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Top 5 (Non-Essential) Things Americans Spend $5,000 (or More!) a Year On

Top 5 (Non-Essential) Things Americans Spend $5,000 (or More!) a Year On

– Whoa! Hey guys, it’s Dana and it’s
time to talk about money and in this video I
wanted to share with you five things that if you cut out of your lifestyle right now
you’ll save $5000 per year. So let’s get to it. So Yahoo Finance posted an article talking about how Americans are spending their retirement and they shared items that Americans spend more
than $5000 a year on. So if you pick anyone of these items and you eliminate it from your life right there you’ll save $5000 a year and that can go towards your retirement, towards paying of debt, whatever you want. College savings for your kids. That’s just more money for you, right? So I wanted to share
with you the five things that they said Americans
spend more than $5000 on, so just like I said cut one of these out. All right number one: eating out. Restaurants and food delivery. How often do you eat out? I have a cousin who does
food delivery all the time and it’s very attractive to me. Sounds like that’d be fantastic just to order online, have it delivered, but I guess it’s a little
bit more expensive, so your paying for the convenience of having it delivered to your house and so if you just cut that out. That’s one thing you
could do for the next year to save $5000. Number two is easy for me, it’s alcohol. We don’t drink alcohol really, not ’cause I don’t like it. I enjoy a glass of wine,
but I am just too busy and with four kids and work
and I just don’t have time. I don’t have time to even and my husband doesn’t really enjoy it. He just would rather have a soda when we go out instead of a glass of wine and it’s no fun to drink alone. So we don’t purchase any alcohol, but if you do if you cut back on your alcohol consumption
it might be better maybe for your health and
then also for your wallet. Number three is also a
beverage and it is coffee. Do you find yourself
stopping a lot to get coffee? I know at one point in my life every single morning on the way to work I would stop and get a vanilla latte. A skinny one, non-fat
milk and it was so good. Every morning on the way
to work that was my thing. A skinny vanilla latte. Yummy. All right, but that adds up. The $2 or $3 or $4 or $5
you’re spending per day to stop for coffee, I
mean that’s a lot of money throughout the course of the year. So maybe make it yourself at home or kick the habit which is hard to do. You get a lot of headaches
cutting out caffeine. Next is taxis or Uber, ride sharing things if you are just Ubering everywhere it’s very convenient, but
also can got to be expensive. As opposed to having a friend drive you or pick you up or yeah. So if you can cut back
on the amount of times you Uber to go out then you will cut back and save some money. Clothing and accessories. I don’t know if this includes
haircuts, maybe accessories? No. No, just accessories, jewelry, clothing. How much do you spend on shoes? I’m sure that’s included in there. So try to cut back on your
clothing and accessories. Hats, T-shirts, that’s what my husband has a problem with hats and T-shirts. So many baseball caps. Do you really need another baseball cap? No. Okay, and lastly is events. Concerts. What else would be, I guess, I don’t know. We don’t go out. We really don’t go out. What kind of events do you spend money on? I guess shows, plays, I don’t know. Games? Going to football games,
any kind of events, so stop going out for a year. No spend on events like that. Go to free things and
watch kids soccer games instead of going to professional sports. Actually you know local
like the regional… I don’t know what the right word is, but we don’t go to major league baseball. We go to the… Help me out here in the comments. We go to the local baseball team for our area and it’s just as fun. It’s a $11 a ticket, so
we enjoy going there. Yeah, Reading Phillies. All right so that’s it. Cut one of those things out. If you have another item that you think you probably spend $5000 a year on that maybe you want to cut out share it down in the comments. Maybe we also want to cut that out. If you’re doing your trended statement for the year like I showed you a couple of videos past
then by the end of the year this will be really easy to see which categories you’re spending $5000 or more on per year and then you’ll be able to maybe reassess, maybe cut one of those out. Maybe kids activities is one of them for your children or I’m not sure what, but I’m sure you’ll find something on there that’s interesting
that’s why I love doing that trended statement. Throughout the year,
at the end of the year I can see it on one sheet what
we’ve spent as a household. Yeah, so it’s good stuff. All right if it’s your first
time here be sure to subscribe. I’m here every single Tuesday
talking all about money. We’re a family of six and we
live in the Philadelphia area. I work full-time in Finance
and I sort of do this on the side just for fun and thank you guys so much for watching and I’ll talk to you in the next video. Bye.

43 comments found

  1. Years ago I would stop for fast food breakfast several times a week and buy lunch at work and stop off at the grocery store most days after work as a form of entertainment. I’m so glad when I was paying of debt I started packing my meals and only go to the grocery store once a week or less. It was so much frivolous spending. And I’m much healthier now. If only I could get my fiancé on board with all of this. Some of my coworkers get Dunkin donuts coffee every day and I just can’t imagine doing that. I probably get Starbucks 1-2 times a year and that’s when traveling.

  2. Minor League maybe. I agree on all. We have cut down a lot on going out since we moved and bought our house. We are doing more free events. Fairs, flea markets to browse, hikes. Thanks for the advice.

  3. I think it all has to do with awareness. If you treat yourself sparingly, you won’t feel total deprivation. I bought a beautiful Coach purse at a rummage sale for $4 this summer. Our local connivence store WaWa is having a coffee sale….any size any flavor $1. So I would stop in now one day this week before work as a treat. We go out to eat a handful of times of year because we are celebrating….not because we are too tired to cook. I find if we do it this way I don’t feel deprived and my children have gotten on board too!! And I spend $2-$3 on a can of coffee that I enjoy drinking every day. For pennies a cup, I’ll never give up on that😄

  4. I don't drink any alcohol or coffee. I very rarely eat out now because I don't have money in my budget. We don't have ride sharing where I live. I only buy clothes when the old one is completely worn out. I rarely go to events that cost money. Maybe the movies a movie twice a year, a local hockey game once a year. Getting rid of meat and dairy has definitely helped me save a ton of money.

  5. I understand where you're going with this and it's a smart thing to economize however you're turning life into something without joy, almost not even worth getting out of bed in the morning. I do make my coffee at home and will occasionally attend performances. Staying home all the time? Not for everyone. Certainly not for me.

  6. I say drop all beverages that aren't water. Big savings here from giving up swill of all kinds — including soda pop. And not to buy bottled water also. Minor league!

  7. I try to balance being conscious with having some fun. I have no debt and have an emergency fund so I figure I can. My worst fear is that I’ve sacrificed so much and worked so hard and will drop dead before I can enjoy it. So now I balance it.

  8. I think you were thinking of the Minor Leagues. Also, I like that you have a full time job. When people decide to make YouTube their main job, all of a sudden the sales pitches start

  9. Perhaps a bit extreme for many, but I haven't had any form of television reception at my home for over 25 years. I also don't have the internet, other than my unlimited data on my Straighttalk phone. I have a small tv and DVD player and I have a selection of dvd's that I watch over and over…yes, I enjoy seeing them again just as much as the first time (sometimes even more!). That alone has probably saved me at least $30k over the last 25 years!

  10. I LOVE eating out, but we just don't do it much. One way to help curb the habit is to track your spending there each month. It can be VERY eye opening! Even $100 a month (not hard to spend with a family of 4, with kids old enough to eat off the adult menu) adds up to $1200 a year, which makes my stomach churn. Everything in moderation!

  11. Hmm.. a glass wine and coffee actually increases life span according to statistics. Just buy a $8 bottle compared to restaurants charging 5X 😃

  12. Very interesting! Definitely coffee I have to cut back. I have started and it’s so hard but it’s a work in progress. I will say spending on events and clothing is something I try to budget on. I like to be up to date with seasonal clothing and shoes. I really enjoy concerts, parties, food festivals etc. I’m trying to find a balance of having fun but on a budget. For example , at a concert I will eat or drink before the concert to save. Saving money should not come with not enjoying the little things in life. I don’t want to look back and say I regret not enjoying my youth bc I just wanted to save.

  13. I don’t spend money on any of these things, and many of my friends don’t. It’s a matter of necessity to pay bills, not a luxury to give up. I think much of the middle class in many expensive cities can relate.

  14. I just cancelled my gym membership. There are so many things online as well as the library, so I'm not paying for that any longer. Especially since I never went. I would also say eyelash extensions, tanning, fingernails these service are pretty much every two weeks and can really add up especially when there is also "tipping" involved.

  15. I quiet buying alcohol. Don’t eat out. Don’t spend money on taxi etc. I make my own coffee at home. Events I go to the free events that are offered by your town ..city..

  16. My parents were so frugal is was ridiculous. They acted like we were poor but we weren’t, both of my parents had excellent jobs with excellent salaries, benefits and pensions. They never spent a dime and when they did they beached about it for weeks. I was raised to sew all my own clothes, buy the cheapest everything blah, blah, blah. Now that I’m an adult I have better things to do with my time than hunch over a sewing machine sewing clothes. I buy beautiful almost most brand new clothes at thrift shoes for dirt cheap. Almost all of my furniture has been purchased second hand and I buy on sale at the grocery store. I usually do my own mani’s & pedi’s but I go to the best hairdresser and hair colorist in town. I’m happy to pay top dollar because good hair people, like good car mechanics, are worth every penny.

  17. Great advice. What about those of us who are really budgeting hard? I don't do any of those things. Any advice for more savings?

  18. I recommend finding your city's upcoming events website where community members post events. LOTS of fun activities and many are free. I think community events are often more educational and enriching. Here are some I've done:. Christmas tree shows, historical impersonators, quilt shows with history involved, comic book illustrator, crafts at the library, an African students dinner and student talks about Africa, international fairs, concerts every Sunday in our park(summer). And there is lots of stuff for kids, too. Also call museums, they usually have free or reduced days. Our waterpark has $5 days if you're willing to go on a Monday. We are 😁

  19. I'm all for frugality but you have to have balance. What's the point of being an extreme cheapskate? So you have a million dollars in your final ten years of life as a partially immobile senior citizen?

  20. Cell phone upgrades. Maybe buying one used instead of new iPhone 📲. Insurance is also costing about 14.00 a month on new iPhones which can be up to 1200 for minimum memory offered

  21. we plan to eat out once per month, there is me and my 13 year old grandson and we usually spent 20 a month, which I have budgeted for, Sometimes we will buy a 5.00 pizza from little Caesars or do the mcd value meal and each get a sandwich and drink, he gets fries. but if we never did this we would not be able to get out of the house except to grocery shop, which I only do once per month. so, we usually pick a night that we are not grocery shopping so we can spend just an hour together, no tv, no phone, no animals, no distractions, just eating and talking…..and I enjoy it. when we are home and I am cooking, I am busy getting food, cleaning up from dinner, taking care of animals, etc. and he has homework so we are together, but not just talking and laughing with each other……dana, I wanted to say that since I took your advice about the party in the pants products, I have saved a small mint, I bought a small supply and I love them! best investment I ever made and I wish I had known about it years ago. I have saved about 18.00 so far, even with the initial investment vs the cost of disposable. and I am so glad that you mentioned it in a video because wow, except for one roll of paper towels every few months, and tp….we are paper free. I use the paper towels to drain bacon grease, French fries to get the extra grease off and that is it. we use rags, towels, etc. to clean other stuff. Again, thank you!

  22. I've noticed people in the US seem to use a lot of disposable tableware, especially paper plates. Switching to ceramic plates would save a lot of money.

  23. So don't eat out, drink alcohol, attend concerts or ever leave the house? lol I'll pass. Life is meant to be enjoyed, and staying home and never buying clothes or never celebrating an anniversary by eating out sounds really sad.

  24. We don’t drink anything except a lot of distilled water 💦, coffee ☕️, sweet Tea, hot chocolate , Rice Milk, & Cow 🐄 Milk , and Cranberry juice.
    We don’t go out we are Retired living on our “Retirement Ranch” (3 bedroom 🏠 1.5 bathroom.)

  25. "and I sorta do this, on the side, just…for fun." That really cracked my sleep deprived brain up for some reason! Love you Dana. X

  26. It’s amazing how quickly seemingly small expenditures add up. Always a great idea to revisit the budget and see where we can plug some holes. I love Dave Ramsey’s definition of a budget! Telling your money where to go instead of wondering where it went! 😊. Obviously we don’t need to remove all fun/joy from our lives. Simply re-evaluate and be in control of our financial journey. Thank you for sharing! 🌺

  27. I haven't been to McDonald's in a long time so the other day I craved for their fries and ended up buying a meal 10.60$ later I regret it it I will also be cutting my ice coffee from Dunkin doughnuts that's a whopping 2.79$ plust tip a day .. looking for motivation and focus

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