Internet's first get-out-of-debt community - 134,000 members

I just read the article Top 10 Money Drains. They made some valid points there. Somehow I feel all these things are correlated. If you do not have any savings, chances are you will become indebted soon because savings help us fight unprecedented situations like accidents, health problems etc. And if you are already in debt, savings would help you become debt free sooner.

Now, if you cannot identify the holes in your pocket, how can you go about repairing them? The article that I mentioned in the top is a way to recognize those holes. The top 10 money drains as written there may not be true for all, but at least we can instantiate a search to find the factors that are eating up our hard earned money.

Once you know our main sources of expenses, apart from those which are indispensable, half the battle is won. The money saved per month will add to our savings and savings help us fight situations like health problem, unemployment, sudden relocation and all. Savings also bring out confidence in us. Hence SAVINGS is very important.

Now, can you identify the limitation of the article? Though it is very informative, but it fails to show the ways to stop money drain. No worry, that's why we are here, aren't we? Let's find out the best solutions for these money holes. Please post your comments here.

Posted: Tue Oct 30, 2007 12:01 pm Subject:

My favorite advice...Brew your own coffee at home and put it in a thermos instead of stopping at Starbucks. Too bad I can't seem to take my own advice!

Posted: Wed Oct 31, 2007 6:05 am Subject:

I too am addicted to good,(expensive) coffee. I know it makes no sense to troll credit forums looking for ways to save a few cents at a time, and then spend $ on a cup of coffee, but oh, it is so good! I have a friend who is a professor of finance, and I am almost embarrassed when I talk with him and I mention ALL the wholes in my pocket(elijah, elijah, there's a whole in my pocket, elijah, elijah)

Posted: Thu Nov 01, 2007 5:45 am Subject:

I am a coffee freak too! Why don't we start stitching our pocket-holes now? Right now. Let's identify them first:

Holes in my pocket:

Expensive food
Coffee
Expensive transportation, where there are cheaper ways
Weekend parties
Hangout with friends too often

What about YOU?

Posted: Thu Nov 01, 2007 6:10 am Subject:

I think one of the biggest expenses people have that can be avoided is eating out! That adds up quickly... even a meal at a burger place gets to be costly!
I definately spend WAY to much money at the hairdresser!! All in the name of grey hair! Wink

Ang

Posted: Thu Nov 01, 2007 6:40 am Subject:

The only thing on the list that I am weak about controlling is eating out at lunch. Some weeks I eat out every day but some weeks I am good and do not eat out at all. If I eat out it cost me about $10/day or $50/week or $200/month. If I bring my lunch it cost me about $8/week or $32/month.

Posted: Thu Nov 01, 2007 6:44 am Subject:

Wow dollars! Now that's a HUGE difference huh?
Shocked

Ang

Posted: Thu Nov 01, 2007 8:15 am Subject:

Yeah it makes a big difference. If I am really broke the first thing I do is quit eating out for lunch and dinner.

Posted: Thu Nov 01, 2007 8:18 am Subject:

Luckily i'm NOT a big fan of eating out. Most fast food rest's have so much trans fat in their foods it does NOT agree with me!! I'd much rather a home cooked meal any day over food out! Guess that's the cajun in me.
Very Happy

Ang

Posted: Thu Nov 01, 2007 9:11 pm Subject: reply

Huh. Wonder what my problem is? I don't drink expensive coffee, I don't eat lunch out, I eat soup for supper, I don't go out. Man, I'm boring and poor!

Posted: Thu Nov 01, 2007 9:13 pm Subject:

But u smoke!! Wink

LOL
Now that's quite an expense! Shocked

ha ha
Ang

Posted: Thu Nov 01, 2007 9:16 pm Subject:

We gotta get you off of that soup! There is a lot of good food out there to eat reasonably priced Very Happy

And yes, cigs do add up!!!

Posted: Thu Nov 01, 2007 9:18 pm Subject:

my weakness is shopping for clothes. i have this thing about looking good even if i am broke.(most of the time, i shop the clearance racks) i have 2 walk-in closets full of clothes and about (last i counted) 95 pairs of shoes.

Posted: Thu Nov 01, 2007 9:20 pm Subject:

OMG Granny!!!! 95 pair???? My husband would have a heart attack! He harasses me all the time about how many shoes i have and i might have 30 pair at the very MOST! I will have to count them tomorrow! ha ha
NOW that's a LOT of shoes u got girlie!
Shocked

Ang

Posted: Thu Nov 01, 2007 9:20 pm Subject:

Granny....EBAY! Great money maker for extra clothes!

But yes, I also loooooove clothes!

Posted: Thu Nov 01, 2007 9:24 pm Subject:

thanks to my grandmother, a weakness for shoes is trait that my sisters, sons, and nephews all inherited from her. my sister has shoes under her bed, on the floor of her closet, on shoe racks, everywhere. we are always in the shoe department in stores and we don't buy shoes because they match anything in our closet, we just buy them because we like them. my favorite are 4 inch heels.

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