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Common Money Wasters

Faith & Finance (formerly MoneyWise)

Christian talk radio with Rob West

April 25, 2020

In Luke 12, Jesus addresses a crowd of followers: And he said to them, Take care, and be on your guard against all covetousness, for one's life does not consist in the abundance of his possessions. We all do it from time to time: waste money on things we don't really need. Today, Kingdom Advisors President Rob West shares some things you can easily cut from your budget. Whether it's a new item of clothing, a kitchen gadget, or new set of golf clubs, if the thrill is gone after a few days then you probably didn't need it. A recent survey showed the average adult spends around $1,500 a month on non-essentials. No wonder a majority of Americans are living paycheck to paycheck! Imagine what that kind of money would do if it were put into savings or investing for retirement. You can save a fortune by preparing your own meals. It's okay to eat out occasionally, but too often it's just for convenience and not really necessary. Avoid getting the latest smartphone upgrade as soon as it comes out. They're very expensive. The longer you can delay upgrading, the more money will be in your pocket. Wearing the latest fashion is expensive. A 2019 report showed that the average American shells out almost $1,900 a year on clothing. And, in a few months, whatever you bought is probably out of fashion anyway. Your cable TV package. Their monopoly over home viewing is over. However, they don't seem to realize it yet because their prices keep going up and up! The average is now over $100 a month.

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