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    Home»Personal Finance»58% of Americans Barely Making Ends Meet: Here’s What NOT to Spend Your Money On
    Personal Finance

    58% of Americans Barely Making Ends Meet: Here’s What NOT to Spend Your Money On

    Steve AdcockBy Steve AdcockDecember 12, 20234 Mins Read
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    In today’s world, where money seems to slip through our fingers like sand, many people find themselves just scraping by each month. With budgets stretched thin, being wise about where our dollars go becomes crucial.

    This piece highlights the common pitfalls in spending that often go unnoticed, offering practical advice on what to avoid to keep your financial boat afloat. Whether you’re a student pinching pennies or a family trying to balance the books, these insights can help you navigate the tricky waters of managing money in challenging times.

    Impulse Buying and Shopping Sprees

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    Cut back on entertainment expenses, such as going to movies, concerts, or sporting events. Look for free or low-cost alternatives in your community, like outdoor movie nights or local festivals.

    Brand Loyalty

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    While brand loyalty is admirable, it can also be costly. Consider trying generic or store-brand products, which are often just as good as name brands but come at a lower price.

    Restaurants

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    One of the most common ways people overspend is by dining out regularly. Restaurant meals can quickly drain your wallet, so try cooking at home more often. Preparing your meals saves money and allows you to make healthier food choices.

    Unused Subscriptions

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    Review your subscriptions to streaming services, magazines, or gym memberships. If you’re not using them frequently, it’s time to cancel or downgrade to a more affordable plan. Every dollar saved counts.

    Impulse Shopping

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    Avoid impulsive purchases. Before buying something, ask yourself whether it’s necessary or want. Create a shopping list and stick to it to curb unnecessary spending.

    High-Interest Debt

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    If you have high-interest credit card debt, pay it off immediately. The interest charges on these debts can be a significant financial burden, so allocate extra funds toward reducing them.

    Cable TV

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    Cable TV can be expensive, and with the rise of streaming services, you might find that you can get the content you want for less money. Consider cutting the cord and opting for a more affordable streaming service.

    Frequent Coffee Shop Visits

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    Those daily trips to the coffee shop for a latte or cappuccino add up quickly. Brew your coffee at home and take it with you to save money over time.

    Unused Gym Memberships

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    If you have a gym membership but rarely use it, it’s time to evaluate whether it’s worth the expense. You can explore free or lower-cost fitness options like home workouts or outdoor activities.

    Buying Lunch at Work

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    Purchasing lunch every day at work can be expensive. Plan and pack your meals to save money. You’ll cut costs and have better control over your nutrition.

    Overpriced Cell Phone Plans

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    Review your cell phone plan and consider switching to a more affordable option. Many carriers offer budget-friendly plans that still provide the coverage you need.

    Unused Subscriptions

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    Evaluate all your subscriptions, including magazines, streaming services, and apps. Cancel the ones you don’t use regularly or find lower-cost alternatives.

    High-Interest Loans

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    If you have high-interest loans, like payday or personal loans with exorbitant interest rates, prioritize paying them off to avoid further financial strain.

    Unnecessary Insurance Coverage

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    Review your insurance policies and see if you’re overinsured or have duplicate coverage. Adjust your insurance plans to match your actual needs.

    Unplanned Online Shopping

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    Online shopping can be convenient, but it’s easy to overspend when you’re just a click away from making a purchase. Implement a waiting period before buying anything online to help curb impulse purchases.

    Costly Commuting

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    If you have a long and expensive commute, explore ways to reduce the costs. Consider carpooling, public transportation, or even working from home if your job allows it.

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    Steve Adcock
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    Steve Adcock quit his job after achieving financial independence at 35 and writes about the habits millionaires use to build wealth and get into the best shape of their lives. As a regular contributor to The Ladders, CBS MarketWatch, and CNBC, Steve maintains a rare and exclusive voice as a career expert, consistently offering actionable counseling to thousands of readers who want to level up their lives, careers, and freedom. Steve lives in a 100% off-grid solar home in the middle of the Arizona desert and writes on his own website at MillionaireHabits.us.

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