1) Buying lunch and/or eating out often. You’d be surprised just how much money you can save if you pack your lunch every day as opposed to “just grabbing a quick bite” during your work day. And we all know how expensive it can be to eat out at a restaurant. Even our family of 4 will cost about 50 to 60 bucks to eat at Max and Ermas or Red Lobster. Do that just ONCE a week and you’ll see approximately $200 gone from your savings.
2) A large home. There’s SO much money that goes into owning a home, ESPECIALLY when that home is large! And quite honestly, most people don’t need the large homes they have. In fact, they could live comfortably in much less square footage.
3) Your fancy/expensive vehicle. What’s the point in having a super nice vehicle if you really can’t afford the payment? Or you can barely “afford” it, but you don’t have any extra money to do the things you’d really like to do….such as go on vacation?? And truthfully, when you’re making payments, it means that the bank owns your vehicle and you just rent it on monthly payments until you can finally pay it off! Why not sell it, buy a cheaper one and use the extra money to save or if you’re not into saving, then use it to buy the things you couldn’t afford when you were paying 5, 6 or 7 hundred/month for that nice vehicle you just had to have.
4) Trying to impress people. Buying the best of everything just to impress others is a sure way to keep you in debt. Just because Johnny-so-and-so bought a cool new camper and Razr doesn’t mean you have to…..unless of course you either like having to work to pay your debt (and don’t want to retire early) or you are independently wealthy and paid cash for those items J The same goes for neatly manicured lawns, the best toys on the market for your children, the most up to date home décor and appliances, etc .
5) Procrastination. Procrastination is your enemy! It’s easy to put things off/wait till later….only, later never comes. Procrastinating is a sure way to keep you from being able to retire early and enjoying the kind of life you dream of. Start TODAY instead of tomorrow! Write out your goals/how you want your life to look. Track all of your spending starting TODAY, then create a budget and stick with it. Why put off until tomorrow what you can get done today? Unless you absolutely love the life you currently live and have more money that you know what to do with! Start working towards your dream life today!