Not making enough money in the first place!

I wear at least 50% of the clothes in my closet. And in the last year I've donated about 40% of it because they were several years old and didn't fit me right (I lost weight after college! Woohoo!). You remind me of my boyfriend, he always tells me I have too much stuff, but with a bookshelf worth of music books, sheet music and old school books, plus memorabilia from traveling and just living life, who can't have a lot of stuff after a while?

I think the question anyone would ask is, if we 'waste' so much money, how can we actually spend it more effectively?

1. Make a list (and a meal plan) before grocery shopping.
2. Either buy sale only items, or toss something before you buy something.
3. Limit the amount of money you spend on a hobby (or just enjoy the hobby however you please), I don't know if I believe this one. The only way to save on a hobby is to not have it. So maybe limit your hobby and don't spend a ton of money on it until you know you'll like it long-term.
4. Research the monetary benefits of an upgrade before doing it. If you know you could get a larger iPod for only $50 more, and you have a ton of music and pictures to go on it, it might be worth it.
5. Be organized enough to not lose things. Getting organized can take time, but once you are life becomes so easy. You know where everything is. With cables and techno gear, I throw everything in separate bags and label what it is and which one of my gadgets its used for. Then all of the bags go in the same place. Think about it, if you leave all of your clothes in your closet, why wouldn't you group other similar things together? (Other examples; food, DVD's, dinnerware, bath towels, toilet paper rolls, coats, shoes..etc).

I might be tight on my budget and at times 'waste' my money, but I'd like to think I waste less then others in certain areas.

Nice post-it really made me think about the topic for a bit. :)

I agree with Alex in as much that we make money to enjoy what it can buy, but when you look at those who truly enjoy their earnings, they never waste them. Here's some things to add to the list of wasteful spending:

- New cars, this is a huge waste, you should always buy used, it is much more cost effective. As an addition to this always pay cash, not having a car payment is sweet

- Buying almost anything on credit, stupid, stupid, stupid! The exception for most being a home, but when buying a home be smart. Any mortgage longer than 15 yrs. is for suckers

I agree with the post and with Alex. I personally waste some money on some pretty stupid things, or overspend on stuff I definitely do not need. I just recently bought a Dyson vacuum, do I need it? Absolutely not, however I returned a present I got to bed bath & beyond, and paid an extra $50 to get the Dyson. It is something I will have for a long time, and I happen to really enjoy it. Same thing for the Mets tickets I just bought, did I need them? Nope, but do I love going to Mets games? Yes! So I have to agree with Alex with regards to, there is no point to making money if you can not spend some of it on things you want and like...that is the whole point.

NOW on the other hand- we are in a recession/depression and it is important to stay on top of your responsibilities. So obviously pay all of your bills on time (none of the min balance stuff) and make sure to pay your rent, and have enough cash in your checking account for at least 1 month’s expenses. Personally I am trying to save and invest as much money as I can right now, because if you are a long term investor I believe this is a fantastic opportunity to take advantage of these economic conditions.

So I am trying to play both sides here, a balance if you will, and save money when I can, pay my bills on time, and be responsible. However I also do splurge every now and again and indulge on things that I want and make me happy, regardless of price.

@Alexander, here's a better way. Get a job where you travel for work, suck up the FF Miles and never pay to travel. I've travel first class on all of my vacations (90% international). Most other services rewards programs can be earned for cash payment as well, and often times at a higher rate. Credit cards are like gambling, the house always eventually wins. Get sick, injured, whatever and miss a payment and your done. My family earned their first money in this country as shylocks and the credit card companies make them look generous.

@Alexander I see where you're coming from. I'm not trying to say that we shouldn't buy anything that we don't need, because we do need to have fun too. I definitely have some expensive hobbies, but there's a big difference between someone who goes into debt to fund an expensive hobby and someone who buys stuff as they can afford it.

I buy things as I can afford them (never keep a balance on my credit cards), but some of my friends are a different story. They have more clothes, DVDs, video games, etc. than they'll ever be able to wear, watch, or play, and they went into credit card debt to buy everything. That is what I mean by "stupid".

@Liza Great list of tips on how to spend your money more effectively.

@Kimberley I would categorize smoking and drinking as hobbies, since not everyone partakes in those activities. I definitely agree that they can become big money wasters though.

@Jimmy Nice additions to the list. I bought my car from my parents to save even more money, and the only debt I have right now is student loan debt.

@Jeffrey I agree that finding a balance is the key.

If you're not on Mint.com I'd create an account -I never realized how much money I spent on groceries until I got this account. A great way to budget!

@Joseph,
Exactly right on the money. The key of course is self-discipline. As you said, never get into credit card debt and as Broke Grad clarified, never get into debt to fund your hobbies. Agreed.

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