The Census Bureau recently released a study showing that the average American household income was forty-nine thousand four hundred forty-five dollars last year. When you factor in inflation, that puts us exactly where we were fifteen years ago. Want to hear something even more hope-killing? Our poverty rate last year was over fifteen percent. That’s the highest rate since 1993, and a number that translates into forty-six million people. It’s an understatement to say that Americans do NOT have a lot of excess money in their pockets. That’s why we all owe it to ourselves to keep a tight handle on the cash that we DO have.
Spending wisely and putting a stop to wasting money can help deliver you safely on the other side of hard times. Reckless spending during a recession, whether on a personal, business or governmental level, can only perpetuate or deepen financial problems.
Here are the top ten ways that you – and most Americans – blow money when you don’t need to.
The first item on the list?
Buying New Things
Buying things new when there is no good reason not to buy secondhand. When you “have” to buy something with its original packaging, you can usually bank on paying double what you should. Experts will tell you that automobiles are the biggest offenders here: nobody should buy a new car, they reason, because it inevitably makes better financial sense to buy a solid used car. Read more.....