I was looking over my budget for the previous month and something stood out. At first, I thought I made a typo along the way. Maybe I categorized a purchase incorrectly somewhere along the way. After checking and rechecking and checking a third time, I knew I didn’t make a mistake. The number I saw was correct: I spent over $500 eating out last month.
To some, that number may not seem high. To me though, it is incredibly high. I typically spend around $100 per month eating out. The analyzer in me went right to work.
If I saved $400 each month (the difference between what I spent and what I normally spend) and earned 5%, after 10 years I would have just shy of $63,000!
If the shock of the overspending on eating out wasn’t enough, I then happened to step on the scale in the bathroom. I should have seen it coming, but I didn’t. I was surprised to see that I gained 10 pounds.
I then really starting thinking about this. Not only did I lose out on saving $400 last month, but my health suffered too. If I continue this trend, I will not have as much saved as I could have, I will be over-weight and consequently, I will most likely have health issues, which all cost money. Money that I don’t have because I already spent it on a burger and fries!!
The point of this post is to get you to really think about your financial transactions. They don’t only hit you in the wallet. They hit you in other areas of life as well. I ask that before you spend your next dollar to think about the consequences of you spending the money. I’m not trying to get you to stop spending, but to think about how your spending affects your life and those around you.
I will not cut my dining out expenses to zero simply because I get joy out of going out to eat with my girlfriend. Just the same, your child may get incredible joy out of the coloring book you are looking to buy him or her.
Think before you buy – and not only in financial terms.
