How Expensive ARE You?
Do the Math. You Might be Surprised.
Of all the things you’re spending money on, which are costing you the most? You may try to save a buck here and there by buying the cheaper gas, the clearance items and the “bargain” products. But what’s the point in being so thrifty when all your hard-earned money’s going out the back end?
If you stop and calculate how much you’re spending each month on unnecessary products or habits, you’d be surprised to find out what you’re costing yourself.
Here’s a list of ten common products and services (along with estimated costs) that the average consumer pays for on a daily or weekly basis. Notice that each individual cost is reasonably cheap—but if you start doing the math, you’ll see just how quickly these things can add up.
10 Common Products and Services Paid for by Consumers Daily, Weekly, or Monthly:
1. Starbucks Coffee: $4.00
2. Fast Food Meal: $6.00
3. Energy Drink: $3.00
4. Snacks (such as chips & soda): $3.00
5. Video Rental: $1.00-$5.00
6. Chewing Gum: $1.00-$2.00
7. Ringtones/downloads: $2.00
8. Dinner Out: $20.00
9. Movie Out: 20.00
10. Carwash: $5.00
Any of these items look familiar? How much do YOU spend on products like this each day? Each Week? Each month? Let’s find out.
As an example, let’s say you work Monday through Friday, 8 a.m. to 5 p.m. And you like to spend the weekend, like most people, doing something fun or relaxing, or just treating yourself to dinner or a movie. Nothing wrong with that. But at the end of the month, here’s what that may cost you:
- Breakfast. If you have to be at work by 8 a.m., what are the chances that you have time to cook breakfast? Hopefully you have something at home you can eat on your way out. But if not, be prepared to have at least 4 bucks on you—that’s about the average cost of breakfast at any fast food joint, and you know what they say, breakfast is the most important meal of the day—and you can’t afford to miss it. Let’s just say you eat breakfast away from home 3 times a week. That’s about 12 bucks a week in fast food breakfast.
- Coffee. You can easily make your own coffee at home, but Starbucks is so much better! Besides, you’re in a hurry, remember? So shell out another 4 bucks. It’s worth it—and everyone else at work is going to have theirs. Don’t miss out. Get your Starbucks at least 3 mornings per week. That’s another 12 bucks a week in coffee.
- Gum? Yeah, the gum will help with that disgusting coffee breath, so don’t forget it. In fact, have you noticed how many people keep gum or breath mints in the car or the office or toolbox? If you’re gonna be talking to other humans, you’re not going to want to offend them with bad breath, so keep some gum on hand at all times. You might need up to 3 packs a week. Another 6 bucks a week.
- Lunch. Ok, your morning was a big rush. You had to stop for an Egg McMuffin, you had to get your coffee and your gum, and all in time to clock in at 8. So you obviously didn’t have time to pack a lunch. A fast food meal will only run you about 6 bucks, so it should be no problem. Do this about 3 times a week as well. 18 bucks.
- Snack. Finally, the workday is over. But it’s been hours since you last ate, you’re feeling hungry, but you’ve got things to do. So get yourself a snack. It should only cost you about 3 bucks for a bag of chips and a soda, some cookies and milk or a Snickers and Redbull. 3 good snacks a week should be plenty. 9 more bucks in snacks.
- Carwash. You were able to save some time today by going through the drive through twice and eating a quick snack after work. You have time to spare for a carwash, and it’s only about 5 dollars. Some people do this as often as once a week. Why should you be any different? Weekly carwash: 5 bucks.
- Weekend Fun. You made it through another week! And what have you been so anxious to do with your free time? Besides the usual cleaning, laundry and errands, weekends are for fun, and family, and friends. Why not go out to dinner? See a movie. Download a new ringtone for 2 bucks. Have a good time. A movie these days will cost you close to 20 bucks per person (I know, unbelievable) and count out another 20 or so for dinner. It’s worth it. The weekend is supposed to be enjoyable. And you can afford to have fun at least twice a month, right? 2 movies, 2 dinners and a new ringtone each month will cost you about 80 dollars.
How Much Did All of This Cost?
Well, you made it through another month. You stuck to your budget, you earned more money, and you even managed to have a good time. But if you add up everything you spent in unnecessary items and habits, what’s the actual damage?
$328.00.
That’s just a month’s worth of average spending. And this figure is based on buying many these items only part of the week. If you buy the fast food, coffee and snacks everyday—which many people do—this would, alone, cost you about $475.00. And just for fun, let’s add in the average cost of cigarettes: at 5 dollars a pack , one pack a day, the grand total is $625.00.
These, of course, are just estimated calculations. But if you’re spending habits are anything similar to these, you can see how much it’s costing you. Do the math. Add everything up. Find out exactly how much you’re spending and what you’re spending it on. You might just decide it’s time to re-write your budget!
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