BLOG – Are we spending money on ridiculous things? (1 minute read)

This morning on Sunrise, breakfast TV host Kochie said that the average Australian spends more money on alcohol each week than they do on electricity and gas. Co-hosts asked how much money is spent on ridiculous things.

Americans spend $1.2 trillion each year on goods and services they don’t absolutely need, including spending US$350 million on pet Halloween costumes.

So, are we spending money on ridiculous things?

Research reveals that 8 out of 10 people don’t know what they spend their money on. They have absolutely no idea how much money they spend each day, week, fortnight, month or year.

Money management, budgeting and saving money are habitual. It’s an entrenched habit. Once you start – if you do it right – you just keep on going. You never stop!

I challenge YOU to keep a list of everything you spend for one whole week. Grab a piece of paper, make 7 columns on the piece of paper (one column for each day of the week) and then write down what you buy each day – include the cost of the item and how you paid e.g. cash or card. It’s a fun and fascinating way to see how you spend your money and where the money goes!
Are you spending money on ridiculous things?

Until next time…

I’m Rachel Smith and I’m Underspent. I didn’t buy anything new or 2nd hand in 2014 and saved $52,680 (38% of my salary). I quit impulse shopping and saved my money. I changed my spending and transformed my savings. It started as a lifestyle experiment, but it changed my life, so I kept on going. I’m the Author of Underspent and I’m teaching people how to break the habit of impulse shopping in 7 steps through my Underspent book, free monthly challenges and my weekly blog.

Underspent book is available in paperback ($12.99 or £7.40) and e-book, iBook and kindle formats ($2.99 or £1.70) in all online and high street/shopping centre book shops or buy a signed paperback copy ($12.99 + P&P) direct from me via my website ‪www.cyclingrachelsmith.com. I’ve purposely made the Underspent book affordable.‬

Photo credit – ImgClip