a one time expense, and not a monthly subscription like high speed internet service.
Needless to say, we all had fewer expenses just one generation ago. This doesn't even take education into account. We all want the best for our kids as early as pre-school. We pay for private schools, tutors, trainers, and anyone who can place our kids in the best position to attend the most prestigious college. You know, the one that costs 50K a year.
So with so many more things to pay for, why do we through so much away? Simple. You're either one of two kinds of people:
1- One that keeps up with the Joneses
2- One that thinks "you only live once"
And that's OK. But just think of where else your money could go, if you just cut back a little. Look at your expense report.
Where's your waste?
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