This year has been an incredibly rough one when it comes to employment growth around the world. Even in the United States, jobs growth is becoming overwhelmingly concerning with only 38,000 jobs added to the entire US economy in the month of May.
During tough employment times, consumers tend to have less spending power and are forced to be more careful about what they are spending their money on. So, it becomes overwhelmingly important in times like these for consumers to be more careful about cutting down on useless spending.
With that said, here is a list of things that aren’t a good idea to spend money on at the moment, and the things that are worth spending your hard earned dollars on.
Useless Spending to Cut Down On
For most people, useless spending becomes a habit during positive economic times, and that habit is hard to break during rough economic times. With that said, here are some things you should think twice about buying when it comes to today’s economic conditions…
- Impulsive Spending – Compulsive spending is a big kicker for anyone. After all, companies spend tons of money placing things in front of you in order to get your impulses kicking. That bag of chips in the vending machine or the latte at a train station may be fun to buy, but in all reality, these are some of the areas where consumers waste the most money. It’s also a good idea to cut spending on clothing, and for many during these times, jewelry is a pointless expense!
- Entertainment – The gambling and video games industry are some of the largest industries in the world. After all, spending on entertainment is fun. However, entertainment doesn’t have to be so expensive. Instead of spending $50 on a video game or blowing $100 at an online casino, you’ll be better off walking through the park, enjoying time with family and friends, or even taking your dog to a dog friendly beach. All of these are just as fun and come with a $0 price tag!
- Eating Out – For me, my weakness is going out to eat. Every time I go to a restaurant, I find myself spending anywhere from $15 to $50 on a single meal. However, when I go to the grocery store and cook at home, that cost drops to an average of between $4 and $6 per meal… for good meals! So, consider staying home and cooking yourself something nice for a fraction of the cost.
- Posh Properties And Cars – Another thing that consumers tend to spend a ton of money on is keeping up with the Jones’. We all seem to want a bigger house or a nicer car. However, in tough economic conditions when employment is a concern, it’s a good idea to consider a cheaper rental and keeping your current, reliable car… even if it isn’t quite a pretty as the one you dream about.
Things Worth Spending Money On
While it’s a good idea to save as much money as possible during times like these, there are also expenses that are well worth the money. Some of these expenses include…
- Preventative Health – While healthy foods, sports and medical check ups do come with a cost, that cost is well worth it. The reality is that it is far cheaper to prevent an illness than it is to treat an illness. So, spending a few extra dollars on your health here and there can save you tons of money in the long run.
- Traveling – While traveling may seem like a useless expense, that’s actually not the case at all. Studies show that people that travel at least once per year are happier, which makes them healthier. On top of that, traveling abroad will allow you to make connections you simply won’t make at home. These connections could lead to a lucrative employment or business opportunity.
- Education – It’s always worth spending on education, and education comes in many forms. Of course, college is one. However, taking seminars, mini-courses, and even reading books will help you to further your education and develop new skills. This will help to solidify your current employment or find employment.
Some of the biggest problems consumers face during tough economic times are financial problems. However, by preparing for the rough economy through cutting useless spending and either saving the money or using it to improve your health or career, you may be able to avoid financial problems all together.
What Do You Think?
What are some useless spending habits that you plan to cut during rough economic times? What will you be spending on? Let us know your thoughts in the comments below!