I sawan article on Yahoo finance about a fascinating study on the 6 things preventing people from becoming wealthy. In fact, these 6 things are responsible for most people spending 5K per year! Those people don’t realize what that money could do for them down the road!
This is rather sad considering 59% of Americans have less than $1,000 in savings.
Check out the study but more importantly think about one or more of these you can sacrifice now to have what you want later:
1) Eating out and food delivery – Bagged lunches with an occasional meal out will do you just fine! My wife and I made this switch years ago and haven’t looked back.
2) Coffee – An average cup costs $5. Do the math. What’s wrong with Folgers?
3) Alcohol – The markup on alcohol is outrageous. There are other reasons (e.g. health) to cut back on alcohol as well.
4) Ride Sharing – This one surprised me but most people would be wise to cut down on this huge expense.
5) Clothing/Accessories – If you’re like me, you have perfectly good clothes in your closet but still want more. That’s OK but don’t sacrifice your future over it.
6) Events – Many people almost seem addicted to shows and concerts. Concerts are great but 5K per year!?!
I don’t want to take away all your fun but I want to see you delay some gratification so you can ultimately life the life you REALLY want.
So which area can you cut back on?