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Most guys are not under any sort of illusion when it comes to personal finances.
All you need to do is take a look at your bank account at the end of the weekend, and it becomes painfully evident that spending ass-loads of money on meaningless shit is not only a talent but a sickness.
It takes a special breed of degenerate to piss away cash as quickly as some of us do while we’re out there trying to live the dream that we can’t yet afford to live.
Even dabbling in a lifestyle a notch or two above one’s pay-grade has actually been known to put some dudes in a state of economic ruin.
Many common expenses are skinning even the most budget-conscious bro alive, explains Business Insider.
For starters, most of us never really take a look at how much we are shelling out every month. It’s like our last name is Zuckerberg and we can just drop mountains of cash without ever concerning ourselves with the stability of our fiscal situation.
This is one of the biggest mistakes we can make, as turning a blind eye to our high roller ways makes it impossible to reel in the old finances from time to time and get on track to a proper budget.
Personal finance expert Ramit Sethi told Business Insider that “people should allot 50 percent of their income on food and shelter, put another 5 percent toward investments” and the rest, well, that’s the portion that can be used with wild-eyed gusto.
Housing
Rent is the most significant expense that most of us have (that is if you’re not living in mom and dad’s basement).
Most Americans spend nearly 40 percent of their paychecks just for a place to shit, shower and shave. But if you’re struggling to save a few bucks here and there by drinking cheaper beer and eating off the dollar menu at the local taco joint, financial experts argue that cutting back on those housing costs will have a greater impact.
Certified financial planner Lauren Lyons says it is smart to find a place to live that costs right around 25 percent (less if at all possible) of your post-tax income.
So, this means if you clear $46,700 after Uncle Sam takes his cut, your monthly housing expenses probably shouldn’t be much more than $972 a month.
Geez, now we want to move back in with our parents.
Car Payments
Another cash crippling spending habit we entertain on the regular is driving an automobile with a ridiculous monthly payment.
The majority of Americans spend right around $725 a month on wheels. It doesn’t matter whether a person has an annual income of $25,000 or $250,000, says certified financial coach Shirley Benning, they all suffer the same financial shortcoming – they are paying too much for their rides.
There is no rule stating you have to drive a new vehicle every few years. Taking care of an automobile in this day and age – keeping up on oil changes and regular tune-ups – can sometimes mean getting 200,000 miles or so out of a vehicle before it up and dies.
If you want to save more money, drive your current vehicle until the wheels come off.
Credit cards are also getting people into deep trouble.
Cards with high credit limits allow people to go buck wild during those online drunken shopping benders when we’re just hanging around the house with nothing else to do. All of it adds up to cash that could have been saved.
The experts suggest trying to set spending limits for this sort of recreational retailing. Not that it will help once old Jim Beam starts calling the shots. But it is worth a try.
At The Grocery Store
We’re driving ourselves to the poor house at the supermarket.
When it comes time to buy food, stop putting pre-cut vegetables in the cart (you’re a big boy now, you can cut your own) and avoid purchasing non-food items such as soap and paper towels (they’re expensive as shit in these places).
Also, stop thinking that coupon clipping is really going to help chip away at your personal deficit.
It probably isn’t.
Most coupons are for processed crap food anyway. It is better to buy snacks in bulk and then break them down into smaller portions. Doing this will make munchie foods cheaper in the long run, says chef and food blogger Beth Moncel.
Subscriptions
We’re also spending entirely too much on subscription services like Netflix.
Try assessing which of these services are essential to your existence and cancel the rest.
Showering
No, seriously, showering.
One of the last changes we can make to save a little more money is to stop taking long, hot showers. Apparently running our hot water heaters amounts to 12 percent of our household energy bill.
We realize shortening the length of a shower means that some of you won’t have as much time to “take care of yourself.”
Maybe take a cold shower and go find yourself a date!
But fair warning pal, she’s not going to save you any money.
[via Business Insider]
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Mike Adams is a freelance writer for High Times, Cannabis Now, and Forbes. You can follow him on Facebook, Twitter, and Instagram.
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