7 things I’ll never spend money on again,
how to save money faster. Have you ever asked yourself if you could
be spending your money more wisely? Do you find that no matter how hard you try,
at month’s end, you have next to no money to show for all the hard work you put in? What if I told you that there were 7 things
you could cut from your budget right now that would save you a significant amount of money
every month helping you reach your financial goals much sooner? Well in this video, I will tell you 7 things
I will never spend money on again. Item #1: Banking fees
Have you ever looked at your bank balance and wondered where all these small charges
came from? These charges are likely convenience fees
and these types of fees are kind of like someone picking money out of your pocket on a monthly
basis. These fees are usually costs for withdrawing,
transferring or exchanging money and while a couple dollars here are there may seem harmless,
paying $5-10 dollars a month adds up over time. Think about it, that’s the cost of a Netflix
subscription every month that you are just freely handing over to the bank. When I realized just how much I was being
charged by my bank, I realized I had to put a stop to it. So in order to avoid these charges, I talked
with my bank representative and told them that I would move my money elsewhere unless
they waived these fees and what do you know the fees were gone that same day! Item #2: Gambling
When I first hit the legal age to gamble, my favourite thing to do on a Friday night
was go to the casino. I would sit down at a slot machine, insert
my money and pray that I would strike gold and win the jackpot. At that time, I had more money than brains
which led to me to losing hundreds of dollars each and every visit which is money I can
only wish to have back. Sadly, I had absolutely no idea just how bad
my odds of winning were. In fact, the odds of winning the grand prize
on a slot machine is on average 1 in 49,836,032 so my chances of retiring on a big casino
win were minute at best. Unfortunately, many people fall victim to
the perils of gambling. Whether they play to win big or to just pass
the time, gambling is never in the favour of the player which is why there’s the saying
“the house always wins”. Once I learned my odds of winning, I promised
myself that I would never spend money on gambling ever again! Item #3: Credit Card Interest Charges
As of 2019, Americans are in over $1 trillion of credit card debt which is up from $850
billion just five short years ago. Besides having outrageous amounts of debt,
collectively, these people are paying billions of dollars’ worth interest each and every
year. While credit cards can be a useful tool when
used properly, many people fall victim to the vicious cycle of only paying the minimum
balance. You see, paying the minimum balance only gets
you so far. Sure, it can help you avoid ruining your credit
score but each dollar of debt that isn’t paid off will be subject to an interest charge,
the average being 19.24%, meaning that your original purchase just got costlier. For instance, if you have a $1,000 balance
on your 18% interest credit card and you only pay the $100 minimum every month, it will
take you 11 months to pay it off, of which almost $100 of it is just interest. In order to never pay credit card interest
again, only charge your credit card an amount you know you have the money in the bank to
repay. Taking this one step further, set up automatic
credit card bill payments because even if you have the money on hand, failing to remember
to pay your bill will cause that interest to start compounding. Now, if you already have credit card debt
and are paying exorbitant interest charges every month, there is hope. In order to avoid paying these high costs,
inquire as to whether you can move your debt onto a lower interest line of credit which
will instantly cut down the interest expense related to your debt so you can focus on paying
the principle amount instead. Item #4: Cable
When was the last time you actually watched a show at its intended time? For most people, paying for cable simply isn’t
worth it, making watching live television a thing of the past. As of 2018, more than 33 million Americans
have cancelled their cable subscriptions and have opted to spend this money on cheaper
entertainment outlets. For instance, more than 150 million people
are watching Netflix every single month, followed by 90 million on Amazon Prime and 55 million
on Hulu. Using these streaming services is not only
cheaper but often times they have better original content than most television stations making
the switch to streaming a no-brainer. But if you want to reduce your entertainment
costs even further, then you’re in luck because I have another great suggestion and
it’s the platform you’re watching this video on right now! YouTube has an endless supply of quality content
that can keep you entertained for hours and help you build up that bank account at the
same time! Item #5: Expensive Gym Memberships
I’m sure you’ve seen it before. Someone gets excited as the new year rolls
around, signs up for a premium gym membership, hoping to make this upcoming year the year
they get fit. Then, within a few months they are back to
their sedentary routine while their gym pass collects dust. Statistics show that about 80% of people who
sign up for a gym membership quit within the first 5 months and what’s worse is that
many of them become too embarrassed to admit defeat and continue to pay for a service they’ll
never use. This issue is only compounded when those aspiring
gym goers pamper themselves by signing up for expensive gyms thinking it will push them
to work out more regularly. Now, obviously a gym membership isn’t a
waste for consistent gym goers but even these people need to ask themselves if they are
paying for more than they really need. Nowadays, many expensive gyms mimic the feel
of a spa and make sure to charge you as if they were one. If you want to save money while getting or
staying fit, ask yourself, what is the real reason I go to the gym and are there more
budget friendly options I should consider? Item #6: Extended Warranties
You are seconds away from completing your transaction when the salesperson asks one
final question, “did you want to get the extended warranty?”. Being a cautious person, you opt to add in
the extended warranty, increasing the total cost by almost 50%, but at least you’re
covered right? If this sounds like you then don’t worry,
you’re not alone. In a 2018 survey, about 30% of respondents
said that they regularly opt in for extended warranties on home electronics, major appliances
and cell phones and I too was once this person. However, over time I came to realize just
how much of a rip off this really was. I was spending sometimes up to half the value
of the product in the case that something would go wrong (which almost never happened). Personally, I have stopped buying extended
warranties all together but if you still feel the need then before shelling out extra money
ask yourself the following things: If this item breaks, can I afford to replace
it without causing financial duress? Does the product already come with coverage
from the manufacturer? and Would buying a higher quality item outweigh
the cost of adding an extended warranty to this purchase? Item #7: Trying to impress people
Stemming from primitive times where tribe members would either be accepted by a group
or die, humans have always had an inherent need to fit in. Over time, our ability to survive in our environment
has become significantly easier however our need to be accepted hasn’t changed which
has led to a culture of spending money to fit in. As quoted in Fight Club, “we buy things
we don’t need, with money we don’t have, to impress people we don’t like” and for
most people, this statement has been or continues to be true. Whether it’s buying a new outfit to impress
a girl at school or purchasing a larger home to show off to your friends, spending to impress
is not advisable. Sadly, I used to be someone who would buy
all designer name clothes to show off to my classmates. However, as I’ve gotten older, I’ve luckily
become much wiser, realizing that the people worth having around will like me for my personality
and not for my wardrobe. But beyond making more genuine connections
with people, there are actually many other benefits to avoiding this frivolous type of
spending. For instance, when you don’t spend to impress,
you end up saving more meaning that instead of just looking rich you can actually end
up being rich. So next time you put that item in your shopping
cart, ask yourself, am I buying this for me or someone else? And there you have it guys, 7 thing I hope
to never waste money on again! 1. Banking fees 2. Gambling 3. Credit card interest charges 4. Cable 5. Expensive gym membership 6. Extended warranties 7. Trying to impress people Thank you guys so much for watching, and let’s chat in the comments section. what useless things do you waste your hard
earned money? if you liked this video or think it could benefit a friend please share it. Also guys, please do me a favour and click on the bell icon, and enable notifications if you are a subscriber. If you are not, well, welcome to the channel. And I hope you do subscribe and enable notifications. with that said, thanks for watching and I will see you in the next one.