What’s going all you great readers today we have a post that is going to challenge some of you and possibly motivate others to do a spend freeze, so strap on for the fun ride. The secret thats not really a secret in the personal finance world, is how much money is wasted from spending excessively by people who appear to be in control of their money. In reality they are far from controlling those elusive dollars, who appear to slip down the imaginary financial black hole. The solution to money problems is solved by not spending.
If you can control and manage the consumption of things, services, foods, resources, whatever it may be, you can become stress free with life’s finances. The concept is really not that hard, and closing up the purses and wallets might be a wonderful solution for many who currently experience money issues.
The real question I wanted an answer for today by writing this post, is to find out how much do we as Americans spend per day and what day of the week is the most spend thrift day? After finding the info I wanted to share it with all of you so you can compare and contrast dollar amounts.
The Data was found and It is hint, hint – Saturday as the most costly day for non necessities at – $76 dollars per person * Last Saturday I spent less than this amount for non necessities and that makes me content.
The Data about total consumer spending is a bit harder to find, but one website said that is around $94 Dollars is the average total per day. My average per day is less than this because I go on various spending freezes.
I came across this cool Time article that gives us a real time info graphic of how much is spent in America per second and after 100 seconds,it showed the unabashed way we spend millions per second. After seeing the figures below, Do you still think Amazon doesn’t make a profit? (I doubt it)
Every 100 Seconds we Spend – $900,000 Online – $9,200,000 Off Line = around $10 Million Dollars
What can you do to solve Money issues today?
- Stay Home more Often until you get finances in control
- Automate a Savings account for Emergencies
- Avoid Constant Shopping just to reach emotional wins
- On Saturdays set a daily budget of a preferred daily amount or less to spend
- Set a Weekly Budget just like your monthly budget and stick to it
- Reduce all budgets from time to time to experiment on how less you can go
- Spend $ on a specific day and Avoid spending on the next day.
- Subtract expenses from income, then divide the income per day as the daily spending budget
I know we all can do more by avoiding certain pitfalls, challenging behaviors, and by not overextending budgets. Do you need a few more examples to drive the point home, how about not playing the lotto or gambling, avoiding over consuming, making debt a thing of the past.
Granted we all should have around 10% of income for blow money exoenditures in order to spend freely without regret. The thing is that many individuals lack the skills to build discretionary income due to all the commitments they must pay on a consistent basis. If you can imagine a future that involves a surplus, then today’s version of you will help the future you attain it. Also I feel if your not consistently saving something, then the blow money should be axed until you find the margin you need. A life without a surplus is a sad life not worth mentioning as it will no doubt bite you in the rear 1 day. Lets try to not reach a financial state of panick in the future and live financially smart today.
The Final point of the post is that the solution to money problems is solved by not spending, and then investing. -Rich Uncle EL