These 16 money wasters are why so many Americans can’t save for retirement
This topic was created in the Miscellaneous forum by saggurl88 on Monday, May 13, 2019 and has 28 replies.
Very good read! I can own up to quite a few of them 
1. Tattoos. They’re an admitted obsession of mine. What will they look like when you’re my age? From what I’ve heard, a good tattoo artist charges $ 200 an hour.
2. Vacations. Hey, everyone needs a break. But you don’t need to go into tuition-level debt to have a good time. Your kids will survive if they never visit the Magic Kingdom.
3. College. Picking a college involves many factors. Affordability is one that’s often overlooked. If the cost of the school you choose will land you in debt, you’d better have a plan for paying it off. Don’t mortgage your future, just so you can have a prestigious decal on your car window.
4. Restaurants. Eating out, or buying $ 4 designer coffee, is expensive and—wait for it—it’s also a luxury. Skip that daily $ 4 coffee and after 30 years you’ll have more than $ 121,000, assuming a 0.5% monthly return.
1. Tattoos. They’re an admitted obsession of mine. What will they look like when you’re my age? From what I’ve heard, a good tattoo artist charges $ 200 an hour.
2. Vacations. Hey, everyone needs a break. But you don’t need to go into tuition-level debt to have a good time. Your kids will survive if they never visit the Magic Kingdom.
3. College. Picking a college involves many factors. Affordability is one that’s often overlooked. If the cost of the school you choose will land you in debt, you’d better have a plan for paying it off. Don’t mortgage your future, just so you can have a prestigious decal on your car window.
4. Restaurants. Eating out, or buying $ 4 designer coffee, is expensive and—wait for it—it’s also a luxury. Skip that daily $ 4 coffee and after 30 years you’ll have more than $ 121,000, assuming a 0.5% monthly return.
5. Opportunities lost. We do it every day by failing to grab the employer match on our 401(k) plan, not investing in a tax-free Roth IRA, failing to fund a flexible spending account to pay medical costs with pretax dollars, and withholding too much from our paycheck, so we’re essentially making an interest-free loan to the IRS.
6. Transportation. You don’t “need” an SUV or $ 40,000-plus pickup truck to get from A to B. My four kids grew up riding in our 1972 Duster. Now they, too, all have trucks or SUVs.
7. Credit cards. When people say they live paycheck to paycheck, does that include purchases put on credit cards that aren’t paid off that month? In that case, they’re spending more than their paycheck—and what they buy will cost them the purchase price, plus a hefty interest rate.
8. Lottery. The lowest-income groups spend the most on lottery tickets, wasting hundreds of dollars a year—about the same as that $ 400 emergency fund they don’t have. Not to worry: 60% of millennials think winning the lottery is part of a wise retirement strategy.
6. Transportation. You don’t “need” an SUV or $ 40,000-plus pickup truck to get from A to B. My four kids grew up riding in our 1972 Duster. Now they, too, all have trucks or SUVs.
7. Credit cards. When people say they live paycheck to paycheck, does that include purchases put on credit cards that aren’t paid off that month? In that case, they’re spending more than their paycheck—and what they buy will cost them the purchase price, plus a hefty interest rate.
8. Lottery. The lowest-income groups spend the most on lottery tickets, wasting hundreds of dollars a year—about the same as that $ 400 emergency fund they don’t have. Not to worry: 60% of millennials think winning the lottery is part of a wise retirement strategy.
9. Clothing. My new condo has two bedrooms and three walk-in closets, two of them larger than the bathroom in my old 1929 house. The average adult spends $ 161 a month on clothing. We are obsessed with keeping up with the latest fashions and ensuring nobody sees us in the same clothes twice.
10. Shoes. Surveys suggest the average American woman owns more than 25 pairs of shoes, which they admit they don’t need. So why buy so many pairs? It seems shopping and wearing trendy stuff makes us feel good.
11. Tchotchkes and stuff. Clean out a house after many years—which my wife and I just did—and you often hear the words, “Where did we get that?” Though relatively inexpensive per item, tchotchkes and similar stuff cost money—and it all adds up.
12. Failing to look ahead. Henry Ford said, “Thinking is the hardest work there is, which is the probable reason why so few engage in it.” I still marvel that people spend so little time thinking about retirement. After working 30 to 40 years, they reach retirement with no plan and are shocked they can’t live on Social Security alone. Planning for retirement early in your career is essential for financial security—and it isn’t that hard.
10. Shoes. Surveys suggest the average American woman owns more than 25 pairs of shoes, which they admit they don’t need. So why buy so many pairs? It seems shopping and wearing trendy stuff makes us feel good.
11. Tchotchkes and stuff. Clean out a house after many years—which my wife and I just did—and you often hear the words, “Where did we get that?” Though relatively inexpensive per item, tchotchkes and similar stuff cost money—and it all adds up.
12. Failing to look ahead. Henry Ford said, “Thinking is the hardest work there is, which is the probable reason why so few engage in it.” I still marvel that people spend so little time thinking about retirement. After working 30 to 40 years, they reach retirement with no plan and are shocked they can’t live on Social Security alone. Planning for retirement early in your career is essential for financial security—and it isn’t that hard.
13. No backup plan. I like to think ahead about “what ifs” and how I’ll deal with them. In my head, I have backups for the backups. I recently took out a large mortgage to buy a condo. Now I’m thinking, “What if I can’t sell the house to cover the mortgage? What if I must do some upgrades to sell the house?” I temporarily stopped reinvesting my tax-free bond interest, so I can build up more cash—just in case.
14. Holidays. Somehow, every December, financial caution goes out the window and we pay for it the following year. But my pet peeve are those inflatable characters on lawns that cost hundreds of dollars. Talk about blowing money.
15. Toys. One study shows that U.S. parents spend $ 6,500 on toys during a child’s upbringing. The spending is even higher for millennials, who favor “smart” toys—toys that do the thinking for the child. There’s something wrong with this picture. Hey, I’ll challenge anyone to a contest dropping clothespins into a milk bottle.
16. Haircuts. The average haircut reportedly costs $ 28.30 in a barber shop. Many men pay a lot more. Nowadays, nearly a third prefer a “salon.” I pay $ 12 at my local barber. But I’m still annoyed: My hair is disappearing, but the price is inching up.
14. Holidays. Somehow, every December, financial caution goes out the window and we pay for it the following year. But my pet peeve are those inflatable characters on lawns that cost hundreds of dollars. Talk about blowing money.
15. Toys. One study shows that U.S. parents spend $ 6,500 on toys during a child’s upbringing. The spending is even higher for millennials, who favor “smart” toys—toys that do the thinking for the child. There’s something wrong with this picture. Hey, I’ll challenge anyone to a contest dropping clothespins into a milk bottle.
16. Haircuts. The average haircut reportedly costs $ 28.30 in a barber shop. Many men pay a lot more. Nowadays, nearly a third prefer a “salon.” I pay $ 12 at my local barber. But I’m still annoyed: My hair is disappearing, but the price is inching up.
Add 17. Not checking on lower car insurance ratea
Posted by MissKrabsStarbucks is just the brand. I don't even like their coffee, it tastes burned to me. I go get $ 1 large cups of coffee from Mcdonalds
where i am they opened the first starbuck. what should i try? or never to do that? lol
Posted by Silverado
I'm guilty of numbers 4 and 6.
I have about 5 on the list. Luckily my expensive ass SUV will be paid off in about 2 years but I do keep my cars for a long time, so I save in the long run. This car should last me 15-20 years. But I shop for new clothes and shoes every time I go on vacation. It's unnecessary.
Posted by UnusualVaginalDischargeI dye my hair at home. Too many hairstylists have messed up my hair because I'm mixed race, so I never get it done. It's easier for me to cut and dye it at home.
Why is the writer hating on hairstylists? If he doesn’t want a service from a human being then maybe he should shave his head bald and stop complaining
Posted by MissKrabsThat's only around the holidays.Posted by saggurl88Posted by MissKrabsStarbucks is just the brand. I don't even like their coffee, it tastes burned to me. I go get $ 1 large cups of coffee from Mcdonalds
where i am they opened the first starbuck. what should i try? or never to do that? lol
no idea. so no pumpkin latte or whatever i read here is in?))
i buy happy meal to get a toyclick to expand
If you're serious. I'd try anything with caramel or vanilla. Sometimes the mochas can be bad if they don't mix them good.
Guilty of 5 & 10
:/
Posted by SilveradoI've started tightening down just cause in my area I spend anywhere from $ 10-18 on lunch and It's way over budget for me. Plus if I decide to pick up dinner too. I buy and keep food at home but of course it's the healthy stuff and I'm too tired to cook it once I'm there.Posted by saggurl88For a lady, I understand better. I HAVE to leave for lunch everyday because the Sagittarius in me commands it.Posted by Silverado
I'm guilty of numbers 4 and 6.
I have about 5 on the list. Luckily my expensive ass SUV will be paid off in about 2 years but I do keep my cars for a long time, so I save in the long run. This car should last me 15-20 years. But I shop for new clothes and shoes every time I go on vacation. It's unnecessary.
I've tightened down on everything else.click to expand
I'm trying to cut out my spending all together on lunch. It's hard though cause it's so convenient to go out.
Posted by saggurl88$ 4 coffee sounds like a steal. Its like $ 6-7 dollars at the places I go.
4. Restaurants. Eating out, or buying $ 4 designer coffee, is expensive and—wait for it—it’s also a luxury. Skip that daily $ 4 coffee and after 30 years you’ll have more than $ 121,000, assuming a 0.5% monthly return.
This is why I bought an expensive espresso machine and keep the fridge stocked with all the extras. I still will buy coffee out an about, but not as much anymore.
Recently cut back on all the monthly subscriptions. Roomie has HBO and stars so I cut those out and he cut out his netflix and hulu cause I pay for those. Works out.
Posted by LethalFantasiaI have a retirement plans, That's my only saving grace with this article lol Makes me feel better about my spending habits
I honestly stopped playing by life's "rules" and have never been more fulfilled in life tbh
Posted by SilveradoPosted by saggurl88When I finally decide to put a ring on it, I'll make it a point to meal prep and curb the lunch spending.Posted by SilveradoI've started tightening down just cause in my area I spend anywhere from $ 10-18 on lunch and It's way over budget for me. Plus if I decide to pick up dinner too. I buy and keep food at home but of course it's the healthy stuff and I'm too tired to cook it once I'm there.Posted by saggurl88For a lady, I understand better. I HAVE to leave for lunch everyday because the Sagittarius in me commands it.Posted by Silverado
I'm guilty of numbers 4 and 6.
I have about 5 on the list. Luckily my expensive ass SUV will be paid off in about 2 years but I do keep my cars for a long time, so I save in the long run. This car should last me 15-20 years. But I shop for new clothes and shoes every time I go on vacation. It's unnecessary.
I've tightened down on everything else.
I'm trying to cut out my spending all together on lunch. It's hard though cause it's so convenient to go out.
Where I go now, everybody knows me by name and the girls really love it when I show up! 😁click to expand
Lmao @ that last line- Well if you must
Posted by saggurl88I have 5 pairs of work Chelsea boots that are leather and I get resoled each year. Prolly saved a lot that way.
9. Clothing. My new condo has two bedrooms and three walk-in closets, two of them larger than the bathroom in my old 1929 house. The average adult spends $ 161 a month on clothing. We are obsessed with keeping up with the latest fashions and ensuring nobody sees us in the same clothes twice.
10. Shoes. Surveys suggest the average American woman owns more than 25 pairs of shoes, which they admit they don’t need. So why buy so many pairs? It seems shopping and wearing trendy stuff makes us feel good.
Started buying more expensive clothes in the last few years that are better quality. Things are lasting way longer which is good. Idk about $ 160 per month. Maybe that amount every other month.
Posted by MissKrabsI'm not a fan of starbucks but in a pinch I'll grab an iced caramel macchiato, upside down.
where i am they opened the first starbuck. what should i try? or never to do that? lol
Posted by NoName282I didn't know you were in the bay area! I am too.
It’s impossible to save for retirement in the Bay Area or even rent ....
I have all my deductions taken out of my paycheck. $ 20 is like $ 5 nowadays so my before my check even hits my bank account money goes into my Roth IRA and 401k. It's just easier for me. You think you can't live without it but somehow you find a way. With each raise that I get I up my stake in my contributions.
Posted by LethalFantasiaWe all will be, if not then we will be working until we die!Posted by saggurl88Posted by LethalFantasiaI have a retirement plans, That's my only saving grace with this article lol Makes me feel better about my spending habits
I honestly stopped playing by life's "rules" and have never been more fulfilled in life tbh
Lol you'll be fine!! I know it!!x
click to expand
Anyways good read.
I spent around $ 300 on a propane firepit and have easily saved that much in the last few months by pregaming at home. Now everyone comes over, we make drinks, chill by the fire and get the cross fade on before lyfting to our destination. Then end up spending under $ 20 on drinks instead of closer to $ 80. But still are just as smadded by the end of the night. Win win.
I spent around $ 300 on a propane firepit and have easily saved that much in the last few months by pregaming at home. Now everyone comes over, we make drinks, chill by the fire and get the cross fade on before lyfting to our destination. Then end up spending under $ 20 on drinks instead of closer to $ 80. But still are just as smadded by the end of the night. Win win.
Junk foods
Opioids
Opioids
Posted by elllleLMAO!
What the hell is a tchotchkes and how old is the guy who wrote this?
Posted by elllleworthless crap
What the hell is a tchotchkes
Posted by UnusualVaginalDischarge
Why is the writer hating on hairstylists? If he doesn’t want a service from a human being then maybe he should shave his head bald and stop complaining
Agree 100%
And I’m lucky to get out of there under $ 200 😂 Worth every penny. My girl is a treasure
This was awesome thank you!
Thanks for reminders on tattoos .... I'm about to make a vent thread lol
Thanks for reminders on tattoos .... I'm about to make a vent thread lol
Also don’t get a divorce if you’re the breadwinner. Bitch will steal the retirement savings. Just hope she dies a lot sooner than you.
I cannot wrap my head around nr two. You are not living in germany. You can travel to jungle, paradise coasts, mountains for skiing, cheaply without leaving the country.
Btw, I have 2 offtopic question. Did ypu ever travel to Hermany, what do ypu think of the people and the country? Are walking closets for ahoea and large fridges normal or do only high earners have them?
Ahh you changed your pic one as soon as I get use to the old one
Leave Your Feedback
We'd love to hear your thoughts! If you're not logged in, you can still share your feedback below. Your input helps us improve the experience for everyone. To post your own content or join the conversation, please log in or create an account.
Related Topics
I'm curious to hear any myths you guys and girls have heard about dating Leos.
Thanks.
@Catclock1987
Joined: May 13, 2019 · Topics: 4 · Posts: 12
Do you guys believe in the mutable connection? ( Virgo, Gemini, Pisces, Sags )
@Sag898
Joined: Jun 21, 2018 · Topics: 76 · Posts: 3728
Hi everyone,
I hope someone can give me some insight on what to do. I've been seeing this aqua guy for 10 months now. We are fwb but I know we're more than that. He has told me he loves me but he really has trust issues due to previous relationships.
La
@Gemgyal
Joined: Mar 18, 2019 · Topics: 6 · Posts: 144
Hi everyone,
I hope someone can give me some insight on what to do. I've been seeing this aqua guy for 10 months now. We are fwb but I know we're more than that. He has told me he loves me but he really has trust issues due to previous relationships.
La
@Gemgyal
Joined: Mar 18, 2019 · Topics: 6 · Posts: 144
Hello Wonderful People,
I never fully understood how planets like Venus, Mars, Mercury, etc.. works when they are in your sign. For example, how is a Libra sun with Venus in Aries feeling with their love life now that Venus is currently in Aries?
Jupite
@DreamyJeeny
Joined: May 05, 2019 · Topics: 7 · Posts: 78
Have anyone heard this story?
Is it real or GoFundMe fucking around?
@Gemitati
Joined: Aug 04, 2015 · Topics: 1026 · Posts: 38091
What does it mean when a Gemini guys says"So I've been thinking and processing how I felt about the situation, I'll let you know what I decide"?
@Brickhouse27
Joined: Apr 04, 2018 · Topics: 50 · Posts: 672
When someone has pissed you off and you do your ignoring thing, if they contact you do you prefer them to rehash the issue to discuss it or would you rather they move on?
Being aqua I like talking things through immediately which I know you HATE!! You g
@2LoV3
Joined: Mar 01, 2019 · Topics: 24 · Posts: 99
The episodes are here. 2 day Premiere with episode 1 today and episode 2 tomorrow night.
This is kinda more of a podcast than show as only 1 person is on video.
Editing has been a bitch. Im still only like half way through the season lol so there could
@AfternoonDelights22
Joined: May 21, 2013 · Topics: 174 · Posts: 28237
What is with attracting so many pisceans? This whole year has been one fish after another and it just doesn't work!
@Sola
Joined: May 11, 2006 · Topics: 185 · Posts: 2807