He waved to the shopkeeper as he twitched his nose. One could tell that he was restless.
The shopkeeper smiled and brought out a pack of 20 for him. He was fairly regular at the store.
This friend of mine from grade school has a funny way of living. He carries a box of cigarettes and a broncho dilator with him all the time. I wish he guarded his finances better.
Like him, I have seen more than a few lost souls.
One of my previous housemates bought himself a $45,000 Mercedes right after graduating college. He hadn’t even started earning money and convinced his girlfriend to sign as a guarantor. When I met him a year later, he said that the high-interest loan and maintenance costs had created a major dent in his finances.
Often, I hear about people wastefully spending their money on fancy cars, having low incomes, or fighting with their spouses about misaligned spending on food, or partying.
The expensive car and overindulging in pleasures are a highlight reel of bad money decisions — and I’ve made my share of them. Regularly eating at the fanciest restaurants is my guilty pleasure.
Now, I have rules to manage my pleasures and few regrets.
Here are 4 wastes of money that people regularly fall for.
Micro Spending — The Slow Killer
There is a little coffee shop around the corner where I live. Each time I walk by, I notice a zig-zagging line that extends through the parking lot, inconveniencing guests at other local businesses.
Intrigued, I stopped by one day to check out their menu. Their listed prices blew my mind — $6 for a latte!
Micro spending quickly compounds over time. It is a dangerous leak in our finances that we often miss.
A few months ago, my housemate decided to stop cooking at home and “live his life”. Just the other day, he came into the living room with a horrified expression on his face — his last few credit card statements had been hovering around $4000. That’s more than twice the monthly rent he pays.
The big takeaway: maintain a balance between “living it up” and being foolish with your hard-earned money.
Buying For Status
A friend of mine is a watch nerd.
Every time I meet him, I get a ton of watch trivia thrown at me, which is cool, sometimes.
The last time we hung out, I noticed he was wearing a Rolex. Apparently, it was his second buy over $20,000 that year.
My eyes almost fell off my head.
We, humans, love to project status. It makes us feel accomplished and important. But playing the status game is a highly expensive hobby, and most of these toys lose value fast.
The very expensive Rolex is no better at showing time than a $200 Fossil watch. The latter has great models that often look equally smart.
While presenting yourself well is indeed important (this applies to men especially), it can easily be done without mindlessly throwing money for status.
Most of these adventurous spending sprees don’t provide contentment.
If you are looking for happiness, look elsewhere.
Paid Subscription of Dating Apps
I once paid $75 for a 3-month subscription plan.
The surprising part was that I didn’t get a single match that met my preferences during those 3 months.
I was inactive for a period after that. When I reactivated my account, I changed my pictures and updated my prompts.
The result? I matched with some wonderful women and even got into a long-term relationship with one.
If apps aren’t working for you (especially for men), have a friend review your profile. Fix your dressing, eat better, work out often, and have nicer photos taken. You’ll have the added bonus of improving your health.
Getting better results often means approaching the problem differently. Simply throwing money while changing nothing else might ultimately lead to more disappointment and lower your self-image.
Owning Pets Without Budgeting for Them
I know dogs are great companions but just hear me out……
The other day I saw a woman entering my overpriced apartment complex with her 2 full-grown huskies and a retriever.
Caring for a dog is like working a side hustle. I can’t imagine how this woman managed 3 at the same time.
They need their own health insurance, need a ton of your time, tend to leave a mess behind, and often gnaw at your valuables.
Not accounting for their expenses and the time you invest in caring for them could relegate your finances to the dog house.
I was chatting with a dog owner friend who returned from a 6-day vacation. She had to leave her four-legged companion at a boardinghouse. It cost her about $50 a night. That meant a whopping $300 increase in the cost of her trip.
I can’t fault you for spending the money you earned, in the way you choose. But if you do own a pet, be prudent in ensuring the costs of having your animal buddy don’t outweigh the pleasure of their company.
Final Thoughts
The ultimate say is yours.
Be smart with your money. Strike a balance between spending and being a scrooge.
And lastly, beware of throwing money at things you want to be the solution to an underlying problem.
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This post was previously published on medium.com.
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You may also like these posts on The Good Men Project:
White Fragility: Talking to White People About Racism | Escape the “Act Like a Man” Box | The Lack of Gentle Platonic Touch in Men’s Lives is a Killer | What We Talk About When We Talk About Men |
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Photo credit: Hello I’m Nik on Unsplash