The Scary Truth About Over Spending

Pile of Money 800Do you know how much you spend on groceries each month?  What about going out to eat or how much you spend on your daily coffee, lunch or snack routine?  Thirty days after I begin working with new clients, almost all of them come back to me and are shocked at how much they over spend without even thinking about it (and it does not matter how much or how little they make).  The question is do you know where your money is going?

It All Adds Up Quickly:

If 70% of Americans are living paycheck to paycheck, than chances are excellent you are uncertain where all of your hard earned dollars are going each month.  Have you ever wondered why do I work this hard only at the end of the month to have nothing to show for it?  That can be a stressful and pretty agitating thought.

If you spend an extra $50 per week (which is a little more than $7 per day), you would be overspending $200 per month, $2,600 per year or $13,000 over a five year period of time.  What could you purchase if you had $13,000 saved instead of overspending?

Here are a few fun examples:

  • A low mileage car that is only four or five years old
  • Four or five all-inclusive week long vacations
  • Three or four six-person hot tubs

What if instead you used that $13,000 towards financial planning, what you could do with that money?

  • $13,000 emergency fund for unexpected expenses that will come your way
  • Fully paid for $1,000,000 20 year term life insurance policy (for a healthy 35 year old)
  • One year of college at an in state university (including other basic costs such as textbooks and food)

You could also be investing $50 per week towards retirement or for your children’s education.  Depending on the rate of return you might see $50 a week turn into over $700,000 in thirty years of consistent investing.

This is why getting control of your budget and your spending habits are vital if you want to succeed with your money and live the life you have always wanted to live.

If you would like to have a third party look at your financial situation and show you were you could tie up some lose ends financially, click here for your FREE 30 minute consultation.

 

 

Justin Bennett

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