Agree or Disagree: You are living within your means.
You might not be aware, but I am an avid people watcher. Some who know me might consider me a social butterfly. But there are times I can just sit back in the crowd, particularly in bigger crowds, and just observe.
Those observations lead to make some thoughts.
Recently, I was involved in a conversation surrounding budgeting. Which tools to use when budgeting, best practices surrounding budgeting. And why or why not people don’t do it.
This led to think about a common practice that we all do within our culture. We go out to eat and drink. Tomorrow, you might be going out for some after work drinks with your friends. Or, some of you will go to church on Saturday or Sunday. Quite likely after church, you, your family and your friends will be going out to eat.
Last Sunday, we as is tradition, head off to a local pub in Calgary. Our church has established a relationship with the pub and it is where we generally go. Last Sunday, I did a quick count on how many people were sitting around tables from our group. I estimated about 75 people. I then guessed an average on how much people actually spent. I guessed $20.00 as a high estimate. Including tip which I assume happens.
I totaled this amount that was spent and please keep in mind this an estimate not an exact science, as $1,350.00.
Now, I started thinking about the amount of money that was spent eating out. I think this is an astronomical amount.
According to Statistics Canada in 2012, Canadians under 30 are more likely to eat out then seniors. As a general rule, Canadians eat out much more then eat at home. So if you multiply the $20-$40 dollars a week by 4 and then by 12, you are looking at about $1,000-$2,000 a year and in some cases more, just on going out.
There’s other things to consider too. Clothes spent. Some want to have the latest fashion which costs money. Then of course, you need a car. Maybe you want a cool one. Then, normal expenses, like rent or mortgage. And after a certain age, it just looks weird that you rent, so you think I should buy a house.
If you are honest, and I can relate, there have been times I’ve done stuff I can’t afford. I’ve been fortunate there has been credit cards and layaway plans available to live the life I feel entitled too.
But, the truth is as you can see in the article up top,it has led all of us in a habit of massive consumer debt of $500. 8 billion dollars.
I hope this doesn’t come across as a lecture. I’m in the same bad habits or worse then most of you. It gave me something to think about when I spend.
I thought I would end it with this video. Remember the Cosby Show?