What's the Biggest Waste of Money?

Weddings are a waste of money. But in my case, I had no plm because my ex's father footed the bill. The wedding was at least 15,000 dollars. I had no plm. My friends and I had a blast!

Next time, I will elope. Save money in the long run.:cool:
 
My favorite waste of money? Someone pulling out a massive loan to pay for a car, citing the vehicle as an investment. Cars lose money, they never gain money.

My advice? Debt is like a lever. It makes you richer or poorer. Use it to increase your money, not to decrease it. :)

Though have yourself a little fun too. No point in being a regular Ebenezer Scrooge.
 
Endymion said:
My favorite waste of money? Someone pulling out a massive loan to pay for a car, citing the vehicle as an investment. Cars lose money, they never gain money.

My advice? Debt is like a lever. It makes you richer or poorer. Use it to increase your money, not to decrease it. :)

Though have yourself a little fun too. No point in being a regular Ebenezer Scrooge.
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*sigh* I am one of those people who made that mistake with the vehicle loan. At least I learned my lesson from it and never again!
 
Endymion said:
My favorite waste of money? Someone pulling out a massive loan to pay for a car, citing the vehicle as an investment. Cars lose money, they never gain money.

My advice? Debt is like a lever. It makes you richer or poorer. Use it to increase your money, not to decrease it. :)

Though have yourself a little fun too. No point in being a regular Ebenezer Scrooge.
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Well, it's pretty much the way things are now...count on a car and house payment for the rest of your life. That said, how else does one (average person) get a nice, dependable vehicle every 4-5 years without going into debt?
 
shel90 said:
*sigh* I am one of those people who made that mistake with the vehicle loan. At least I learned my lesson from it and never again!
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Don't worry, I've made my mistakes too! The important thing is we all learn from them. As far as that goes, you look like you're well set! :)

What car did you get with the loan?
 
Tousi said:
Well, it's pretty much the way things are now...count on a car and house payment for the rest of your life. That said, how else does one (average person) get a nice, dependable vehicle every 4-5 years without going into debt?
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Good question, Tousi. For the car, you can actually get a pretty decent vehicle for a budget as small as $2,000. The Toyota Camry lasts long and the Camry isn't the only car like that.

This usually works best by private seller, though you carry some risk. Dealers are more expensive. If you're actually unfamiliar with cars, you can go through a small-time car broker or find someone (like your mechanic -- offer to pay something) to help you get a good deal on a car in good shape.

If you raise your budget to, say, about six thousand, there are plenty of decent-looking cars that run well.

It all boils down to managing your budget and saving some money. But let's say you do decide to get a loan for a reliable car. That's fine, I understand. But there are so many things that you can consider besides an overpriced auto loan. If you're in college, you can pull out a Stafford loan. I think the unsubsidized Stafford goes at 6.8% now. That's pretty good, especially if you have rocky credit. The subsidized Stafford is even better: you don't pay until after you graduate and interest doesn't apply until then.

Or let's say you own a house. Why not use a Home Equity Line of Credit loan? The interest is much lower. Though be sure to pay your bills. They can take the house if you don't. These options DO carry some risk.

You have many, many more options. But I think saving a little money each month in a fund for "Future Car" is a great start.
 
1. Wedding - I'd have to agree with Banjo - it depends on what you spend the money on. I don't believe that you should go over a few thousand dollars - after all, when a couple has a wedding, just WHO are they accomodating? Certainly not themselves if at the end of the evening they're opening envelopes in order to pay the catering hall bill - ya know? Weddings should only have family and close friends - then for everyone else, perhaps a low-cost party, a barbecue, something that won't put the newlyweds into the poorhouse.

2. Traveling - This too, depends on where you are going. If you're going somewhere that you've already seen and visited, then perhaps it is taking away from those places that you still haven't seen and that money could be put towards that. Traveling can be VERY expensive, but the sensible thing to do would be to spend your money on new things and gain new experiences from it.

3. Buying stocks - I'd have to say this can be a waste - you don't win them all and you have to understand thoroughly the stock market in order to succeed. Let's just ask my uncle who is over 20K in the red as a result of stock marketing.

4. College - Waste away!!! Your future money-making endeavors are dependent on your education!

5. Cigarettes - Gotta admit - ayep, it can be a waste. Your physical well being is not dependent on ciggies, like it or not. I might recommend splurging on a nicotine patch if you're a die-hard addict.

6. High Tech such as Sidekick - Depends on what you use it for and what you get for your money. Personally, I have a Sidekick 2 and pay $30.00 a month. I have unlimited email, IM's, text messages and on the go web. It is well worth it for me to have it for my own peace of mind should anything happen while I am alone or not at home.

7. Gambling and buying Lottery tickets - If you win, no it's not a waste. If you lose, well...yes, it is. ;)

8. Fast Food - Yes, it can be a waste of money - if you're looking for a quick and easy meal, then it can come in handy, but that's somewhat irrelevant to whether or not it's a waste of money. You certainly are NOT meeting nutritional requirements when you have the supersized Quarter Pounder with Cheese meal from McDonald's as opposed to a Chicken Caesar Salad from your local deli. If you have to spend money on fast food, it might behoove you to spend money on what's better for your blood pressure and cholesterol levels.

9. Holiday Shopping - Well - are holidays about presents? Or are they about something else? ;) Personally, some of my presents are handmade and even though it doesn't take too long to put together, it's still the thought that counts, and it's still much easier to budget in with the things we're required to pay for - like gas, electric, phone, and anything else you might find on this list, if it's not a waste of money, of course. :)

10. Bottle Water - Personally, we use tap water with ice. If you live in an area where there's problems with water, then it can be beneficial to buy a 24 pack of Aquafina. It's only $1.00...if you have enough to spend on everything else, it's certainly not going to hurt. ;)
 
I quit smoking almost 10 yrs ago. I saved money

Wedding is a true blessing..It's worth it.

I don't travel much... because of gas prices keeps going up and down like a yo-yo.

I don't eat out much...I prefer homemade food and besides it better for you.

I play lottery once a week. I win some and lose some.

I don't buy bottled water. I use my clean bottle and water tap and stick in the freezer the night before. I'll have nice cold water all day.

College is worth to go. You make good money on it more than who don't go to college.

Don't use illegal drugs. Who needs them, anyway???

Drink alcohol...I use it rarely and on a special occasions.
 
mecooncat said:
I don't buy bottled water. I use my clean bottle and water tap and stick in the freezer the night before. I'll have nice cold water all day.

Same here. :) Once in while if I am on the road and I am thirsty, I will buy bottled water. If my body tells me it needs water, I will buy it and to me that is not a waste of money.
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I would say wedding dress... :shrugs:
 
Endymion said:
Don't worry, I've made my mistakes too! The important thing is we all learn from them. As far as that goes, you look like you're well set! :)

What car did you get with the loan?
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That was 10 years ago..I got a 1996 VW Jetta fully loaded and I was making barely above minimum wage. LOL! Also, on top of that, I still owed $5,000 to my VW Cabrio and its trade in value was a lot less than $5,000 so I put the difference in my Jetta loan. BIG mistake.
 
^Angel^ said:
I would say wedding dress... :shrugs:
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U mean a wedding dress is a waste of money? Like those super fancy ones that costs thousands of dollars? If so, I agree with u. I can use that money for closing costs on a house. :giggle:
 
shel90 said:
U mean a wedding dress is a waste of money? Like those super fancy ones that costs thousands of dollars? If so, I agree with u. I can use that money for closing costs on a house. :giggle:
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Yike I can't afford a thousands of dollars on a wedding dress, sheesh I wish :giggle:

I thought I would find the most beautiful wedding dress less than $400 dollars, but the ones I really like alot are around $800-$900, so I'm working on it or maybe I find some something similar like the ones I like for a cheaper price..:ugh3:
 
Gosh, did anyone mention war crap? like military weapons and stuff...
there are so many others out there who could benefit from those billions of dollars the goverment wastes... :ugh3:


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