700: Big Money Mistakes You May Be Making AND Cutting Expenses by Michelle Schroeder-Gardner of Making Sense of Cents

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This is optimal. Finance daily episode seven hundred big money mistakes, you may be making and cutting expenses both by Michelle Schroeder Gardner of making sense of sense dot com. And I am Dan the guy who reads to you from some of the best blogs on personal finance? I am here each weekday doing just that even holidays, and you may not know that this is just one podcast in our podcast network. We actually have seven shows now we've got five narration style shows just like this one. But very recently. We added to interview podcasts one is a dating show called data's where you can contact the guests on the show if you're interested in dating them again, it is called date us. See should definitely check that out because it features listeners of our other shows, and before we get to our posts today, you don't most job boards, overwhelm you with tons of the wrong resumes. Not smart but ZipRecruiter finds the right people for you. And then actively invites them to apply smart, try it for free at ziprecrui. Router dot com slash FD. Ziprecruiter, the smartest way to hire. Now, let's get right to it. As we optimize your life. Stuff. Big money mistakes. You may be making by Michelle Schroeder Gardner of making sense of sense dot com. We've all made money mistakes. I don't think anyone has ever said I've never made a money mistake in my life. If so I'd like to meet that person. Even if you have made money mistakes, it's never too late to change your life around. Here are a few money mistakes that you may be making taking out too much in student loans. I'm guilty of this one. Luckily, my student loans are now paid off, but I would have had thousands of dollars less if I wouldn't have taken out so much when I was in college. My problem was that I would always take the full amount out each time with student loans. The money goes towards your tuition, but whatever's left over is just deposited into your Bank account as cash I never really thought about how taking an extra thousand or two thousand dollars each semester would hurt me. But it did thinking you're too good to save money. When I had my day job. I used to always bring my lunch. There were two reasons for this. A I wanted to save money and be in order for me to get lunch. It would have meant that I would need to get in my car and actually go somewhere. I was too lazy for that? Occasionally, I was made fun of for some of the things I would do to save money. Some thought I couldn't afford to eat and even had people offer to buy me lunch. This also applies to coupons. I know so many people who think that they will be looked down upon for using coupons. I just don't understand that. Who cares? If you use a coupon. Anyone can save money and there should be. No shame in doing. So not thinking about the full cost. I've seen this many times you buy an item without thinking about the full cost of it. You only look at the sticker price you may be able to afford the sticker price. But can you afford the whole thing? Many things have additional costs. If you buy a house other costs include home insurance property taxes, utility bills repairs and so on if you buy a car other costs include car insurance gas maintenance taxes for buying the car yearly personal property taxes. And so on. Spending more money than you make if you're spending more money each month than you make then you are making money mistake. He need to figure out what is going on. So that you can fix this problem. Are you trying to keep up with the Joneses? Are you not making enough money each month to support basic, life necessities? Do you have too much debt? Whether you are spending a hundred dollars over your budget each month or thousand in need to fix this money mistake. You can start fixing this money mistake by creating a budget, you need to list, your income and realistic expenses and see where your problem is buying things. Because you think you deserve it. Don't get me wrong. I think that money is meant to be enjoyed. However, if you're going into thousands of dollars of credit card debt, because you think that you deserve to own things, then you may have a spending problem something that you may want to think about is why you think you deserve things is it because another person can afford it. So you think you should be able to as well. Or is it because you want to buy things to cure a bad mood. Also does buying things. Actually, make you happier. Or does it just lead you to buy even more things? And I'll have another post for you in just a moment. But I thank you again to ZipRecruiter for sponsoring this episode. You know, what's not smart letting your friends pick your karaoke zone. But you know, what is smart going to ZipRecruiter dot com slash FT to hire the right person. Ziprecruiter, doesn't depend on candidates finding you. It finds them for you. It's powerful matching. Technology scans thousands of resumes identifies people with the right skills education and experience for your job. And actively invites them to apply so you can get qualified candidates fast. That's why ZipRecruiter is rated number one by employers in the US this rating comes from hiring sites on trust pilot with over a thousand reviews and right now, my listeners can try ZipRecruiter for free at this exclusive web address ZipRecruiter dot com slash FD. That's ZipRecruiter dot com slash OT. Ziprecruiter this. Artist way to hire. Cutting expenses by Michelle Schroeder Gardner of making sense of sense dot com. I'm always talking about how I want my student loans gone as quickly as possible. So that's probably why I often get asked why don't cut more expenses out since there is obviously more room for things to be eliminated. We have cut a lot out of our lives mainly by calling and asking companies to lower our bills and give us discounts. And there are certain things that we have cut such as our gym membership. We never went. So we couldn't justify the cost. We also lowered our food spending. It's still not exactly where we want it. But we are doing much better. However, there is a long list of things that I willingly pay for. I don't plan on eliminating any of them as they helped me enjoy life. Yes. I enjoy watching my favourite TV shows, according to what I could be saving which you'll hear in a moment. The amount that I could be saving is not a big enough reason for me to eliminate all of them one cable. I love watching TV. Yes. I know I'm a horrible person, blah, blah, blah. But I actually enjoy shows like boardwalk empire sons of anarchy, true, blood and. Really, some others that I will not say the names of our Bill right now is right around fifty dollars a month for a lot of channels plus HBO and stars as well. I watch a lot of shows on HBO. So it's worth it to me to cell phones. Technically, the boy needs it for his job. So we can't get rid of his. But why do I need mine? Well, just enjoy having it. It's really that plain and simple I like to easily reach my friends and text people all day long. I text much more than I call heart. Most people like that. I however do not have a smartphone. I plan on getting the iphone five soon. But I keep pushing it off it would make life easier though. We recently added my sister to our cell phone Bill. So now she's paying third since there are four of us. We didn't have her just pay the extra added cost because she should be paying her fair. Share? It used to be one hundred thirty dollars a month. But now, it's one hundred seventy a month. So with her paying third we are actually saving a little more money on our cell phone Bill. So technically, our cell phone Bill is around one hundred ten a month. Three. Cars. Yes, I could technically cut this out and do public transportation. However, I live in a very unfriendly public transportation area. It would take hours from to get to work yet. My work is only ten miles away without cars. We would save around four hundred dollars for the Jeep payment a hundred dollars in car insurance on both cars and about three hundred dollars a month in gas for a total of eight hundred dollars a month monthly unlimited passes. An estimate are probably around one hundred dollars each. So we could be saving an extra six hundred dollars a month by not having a car, even though six hundred dollars a month. Sounds like a lot. I would have no time for anything since I would be spending around four hours a day commuting to and from work instead of just spending the fifteen minutes to drive there and the fifteen minutes to drive back home. The time saved is worth six hundred dollars to me. You just listened to the posts titled big money mistakes, you may be making and cutting expenses. Both by Michelle Schroeder Gardner of making sense of sense dot com. And that is going to do it for today and for the week and for seven hundred episodes of optimal finance daily, if you can believe it. Thank you so much for continuing to listen and support us and have yourself a great weekend. I will be right back here with you on Monday where your optimal life awaits.

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