Is This Really What You Want to Spend Your Money On?
There's never been a better time to save money.
Things may be picking up a little, but our recent recession has revealed much about our concerns with public welfare, job security and financial needs.
Surprisingly, the majority of Americans continue to overspend.
In a time when a penny saved truly is a penny earned, we should be more concerned with frivolous spending than ever before.
But many of us still aren't seeing the light.
Let's take a look at some of the main things over-spenders are indulging in and see if we can't find a sense of reason amidst the many temptations we're facing each day.
Gambling Casinos can be a great way to get out and have a good time.
And if you can spare a few bucks for a night on the slots or game of cards, then have at it.
But for many people, gambling is more than just a pastime- it's a necessity.
And that's where the fun ends.
More and more people are being introduced to the thrill of gambling, and more and more money is being surrendered to slot machines, poker tables and sports betting.
According to recent studies, about 46% of American adults gamble in casinos, resulting in gambling costs that exceed $90 billion a year.
And for an economy that's literally struggling to find a foothold, that's quite a disappointment-and almost tragic.
Many of our gamblers are retired senior citizens who live solely off of social security, savings and pension funds.
And more yet are young adults with low-incomes or other financial hardships.
But to so many Americans, the excitement of taking risks or the simple escapism offered by gambling outweighs the importance of financial responsibility.
Of course, like most dependencies, gambling can easily lead to stress, depression and financial ruin.
Is this really what you want to spend your money on? Bad Habits and Daily Routines This is one that the majority of Americans can relate to in some way.
If you were to calculate everything you spend on either coffee, cigarettes or fast food each year (for many people, all three) you might wonder why you choose to afford it.
A pack-a-day smoker averages about 150 to 180 bucks in smoking expenses each month.
If you eat fast food on a daily basis you're looking at anywhere from $150 to $200 a month just to feed yourself.
And that daily cup of Starbucks can easily run you about $120 to $150 every 30 days.
Overall, Americans spend close to $150 billion on fast food, almost $80 billion on cigarettes, and around $18 billion on coffee each year.
Why? Obesity is one of the leading causes of premature deaths in the US, killing over 300,000 people a year.
Smoking causes more than 11 kinds of cancers in addition chronic lung diseases, coronary and cardiovascular diseases, birth defects and infant deaths, and kills almost a half-million smokers annually.
Again, is this really what you want to spend your money on? High Living Standards Let's face it.
No wants to think of themselves as poor or low-income.
But if that's what you happen to be then it's important that you budget your money accordingly.
More than 13 million American families have incomes that fall below the federal poverty level.
These families regularly have difficulty making ends meet even if they work full-time.
In these kinds of situations, knowing where you stand financially is critical.
Many low-income families suffer additional hardships by attempting to keep up the middle and upper classes.
Expenditures on dining out, name-brand products, cell phone, internet and cable TV packages, video rentals and other forms of entertainment will most definitely make hard times even harder.
These kinds of things may not be much to ask for, and everyone wants to provide them for their families.
But if it happens to be living beyond your means, then it's time to revamp your spending policies and focus more on living necessities and family security than comfort.
Americans spend somewhere around $40 billion dollars a year on entertainment and simple leisure.
When we're facing such high poverty levels, record unemployment numbers and such acute economic strain, I ask you: Is this reallywhat you want to spend your money on? It Pays to Save If the US as a whole refrained from spending money on fast food, cigarettes, coffee, gambling and entertainment, it would save (or "earn") somewhere around $400 billion dollars per year.
At that rate, if these savings were applied to the US $13 trillion deficit, it would only take about 30 years to pay it off.
That's the typical life of a mortgage loan.
Of course, that's not likely to happen.
But if cutting out unnecessary spending can do that much for an entire country, think of how much it can do for just you and your family.
Things may be picking up a little, but our recent recession has revealed much about our concerns with public welfare, job security and financial needs.
Surprisingly, the majority of Americans continue to overspend.
In a time when a penny saved truly is a penny earned, we should be more concerned with frivolous spending than ever before.
But many of us still aren't seeing the light.
Let's take a look at some of the main things over-spenders are indulging in and see if we can't find a sense of reason amidst the many temptations we're facing each day.
Gambling Casinos can be a great way to get out and have a good time.
And if you can spare a few bucks for a night on the slots or game of cards, then have at it.
But for many people, gambling is more than just a pastime- it's a necessity.
And that's where the fun ends.
More and more people are being introduced to the thrill of gambling, and more and more money is being surrendered to slot machines, poker tables and sports betting.
According to recent studies, about 46% of American adults gamble in casinos, resulting in gambling costs that exceed $90 billion a year.
And for an economy that's literally struggling to find a foothold, that's quite a disappointment-and almost tragic.
Many of our gamblers are retired senior citizens who live solely off of social security, savings and pension funds.
And more yet are young adults with low-incomes or other financial hardships.
But to so many Americans, the excitement of taking risks or the simple escapism offered by gambling outweighs the importance of financial responsibility.
Of course, like most dependencies, gambling can easily lead to stress, depression and financial ruin.
Is this really what you want to spend your money on? Bad Habits and Daily Routines This is one that the majority of Americans can relate to in some way.
If you were to calculate everything you spend on either coffee, cigarettes or fast food each year (for many people, all three) you might wonder why you choose to afford it.
A pack-a-day smoker averages about 150 to 180 bucks in smoking expenses each month.
If you eat fast food on a daily basis you're looking at anywhere from $150 to $200 a month just to feed yourself.
And that daily cup of Starbucks can easily run you about $120 to $150 every 30 days.
Overall, Americans spend close to $150 billion on fast food, almost $80 billion on cigarettes, and around $18 billion on coffee each year.
Why? Obesity is one of the leading causes of premature deaths in the US, killing over 300,000 people a year.
Smoking causes more than 11 kinds of cancers in addition chronic lung diseases, coronary and cardiovascular diseases, birth defects and infant deaths, and kills almost a half-million smokers annually.
Again, is this really what you want to spend your money on? High Living Standards Let's face it.
No wants to think of themselves as poor or low-income.
But if that's what you happen to be then it's important that you budget your money accordingly.
More than 13 million American families have incomes that fall below the federal poverty level.
These families regularly have difficulty making ends meet even if they work full-time.
In these kinds of situations, knowing where you stand financially is critical.
Many low-income families suffer additional hardships by attempting to keep up the middle and upper classes.
Expenditures on dining out, name-brand products, cell phone, internet and cable TV packages, video rentals and other forms of entertainment will most definitely make hard times even harder.
These kinds of things may not be much to ask for, and everyone wants to provide them for their families.
But if it happens to be living beyond your means, then it's time to revamp your spending policies and focus more on living necessities and family security than comfort.
Americans spend somewhere around $40 billion dollars a year on entertainment and simple leisure.
When we're facing such high poverty levels, record unemployment numbers and such acute economic strain, I ask you: Is this reallywhat you want to spend your money on? It Pays to Save If the US as a whole refrained from spending money on fast food, cigarettes, coffee, gambling and entertainment, it would save (or "earn") somewhere around $400 billion dollars per year.
At that rate, if these savings were applied to the US $13 trillion deficit, it would only take about 30 years to pay it off.
That's the typical life of a mortgage loan.
Of course, that's not likely to happen.
But if cutting out unnecessary spending can do that much for an entire country, think of how much it can do for just you and your family.
Source...