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Beware of Little Expenses

Beware of Little Expenses

If you’re struggling financially, then chances are that you might be doing some soul-searching by asking, “How did I get here?” Ben Franklin’s famous quote: “beware of little expenses, a small leak will sink a great ship”, might offer some answers. For most of our clients, this accurately describes their financial trouble. They don’t notice the dollars and cents running through their fingers until it’s too late. It’s not the big expenses that generally put people into trouble (although if you’ve got a second car, that may be the culprit), but it’s the little unnoticed expenses that can add up quickly.

Still, don’t you think that those little expenses or those “guilty expenses” could possibly be the reason? To put things in perspective, we’ve put together a table showing the expense, the daily cost, and what that amount would have been worth after 30 years invested in the bank.

Daily CostAnnual CostInvested for 30 years
Bottled Water31095$135,995.30
Lunch Out7.52737.5$339,988.25
Text Messages2730$90,663.53
Cable TV2730$90,663.53

As you can see, it doesn’t take amazing investments and risky real-estate deals to be wealthy. You just need to a couple of dollars saved every day. The opposite is also true. Many people don’t see that little expenses on the credit card add up quickly. We’ve put together another table to show what the same situation is like after only five years if a credit card was used to pay for everything.

Daily CostAnnual CostOn Credit 5 years
Bottled Water31095-$9,028.20
Lunch Out7.52737.5-$22,570.50
Text Messages2730-$6,018.80
Cable TV2730-$6,018.80

As we can see, the situation is markedly different. Small expenses can add up quickly, so beware of small expenses.

Check out our budget calculator to work this out for yourself!

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