3011: 5 Things You Should Stop Wasting Money On by Julien Saunders of Rich And Regular on Financial Goals

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[00:00:50] Have you ever noticed how a calm mind can really set the stage for a good night's sleep? That's the idea behind our new podcast, Good Sleep. Greg, our host from Optimal Relationships Daily, is here to help ease you into a peaceful night's rest with some positive affirmations. And these affirmations aren't just comforting. They can help ease anxiety and nurture positive thoughts, setting you up for true good sleep.

[00:01:16] So press play on good sleep tonight, because a good tomorrow starts with a good night's sleep. Just search for Good Sleep in your podcast app, and be sure to pick the one from Optimal Living Daily. This is Optimal Finance Daily, 5 Things You Should Stop Wasting Money On, by Julian Saunders of richandregular.com. A few weeks ago, we posted an article on our Facebook page that generated some healthy discussion.

[00:01:46] It was about greeting cards and how millennials, once again, are being blamed for the decline of that industry. I know. First, it was face-to-face interaction, then marriage, then the tuna fish industry, and now this. Honestly, our position was a snarky one, because greeting cards have been on our list of silly things people spend way too much money on for years. We kept that point of view to ourselves until we came across that article and almost blew a gasket.

[00:02:16] But after doing some research, we found a conflicting article stating the exact opposite, and highlighting how millennials are actually keeping the industry alive. Welcome to the click-baity misinformation age, ladies and gentlemen. Why do I have so much eye-roll-inducing disdain for greeting cards? Well, let's look at the process. Assuming you're mailing it to someone, you have to put a stamp on it, which will cost you another 50 cents.

[00:02:44] Then you put it in a mailbox where it's picked up, put on a truck, sorted, then maybe put on a plane, then another truck, then a delivery truck, until it's finally delivered to a person somewhere in the world where it finally arrives all bent out of shape and scraggly. Oh, and you have to guess when to put it in the mailbox to allow for enough time for the delivery process, which is always questionable unless you're willing to pay extra to have it tracked.

[00:03:09] If you're annoyed at how ridiculously long and clunky that paragraph was, then you should be just as annoyed by the U.S. Postal Service. In a world where we can push a button on a screen and actually see someone's face in real time, the process of sending greeting cards seems more like a wasteful commitment to clutter and inefficiency than a heartfelt notion. Another reason I got no love for greeting cards is because they're ridiculously expensive for no damn reason.

[00:03:37] Of course, if you opt to get a box of cards, it's a lot less expensive per card, but then you're stuck with a generic greeting or no words on the inside at all. A good greeting card can run you upwards of $5 each depending on the brand, size, and flair affixed to it. Assuming you buy them for the holiday season, birthdays, and at least one other special occasion, that's a built-in $15 per person you're celebrating, per year, in your life, for fancy paper and glitter.

[00:04:06] Oh, and if you have a toddler, you have to pretend your kid also bought a greeting card for whoever is expecting one because God forbid they just sign yours. I'm tempted to build out a table right here, right now, that quantifies how much the average person may spend on an annual basis holding onto this tradition. But I won't. Okay, let me take a breather. With each keystroke, I know I am getting tragically closer to spending my days yelling at squirrels and kids to get off my long.

[00:04:36] Oosa! Do I literally hate greeting cards? Of course not. Well, at least not as much as I hate the excuses some people make for not having enough money to save and invest. In my mind, if you've got money to spend on little things like greeting cards, then you damn sure have enough money to invest. But since one of our Facebook followers asked, here's a list of other things we think people should stop wasting their money on. Cable and cable internet.

[00:05:04] When we moved into our new home last year, we upgraded to a promotional cable internet only package for about $40 a month. This was the first time we've had cable internet since 2012. Cable internet is the luxury resort of web connectivity. If all you need are clean sheets and a bed, you should probably explore less expensive options. All those years during our debt payoff journey,

[00:05:29] we used a less expensive AT&T high-speed DSL to keep our Amazon Echo, two Apple TVs, four iPhones, two laptops, one Nest, and two iPads going with no issues. Once we figured out how much bandwidth we needed, we were good to go and rarely had an issue. For television, we used Hulu, Netflix, and Amazon Video that came free with Prime. And we survived. I'd rather spend more hours reading,

[00:05:56] exploring new genres of music and up-and-coming artists on Apple Music than committing to follow another TV show. But that's just me. Kitchen appliances. Marketers have perfected the art of convincing people they don't have to actually learn how to cook, and that all they need is this new gizmo to create mouth-watering, restaurant-quality cuisine. Having tried some of these gadgets, we've concluded that they're mostly useless chunks of cheap plastic

[00:06:25] that all do something a simpler and less expensive tool already does. You really don't need more than a few pots, pans, cooking trays, spoons, and a good knife to get the job done. I ain't one to judge, but I'm definitely side-eyeing the people who splurged on a fancy blender with a mini jet engine to make the occasional smoothies in. Basements. The lower level of most people's homes is basically a cemetery for home design dreams.

[00:06:53] Basically, it's the place you store all the crap you bought and have no use for, or it's the floor of shame where unfinished projects go to collect dust. Now, for the people who truly use their basements to entertain, work from home, or work out in the mornings, this is no issue. But for those who are holding onto the hope that one day they're going to finish the basement as soon as they have enough money, it may be time to let that dream go.

[00:07:18] What's interesting is despite the data showing most people only use 40% of the space in their homes, we've seen an increase in new build homes that are including finished basements. Storage units. When we completely renovated our old home, now a rental property, we had to move everything out of that property and into a storage unit for a little over a month before moving it back in. It was the first time we'd been to one in years,

[00:07:45] and it was eye-opening to see just how much additional space outside of primary residence people need to store their stuff. Sure, there are definitely valid reasons for storing stuff outside of the home, but in far too many cases, it's because people have way too much stuff they're holding onto. My point is, aside from the people who are in truly desperate circumstances, I've never met a person who couldn't cut back somewhere. I've met people and had hour-long conversations over rounds of drinks

[00:08:14] only to have them tell me it must be nice to save as much as I do. Really? I could have met you at your place, or we could have just talked on the phone, bro. I will never be one of those people that shame others for drinking Starbucks, eating avocado toast, or wearing Jordans. But we should all be mindful of the excuses we tell ourselves and the mental backflips we go through to avoid discomfort. Whether it's finally pulling the plug on a stalled career,

[00:08:42] quitting a cash-draining hobby-turned-business endeavor, or realizing that we may actually never grow into our home, there are likely better decisions we could all be making with our money. For some, it could be one big thing. For others, it may be 15 little things that create a big cash cushion. At the end of the day, committing to regularly take a good, honest look at your spending is critical to creating that cash cushion.

[00:09:12] You just listened to the post titled, Five Things You Should Stop Wasting Money On, by Julian Saunders of richandregular.com. You sign up for something, forget about it after the trial period ends, then you're charged month after month after month. The subscriptions are there, but you're not using them. In fact, I just learned that 85% of people have at least one paid subscription going unused each month. Thanks to Rocket Money, you can see all of your subscriptions in one place

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[00:10:12] Cancel your unwanted subscriptions and reach your financial goals faster with Rocket Money. Go to rocketmoney.com slash OFD today. That's rocketmoney.com slash OFD. Rocket Money.com slash OFD. What I got out of this article is that there's always opportunity to look at what you're spending money on and question how necessary it is. For me, it boils down to resourcefulness

[00:10:38] and recognizing that there are likely more resourceful ways to get your needs met. So for example, I love to give cards, but I prefer to make them myself or send a digital card. Yes, I'm saving money, but that's not the only reason I do it. I'm also using my time and energy, my two other most important resources, to scratch my itch for creative expression. What I like about Julian and the tone of this article is that he's not afraid to embrace potential discomfort

[00:11:08] and test his assumptions on the status quo. What you decide to spend or not spend money on is a very personal decision, so I wouldn't get hung up here on the specifics of greeting cards, basements, and kitchen appliances. It's more about the thought process of evaluating what you're spending money on and questioning if you're blindly following social norms. That'll do it for today. Thank you for listening. Have a great rest of your day, and I'll see you in tomorrow's show, where your optimal life awaits.