Spilling the Tea on Five Things I Don’t Spend Money On

 

Dear Financial Family, 

Today I am going to talk to you about five things that I don’t spend money on. (Spend less, invest more.)

But first…Have I told you how proud I am of you? I am.

You have made it through the pandemic, and you are still focused on how to move ahead. The fact that you are reading this letter shows that you care about your future and are looking to learn more about how to make your life even better. 

During your efforts to make your future even better, have you ever wondered where to get more money from to pay off your bills faster? Maybe you have debt that needs to be paid off. Perhaps you need to save for your emergency fund. Or, maybe you need more money so that you can start investing. Well, one way to have more money for those things is to spend less. Today, I am going to share five things that I don’t spend money on (and therefore save money.)

Five Things I Don’t Spend Money On

#1 of things I don’t spend money on: Wine and Other Alcohol

Alcohol is one of those things that many people enjoy. Interestingly enough, I know people who commonly talk about being short on funds, who still buy and drink alcohol. But alcohol is expensive, particularly if you buy it at restaurants. According to the Statista website, Americans drink on average, the equivalent of 1% of their gross income per year. Ugh!

Why I Don’t Drink Alcohol

One of the reasons that I don’t drink is that I like to be fully present when I am experiencing something. I remember the experience better, when I am substance-free. Furthermore, some people are known to make alcohol induced purchases, which further uses up your precious financial resources. In fact, according to Hello Sunday Morning,  “79% of alcohol users have made at least one alcohol fueled purchase online, with the average yearly spending an eye-watering $444 in a year!”

So, if I were to drink alcohol, it would at least be at home, where it is less expensive than outside establishments, and I’d keep it to a minimum, so that I would not be inclined to order that designer handbag that I’ve been eyeing or a trip to Greece! 

#2 Expensive sneakers

Okay. There is no denying that some expensive sneakers look great. But, is it worth it to put that much money into something that is literally being used to walk all over the filthy streets? I think not.  I learned my lesson many years ago, about putting a lot of money into something that is going to be on the floor, and on the ground.

Ouch!

The setting was an art museum in a large city (a top 10 largest in the U.S.), and I was attending an exclusive after-hours event. I was wearing a gorgeous pair of designer shoes. During the beginning of the evening, I was beaming from the compliments that I received for my outfit and shoes. 

Coincidentally, the district attorney for that city was in attendance. I had been an admirer of this man. But, this man, who is reportedly six feet 1 inch tall, stepped on my foot. It was painful. Since, I did not receive an apology, It was extra painful. To add insult to injury, later in the evening, I realized that he had damaged the leather on my expensive shoe. After that experience, I vowed, never again, to put that much money into something that I am going to wear on my feet. Now, don’t get me wrong, I want quality for my shoes and sneakers. I just don’t want expensive. So, No expensive sneakers for me. 

#3 New Cars

I know…that new car, with the gorgeous lines, new features, and shiny beautiful finish is attractive.  But, I don’t buy new cars. Let me explain why. First, as soon as I drive the car off the lot, it becomes a used car. As a result, it depreciates as soon as you drive it off the lot. According to Ramseys Solutions, a new car loses between 9 and 11% as soon as you drive it off the lot.

Think about that!

What other thing would you want to buy knowing that right after you take ownership, the value will drop by approximately 10%? The second reason that I don’t buy new cars is because they cost a lot more than new cars. The last pre-owned car that I bought cost $20,000 less than the new version, and it had low mileage. The third reason that I don’t buy new cars is that the insurance is higher on new cars than it is on pre-owned cars. So, I only buy certified pre-owned cars. 

#4 Gambling

Why would I think that I can make money off a casino. There is a saying about casinos, “The house always wins.”  Casinos are in business to make money, not give it away. So, you better believe that the casinos are taking people’s money. 

Furthermore, I try to avoid things that are known to cause problems with addiction. Not only can gambling make you poor. But, according to the Mental Health Foundation, gamling addiction is associated with causing stress, anxiety, and depression. I don’t have a problem with addiction. But, why chance it? (I’m sure that people who have addictions weren’t thinking that they would develop their addictions before they had them.)  

So, when I want to give money away, I donate it. (Now, that makes me happy!)

#5 of things I don’t spend money on:Tea from Restaurants

You know that I love, love, love tea. It is a delicious beverage (plus it’s healthy!)  But, if I drink tea in one of my favorite cafes, the cost for a cup of tea is $3.21 even more if you tip.)  That is a lot of money for a cup of leaves steeped in hot water. But, even the top quality teas don’t cost that much when made at home. 

So, there you have it…5 things that I don’t spend money on. 

What do you refuse to spend money on? Let me know in the comments. 

Well, I’m off to enjoy a nice cup of tangerine white tea. 

If you found this information helpful

If you found this information helpful or inspiring in any way, please share this post with someone else, and follow my blog. This helps me know that I am sharing something that you value, and inspires me to write more. 

Keep working to make things better for yourself. Remember, no one is coming to save you. You need to do what is necessary to take care of your future and the future of your loved ones. 

Hugs, 

Rich Mom

If you want to check out the gambling article by The Mental Health Foundation, it can be found here: https://www.mentalhealth.org.uk/explore-mental-health/a-z-topics/gambling-and-mental-health

If you want to check out the Hello Sunday Morning blog about how much money you can save by giving up alcohol, you can find it here: https://hellosundaymorning.org/2019/07/30/much-money-can-save-not-drinking/

Wondering About Rich Mom? 

If you stumbled upon this post and you are wondering who I am: I am a tea lover and a mother to a young adult. I have majors and degrees in business, economics, and education, and I am passionate about financial literacy and personal finance. I am worried about the future of young adults who are often being burdened by massive student loan debt, but at the same time have never been taught about financial literacy. 

So many people work, forever living just paycheck to paycheck, never understanding the pattern that would make their lives easier. My goal with my blog is to inspire those ages 30 and under to become more financially literate, become financially independent, and be able to live a healthy (mentally and physically), happy, generous life, in which you can help others do the same. But remember, my blog is intended to inspire, but not as investment advice. 

I am not an investment advisor. Always do your own due diligence and research before investing. Check with your own investment advisor. 

Also remember that past performance is not a guarantee of future performance.