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4 Affordable Luxuries You Shouldn’t Afford

Woman pouring creamer into coffeeLooking for ways to ensure there’s some extra money at the end of every month? Cut out these 4 expenses.

Just because affordable is in front of affordable luxury, it doesn’t mean you should afford it. There are lots of big ticket luxuries that we’d love to indulge ourselves in but we responsibly deny ourselves on a regular basis only to make those big ticket purchases when it is most wise. But as a reward for saying no, we often fall prey to making “affordable” luxury purchases.

Here are a 4 luxuries that are costing you thousands of dollars:

1. The 5-Dollar Daily Coffee
It’s no surprise to see this on this list. But remember a time when if you wanted coffee before work, you just made it yourself? Or went to a diner and was completely happy with cup of .79 cents coffee? While lattes are delish, they can be a steady leak in your monthly budget.

2. Premium Cable
Cable companies know what they are doing. They always seem to have that one channel that has that one show or sporting event that you just have to have and that coaxes you into signing up for a couple hundred channels that are worthless to you. A lot of times premium cable can triple your bill. Some households are paying up to $250 per month in cable. Before making sure you get to see that one show to avoid spoilers, think about what you are giving up for it. What else could you do with an extra $100 a month? What would that hundred dollars look like invested in solid growth mutual fund?

3. Express Shipping
Sure it’s a modern marvel that you can be in North Carolina and with a touch of a button have a new gadget delivered from Seattle the next day. But does it really make a difference if you have it tomorrow or next week? You’ll be just as excited, if not more, when it comes in.

4. The Unused Gym Membership
You want to go to the gym. You have really great intentions about going. And you say you are going to go someday. But you’re afraid that if you cancel it, you’ll be admitting failure...that you gave up and you’ll never go back. Well if you’re paying for it and not going, you’re failing at responsibly managing your budget. Try establishing a workout at home and when you’ve proven to yourself that you can manage getting the full value of a gym membership, go ahead and go back. But for now, go ahead and cancel it.

We’re pros at helping people identify ways to save and manage money. We’re here to help. Everyone has a unique situation and it’s always best to get advice from a professional that understands where you are financially.

Image courtesy of Jeremy Pair on flickr; reproduced with permission.

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