Weed to watches: my money pitfalls
Guilty pleasures carry costly consequences if we let them get out of control.
If gambling isn’t among my vices, what is?
Acknowledging my difficult areas with money is the first step toward improving my behavior. Finally, I can look myself in the mirror and face whatever reflection I created.
For someone, that might sound like your worst fear. I’m here to tell you it is incredibly freeing.
By examining my bad money habits, or where I spend too liberally, I’m choosing to take back control. I should be in charge of my money. I should not be incapable of cutting down even my most enjoyable pleasures. A healthy balance can be found. But ignoring behaviors that bring us bliss can backfire and carry consequences.
Are you ready to truly examine your spending by scrutinizing and scaling back on the things you love?
From weed to watches, here are my 10 biggest money pitfalls.
Cannabis: Some people love coffee. I prefer cannabis. But no longer can I dismiss the cost of my recreational, and for all I know medical, use. When I crunch the numbers, they make me want to put down marijuana altogether. Just $150 a month equals $1,800 a year. And my consumption exceeds $150 a month. The cost causes mild dejection. Seeing it helps, however. It’s the first step to cutting back and putting money back in my pocket. Fortunately, I have the privilege to decide. It is truly tragic that scores of men and women in our country, disproportionally Black, remain incarcerated for an “offense” millions can use to relax, medicate and now monetize in a major way.
Cologne: I love smelling great, and designer colognes have become a bit of a weakness. My favorite fragrance is $68. And that’s for the smallest bottle, a 1-ounce teaser I would deplete in weeks. A more conventional 3.4-ounce bottle retails for $120, while the 6.8-ounce option currently costs $175. Prices on this popular brand keep rising. So I’ve switched fragrances. I’ve found a far more cost-effective option. My favorite will always be there. In the meantime, I still smell great.
Dating: This became a huge money pitfall after my divorce. It wasn’t all bad. I learned a lot about myself and people. But as a man, “chivalry” can get expensive. This is one area where antiquated gender roles aren’t as easily explored, by both men and women. I always was led to believe it was my responsibility to pay for dates because “that’s what men do.” Never mind that several women I’ve dated make considerably more money than me. It’s been difficult but necessary for me to break free from that outdated thinking, even if others aren’t ready.
Eating out: Outside of housing, my highest spending category for 2022 was food and drink. Not groceries, which accounted for 11 percent of my yearly spending. But specifically eating out. That comprised nearly 24 percent of my 2022 spending. Recently, it’s become my biggest lifestyle change.
Mindless spending: Up until now, running errands would run up my credit card bill. Inevitably along the way, I’d buy a little something here, a little something there. It got to the point that leaving the house seemed to cost an automatic $100.
Skol! Minnesota Vikings: This one’s hard. I warned you about my irrational obsession with this NFL franchise. The good thing is I’m selective. I don’t have a place in my life for every piece of merchandise and clothing. And I have restraint when it comes to buying tickets. But these guys have a soft spot in my heart – even though they drive me nuts!
Pizza: Yes, technically this belongs in the “eating out” category. But my biggest guilty pleasure deserves its own category today and its own column down the line. I spend that much on pizza.
Sausage, green pepper and cheese from “Medici on 57th” in Chicago, IL. One of the best I’ve had in the city. Shoes: I am far from a sneakerhead. Any pair over $120 is a turnoff. I don’t care who made it or what it looks like. It’s a shoe. But I still like nice kicks. And every now and then I still must stop myself from making an impulse buy.
Sunglasses: I know some people who will be the happiest person in the world from picking up a $10 pair at a gas station pitstop. Not me. I’m nowhere near the opposite end of the spectrum, the person who spends hundreds on one pair of shades. I’m in the middle. My top end today is about $90.
Watches: Again, nothing too fancy or pricey. But also not the timepiece off the shelf at Walmart. My limit is $250 for a watch. And I have to really love it.
Examining my spending patterns and habits became a necessity when my total yearly income went from $70k to less than $16k. Granted, there were serious health issues and other life events associated with this drastic decrease, but mismanagement of money played a crucial part as well. A painful reality (and regret) at this stage in my life is that I wish I would have paid more attention to this type of information 50 years ago! I have no problem budgeting and being careful with my finances now because its born out of sheer NECESSITY! And even with penny-pinching, at times, I still must rely upon the kindness of friends and family, just to “stay above water!” It’s mentally depressing to reflect on the “great career” I experienced, only to conclude that I literally have nothing to show for it. I try not to dwell on it, but instead, enjoy my life such that it is. I hope and pray that the advice offered here isn’t falling on deaf ears. Take it serious, and put yourselves in position to reap a much better outcome later! Thank you Darnell Mayberry…