Observations on life

The United States of Financial Waste 🤑 Darn right you can save for retirement‼️

Can’t afford to save … for anything? As they said back in the day, balderdash‼️

Just as Americans can’t define “affordable,” they have even more trouble with “necessary.” And what’s worse, based on the survey quoted below, Americans know they waste money. Only 15% of Millennials consider themselves non wasteful. 😰 Keep in mind this survey covered only some of the ways Money is wasted.

So, while Americans nearing retirement have saved on average less than 10% of the minimum they will actually need to live on in retirement, they enjoy dining out on a regular basis 🤮

Dinners out. Unwatched cable packages. Armloads of expired food. Even the most frugal Americans have a tendency to squander hard-earned cash on unnecessary expenses. We asked 2,000 people across the country to share their two cents about the various ways they waste money.

Source: The United States of Financial Waste • Hloom.com

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6 replies »

  1. Our parents saved and many of us saved up for retirement. We got healthcare in our retirement from our companies but even though we went on strike for it, we help pay for it, it is called a Cadillac plan because the welfare folks don’t have the same plan. too bad. Did they work for it?
    Taxes keep rising, food keeps going up, our gas for our car, seniors are on set incomes now.
    no raises in pensions if they have one, the stupid colas are enough to pay for the rise in Medicare costs. Many have to go back to work even in their 70’s. Meds are usually needed as we age.
    their costs go up. Seniors served in the wars, invented many things that are used today, worked most of their lives, paid their taxes, raised families, may now be in charge of their parents too.
    It is getting harder to live. Now with the new tax law that screws 1 out of every 10 NJ citizens; it will get harder to make ends meet. We pay more taxes to DC than most states and get less back. The Salt tax deduction was made back then to even us out a bit to those EMPTY states that don’t have all the people to pay the taxes to run the state.

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  2. Everyone wastes money on many different things, every day. But I do not believe eating out is always a waste of money. Many food items can be purchased cheaper than making them at home.
    Example – KFC – chicken breast, biscuit, mashed potatoes and gravy, chocolate chip cookie and a drink for $5. Plus no sales tax in my state. I know I could not make this meal at home for $5 if you count the utility costs of cooking the items. I only eat out a few times per month so it is not a big spend anyway you look at it and I never go to any high cost restaurants.

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    • I get a yummy fried chicken breast that the grocery deli for $2…
      or a ‘to go’ order of sliced BBQ beef at the local BBQ restaurant…
      and make my own sandwiches using grocery store brand buns.

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  3. I’ll give another more obscure example. A young family bought the house across the street a few years ago. Because it was a new purchase of an older home at a higher cost value, that young couple was already paying more property taxes than I am [I’m vigilant at keeping my property’s assessed value as low as possible.] Recently, when I was looking at my own house appraisal information on the Dallas County website, I noticed that young couple didn’t have a homestead exemption on their house which would have saved them money on their property taxes. Later when I met the owner, I told him about the homestead exemption… but he didn’t seem to understand. Ironically, now that house has been sold again to another new owner at an even higher cost value.

    .

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    • Myself, I “waist” a lot of food and drink, that was until I stepped on the scale this past Monday. It was a hard winter. I am cutting back but I don’t expect to see any savings, only weight loss. Healthy foods are not cheap so I don’t think I’ll see much savings there either.

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