Broke? Find More Money to Build Your Wealth!

Money Set AlightIs your money tight? Do you struggle to find money for savings and building your wealth? You could have hidden waste that you don’t even think about.

A couple of weeks ago I wrote a post about wasting your money through late and overdraft fees. The post seemed to hit home with a lot of you. In the comments on that post, as well as in other posts I read on the Internet, such as Jason Price’s on Five Tips to Get Your Money Back on Track, I came across more areas that people might be wasting money without even realizing it.

Subscriptions

Are you getting the newspaper every day? How often do you actually read that newspaper? Do you have any magazines lying around the house that you bought through subscription but have never read? If you’re not reading any of these, there’s some waste money right there.

What about cable? Do you really need the cable TV? Are you actually watching the cable TV? Did you know that many of the shows on TV today can be streamed through the Internet? You might have to wait a day to catch the streamed episode, but you can watch it when you’re ready to watch instead of when the network says you have to watch. This can give you more freedom. I haven’t had cable for several years, and don’t really miss it that much.

Memberships

Do you have a gym membership? Are you actually going to the gym? How often? You might be surprised to know that gyms thrive on people who pay for membership yet fail to go.

Perhaps there is a site that you paid to be a member of but no longer visit. If so, this is another source of wasted money.

The other day when I was listening to the radio I heard the story of one person who had canceled his gym membership but was still getting charged for it. Have you checked your statements lately to see if you might have a membership fee that you’re still paying for, even though you canceled it?

 Foodkate nash:nicest thing

How often are you eating out? At my household, we usually average around $15-$20 per person when we go out to eat. Going out just two times a week, we would spend as much as a weeks worth of groceries would cost for us. Now I’m not saying you can’t enjoy a night out, but eating out every night could be costing you money.

Do you have a cup a day habit? You know the kind I’m talking about. That cup of coffee you just got to have. Where are you getting the coffee from? If you’re getting it from a coffee shop, you could be spending $25-$35 a week just to buy that cup of coffee.

 Bad Habits

Do you smoke? Do you go through a pack a day or a carton a week? When my friends are asking me for cigarettes, I quite often tell them “smoking is hazardous to your wealth.” There is a lot of truth to that. A pack a day habit can cost $150 a month or more.

How often do you go out for drinks? When you go out for drinks, how many are you having? If you buy a mixed drink, you are usually paying at least five dollars a drink. Buy some food with that, and you could very easily spend $20-$30. Even if he does have a few beers, you might still be spending $5-$10. That might not sound like much at one time, but if you’re going frequently that can really add up.

Today we have looked at several different ways you may be wasting your money through subscriptions, food, bad habits, and memberships. Maybe you have found as much as $100-$200 per month you could save. How much would your life change if you put that amount toward savings? How much faster can you be debt-free? How much faster could you develop the kind of wealth where you can have anything you want?

What are some of the ways that you are finding money to build your wealth? What “hidden” expenses have you found? Share your experiences in the comments below!

19 comments… add one

  • Lisa H. October 5, 2011, 10:51 am

    Hi Grady,
    These are all great suggestions. I remember doing many of them during the 2001 recession. I was looking for anyway to cut down on how much money was going out. I had the most basic services I needed. I need to do many of these things again, as my spending/finances are in serious need of organization. I know that I am throwing away money somewhere. Arrrrggghhhh!!!
    Lisa H. recently posted..Raise Your Head, Stand Up and Be CountedMy Profile

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  • Grady Pruitt October 6, 2011, 2:00 pm

    Although the cable and paper didn’t cost much, it was an expense I couldn’t afford, and since I didn’t use them much, they were easy to let go of (though I’ll admit we did miss a few channels from the cable).

    I agree that examining your finances for waste is something we should do from time to time. Some of those waste sources can creep in at any time without us realizing it.

    Thanks for your comments!

    Reply
  • Morgan October 5, 2011, 12:15 pm

    Hi Grady!

    Fantastic tips here!

    My boyfriend recently stopped smoking and we have saved A TON of money! He even feels better now, too, so he doesn’t want to eat fast food as much as we used to. AND he stopped getting his daily Monster, so we’ve saved even more money! :)

    So that’s three easy ways we’ve saved money. We now shop at the grocery store, spend $100 and are sent for 2 weeks. It’s great!

    Thanks for this awesome blog!
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  • Grady Pruitt October 6, 2011, 2:07 pm

    Oh, I didn’t even think about adding those “energy” drinks! Those things are so dangerous, yet people swear by them.

    People who smoke just don’t realize how much they are spending. That’s a part of why I say what I say. (And I often hear these people complain about not having money between puffs with a cigarette in hand.)

    Thanks for your comments!

    Reply
  • Debbie @ Happy Maker October 5, 2011, 8:40 pm

    You make some great points and ideas here Grady. One i would like to add. When you go to the mall or any shopping how often do you buy yourself something to drink? Or how many bottles of water are you drinking rather from the tap water?
    Another one people are saving on now days, is not having a land line for the phone. They just use there cell phone. This is why it is very important to keep a budget, then you can see where your money is going.

    Once i took a paper and pen and wrote down everything that I spent in one month. Than when through it at the end of the month to find what I was wasting money on. This can be a real eye opener.
    Great tips, Grady and keep it up. We can all use help like this.
    Debbie
    Debbie @ Happy Maker recently posted..How to Know that you are in a Healthy Relationship!My Profile

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  • Grady Pruitt October 6, 2011, 2:16 pm

    Funny thing about the cell phones, they actually cost more per month than a land line. :D But if you’re going to have a cell, having a land line becomes an extra expense.

    We carried our land line for a couple of months, but we ditched it when we realized that if we were going to have cell phones, we could add a line for $10/month with no extras and a cheap phone if we really wanted on for around the house. The reason we wanted the extra phone is we have kids that we weren’t quite ready to “give” a phone to carry, but still want them to have access to a phone to be able to call my wife or I if we both happen to be out of the house. Also, I had the internet tied to the land line, but we have since switched to internet without the phone.

    Thanks for your comments!

    Reply
  • Candice Michelle October 6, 2011, 12:39 am

    If we are able to save on those things mentioned above, we could probably save a considerable amount of money which we could use for other important purposes. In this way, we will be able to save more than what we normally spend for unnecessary things.
    Candice Michelle recently posted..Business Surveillance SystemsMy Profile

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  • Grady Pruitt October 6, 2011, 2:20 pm

    Just these few tips could find you saving $100, or more, per month easily.That’s over $1000 a year. How much faster could you pay off a car or some other loan if you put an $1000 dollars a year towards it? How much financial security could you have?

    We all have some purchases we make that are unnecessary. If we become aware of these expenses, we’ll find we’ll have more money in our pockets.

    Thanks for your comments!

    Reply
  • AnneWayman@freelancewriting October 6, 2011, 10:47 am

    online subscriptions have bitten me more than once and I’m keeping a cheap gym membership because if I resign and rejoin I’ll have another big sign-up fee… sigh
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  • Grady Pruitt October 6, 2011, 2:29 pm

    I’ve had to cut back on my subscriptions because I really wasn’t using them. Yet I spent $300 or more before I realized that I was just wasting money on them. That’s money that could be spent elsewhere or set aside for savings.

    Thanks for your comments!

    Reply
  • Marcelina Hardy October 6, 2011, 10:41 pm

    I can’t even talk about how much we eat out…it’s the worst money waster for us. I know we need to cut back but … it just never happens. Thank for the tips – it definitely refreshes my mind that we really need to tighten things up.
    Marcelina Hardy recently posted..5 Tips on Building a Profitable CompanyMy Profile

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  • Jimmy October 7, 2011, 10:30 pm

    Hi Grady,

    I have done away with newspapers, starbucks, TV subscriptions, eating out, etc. Cumulatively, that adds up to quite substantial savings. We are talking about a few hundred dollars each month. Enough for a small car loan.

    Here are two other tips I find is game changer. You know when u cook and eat at home? Usually there will be leftovers right? Bring this to work for lunch next day. That can save you up to a hundred bucks. Another thing is using groupons for your dinner outs. That’s fifty percent saving plus a high class meal out.

    I think at the end of the day, it is the little things adding up that will make a difference. Thanks for the tips.

    Btw Justin Mazza’s interview with me is up in my site. Do check it out and spread his love to your fans.

    Cheers
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  • Grady Pruitt October 8, 2011, 12:06 am

    Jimmy, you’re right… Just those few things can almost be enough for a car payment.

    The other tips you have is a great one too. I haven’t tried groupons, but I might have to check them out.

    I’ll check out the Mazza interview tomorrow.

    good luck with your success, and thanks for stopping by!

    Reply
  • Ava Smith@Vacation Rentals October 10, 2011, 4:34 am

    Grady,
    Your suggestions are very good for saving money and build a good wealth. But I don’t think these ways can make you to save a large percentage of money. That doesn’t mean that I am not agreed with you, I just want to say that beside these people should have to fine out the way too increase the income. However I can’t agree with your point about food, because I love to eat….:). Thanks for sharing this post.

    Reply
  • Grady Pruitt October 10, 2011, 10:35 am

    Ava,

    I agree that these steps, by themselves, will not make you a fortune. They are the foundation you need, though, to be able to enjoy success in the other things. It’s hard to build wealth if you are leaking money. That extra money can be used to pay down debt and build an emergency fund quickly. Once those are accomplished, the real key to building wealth can begin by investing that money into ways to grow your income.

    Thanks for stopping by, Ava!

    Reply
  • Hamish @ ebook reader reviews October 15, 2011, 1:21 pm

    Those are all good money saving tips.

    Subscriptions is definitely worth keeping an eye on. Every six months I go through my bank and Paypal subscriptions. It’s amazing how many you can find that you don’t need. Now and again I even find some that I thought I had cancelled. Well worth taking stock on a regular basis to see if you should keep them going.
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  • Grady Pruitt October 16, 2011, 1:33 am

    Hamish, that is so true. It’s one thing to keep a subscription you are using, but when it’s something you are not using, then it becomes waste. Thanks for stopping by!

    Reply
  • Lynwood@McAllen Homes for Sale December 16, 2011, 1:28 am

    of course like your web-site however you have to check the spelling on quite a few of your posts. Several of them are rife with spelling problems and I in finding it very bothersome to tell the truth then again I’ll definitely come again again.

    Reply
  • Grady Pruitt December 16, 2011, 1:42 am

    I try to be very careful with my spelling because I realize that goes to my credibility. I wasn’t aware of any spelling mistakes. Could you provide me with an example so I can correct it? Thanks for letting me know and for stopping by!

    Reply

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