10 Ways Poor People Waste Money


1.)    Lottery Tickets: You are not going to win the lottery. The odds are not in your favor. Even with the small victories, those are designed to keep you buying more. In the end, the best you can hope for is breaking even – and what do you have to show for it? If you spend 5 dollars a week on lottery tickets, that will equal to $250+ dollars a year that could have been spent on a car payment or the utility bill for a month.

2.)    Unsecured Payday Loans: Besides the obvious questions revolving around planning and budgeting, have you ever looked at the interest rates on these things? You are better off pawning that Guitar you never play, or getting rid of that expensive 4-track (you’re not going to be the next Macklemore.)

3.)    Unsecured High Interest Credit Cards: Look, I know you need to build credit, but there are banks who will help you build credit with SECURED credit cards. Ask your bank. True, you will have to save 500 or 1000 dollars to open one, but it will be good practice for something you have not been doing: SAVING.

4.)    Expensive Accessories for Cheap Cars: Why do poor people spend more money on car accessories (Rims, seat covers, etc.) than THE CAR IS WORTH? I know this speaks to insecurity, but nothing you do to accessorize your car will hide the fact you are driving a piece of shit. Who cares? It runs, right? What happens when the car breaks down? The accessories become worthless at that point.

5.)    Refund Anticipation Loans: You lose 20-40% of your refund on these simply because you can’t wait 6-8 weeks for your money. You are better off doing your taxes online for FREE or simply rejecting the rapid refund.

6.)    Bars and Clubs: Did you know, you can drink much more cheaply (drastically) by buying your spirits at the local grocery or liquor store? Besides, you don’t need to be out at clubs blowing your money, risking DWI’s or burning gas. You can work your game for free at the local bookstore, on social networks, or on-line dating sites. Then you can meet up at his/her place for a little BYOB.

7.)    Not Cooking Your Own Food: You are not on an expense account for a Fortune 500 company. Stop eating out like you have one. For less than 30 bucks, you can cook a dinner for two that rivals a $200 dollar dinner for two at Mortons (including the wine – ever seen the markup on wine?)

8.)    Not Buying Condoms: Knocking her up (or getting knocked up) is much more expensive. No amount of government aid will offset the cost of not using birth control.

9.)    Tithing: I know – the church keeps you whole. The church keeps you on the right path. If you are making minimum wage, the church better be glad you still believe in God and are still showing up on Sunday.

10.) Moving in with your significant other to save money: Not a good idea. This leads to marriage and/or pregnancy – which you have no business being a part of. YOU’RE POOR, REMEMBER?? Find a roommate you have no interest sleeping with!

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s