How Spending Habits Hurt Savings!

**Shell** · 01-15-2005, 02:34 PM

Financial adviser says small daily expense---dubbed the 'Latte factor----drain our cash!

I was reading an article in The Vancouver Sun written by Michael Kane a couple of weeks ago. It says that most people are richer than they think. It goes on to say that everyone has a Latte factor, those small daily expenses that drain away their cash.

If it's not high-priced java, it's fast-food lunches, bottled water, tv channels or telephone frills that you seldom use, impulse buying at the supermarket or cigarettes.

What ever is your financial folly, just by simply cutting a few dollars a day from your daily spending and then developing a plan to pay yourself first automatically will put you on the path to the financial security and freedom.

The article goes on to say that it's not want you earn that will determine your financial freedom but rather what you save. It means starting now, Just $5.00 a day saved automatically can change your life and lead to enormous savings over time.

Soooooooooo keep on saving!!

**simplemom** · 01-15-2005, 02:36 PM

I know, Shell...if we didn't have cable and the weekly order in pizza, boy we'd be richer for sure!

**simplemom** · 01-15-2005, 02:38 PM

I also want to say that if were just me and Pierre, we wouldn't have cable. We only took last year for the kids. Everyone has it around here and we wanted to have them home with us, to watch tv, once in a while instead of having them at the neighbours to watch tv...

**Shell** · 01-15-2005, 02:41 PM

Oh, I admit to having cable as well. But, I am trying to cut back on my other "latte factors" such as ummm latte's, bottled water, books and magazines. They really add up! $$$$$

**homesteadmamma** · 01-15-2005, 03:19 PM

Shell, they really do add up. By cutting out Pepsi in our diet, were saving roughly $35.00 per month. By not eating junk food, were saving roughly $25.00 per month. It really is amazing how quickly those items add up.

One of the biggest things we cut back on a couple years ago was when we filled up with gas for our van. We stopped purchasing drinks and chips. What a savings.

**gkp1031** · 01-15-2005, 05:17 PM

I've cut back on buying magazines, books and lunch at work. Now, I use the library as much as I can and I bring my lunch to work--I can $ee the difference already

**rebecca** · 01-15-2005, 05:40 PM

Ive stopped getting Little Debbie's snacks. I would buy at leat two to three a week. It was hard at first. Also, very seldom did get pop, cut out pop. Way down on smoking. Hopefully, will quit! Have cable. I guess I could down lower, but I don't go anywhere and I do watch it at night before I go to bed. I love watching Gretta VanSustern (sp) and in order to get her show I have to keep the level of cable I have right now or I won't see her show. Don't go out to eat. The girls dad takes them out to eat every two weeks, so they aren't hurting none.

**frugalandsimple** · 01-15-2005, 11:11 PM

I agree.....

Looking back at my spending habits over the years, I can't believe how much money I have spent on "junk" What's sad is, I still live with my parents and have very little savings and I've regretted on a lot of the "junk" that I have bought that I didn't need. A lot of it was "emotional "spending or impluse buying. Most of the stuff that I have bought, I don't even have anymore because I would throw it away, sell it, or give it away.

Now, I'm older & wiser, I have changed my ways on my spending habits. I have started journalizing/writing, read the Bible which helps me a lot and play with my pets.

Jill

**simplemom** · 01-15-2005, 11:19 PM

Oh yes, I've also cut back on buying magazines. I rarely buy any since 3 years. I used to buy a magazine a week, at least...I know I saved alot that way.