12 Money Leaks Draining Your Bank Account
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- čas přidán 11. 02. 2024
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About this episode:
I want to talk about something sneaky that could be hurting your finances. No, not the library late fee you owe for your overdue copy of Tales of a Fourth Grade Nothing. I’m talking about money leaks-the nonessential expenses we pay for over and over without even thinking. Today, I’m going to share 12 money leaks that could be draining your bank account so you can fix them, save more of your money, and reach your goals faster.
Next Steps:
📗 Order George Kamel’s new book, Breaking Free From Broke.
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I used to be embarrassed by my mother popping our popcorn at home and bringing it in a brown paper bag. I am now my mother. 🍿
A lot of times the popcorn made at home tastes better too.
I always like movie popcorn. But we use to bring soda and candy.
Sooooo much healthier and cheaper! Respect!!
Same as my dad! He was frugal & most people thought he was low income 😂 he was a millionaire.
Really? Cuz as a teen, this was fun for us. It was a challenge to sneak in our own snacks.
I saved $10,000+ because I watched the superbowl at home 😅
Actually i never go to stadium because i cant watch everything or close enough. If you need the hype then stadium is for you, if not you should sit behind your tv
I saved $300,000 because I haven’t got married and divorced raped 💵💵💵
lol
I lost $100 in the last 6 seconds of the game 😢
I had Australian tourist boys pay $900 for nba final game ticket because they wanted to show off for girls and one of them was rich
I like how there’s a plug for a subscription while saying subscriptions are draining your bank account.
My thought exactly
The irony
Out of all the things you can subscribe to, a money saving app that tells you how to budget is the most productive thing to do with your money.
At the very least, you can cancel the subscription once you know what you're doing.
This is why i don't subscribe to channels that do this.
Yes to promote a subscription while condemning them as unnecessary is called hypocrisy.
1. Unnecessary subscription
2. Gym membership (non use)
3. Bottle water
4. Overdrife fee
5. Used books
6. Movie snacks
7. The movies
8. Name brand medication (producds)
9. Fast food (300% mark up)
10. Alcohol
11. Fancy latte (coffe)
12. Appetizer
Forgot to mention Taxes & Cost of Living…
Two comments. 1. Everywhere you go, they want your money, and if you're not careful, they'll get it. 2. You can have anything you want, but you can't have everything. Thank you for all your hard work.
So many people get mad at me for saying eating at home is cheaper. Math is a problem for some
Yes, so many folks eat out especially when they had the two for one tuesday night. Then daily Coffee at places like Starbucks or even Tim Hortons, then eating during lunchbreak and you go into the food court. Then online buying from Amazon, not to mention a Dollar Type Store but it's not just a Dollar, Gym Memberships are also tricky because after you work out you're going to want to eat. Non Budgeting is also very dangerous to do.
When I was single, eating out was cheaper. But, I also consider opportunity cost. Poor people don’t usually understand opportunity cost.
Let’s say, you’re getting paid $100/hr and you spent 30 to 60 minutes grocery shopping and then another 30 to 60 minutes cooking, that’s a $100 to $200 meal.
But if you ordered it and paid $10, you saved at minimum, $90.
You figure out the math and all of a sudden, it’s too expensive to cook. Let them cook for you.
@@mega408 I am so glad someone wrote it...This is exactly what I was thinking...
@@mega408I understand your point but the majority of people in this country aren’t making nearly as much as that.
@@mega408time and money aren’t the same thing anyway. You can make more money by saving money but you cannot make time.
When you get to 200,000 subs, please consider giving your editor a raise. The editing is amazing and hilarious 😂
Agree 💯
Like this! because yes we need to pay to keep good people.. Ramsey personal 😊
Fire your editor now. S/he is making videos unnecessarily longer without adding any value.
I've learnt to have the appetizers as the meal. 🤣🤣
We often do appetizers as the meal, but they’re onto us!!!
Prices on appetizers are way up these days!!!
But it is still less then the full meal.@@eandrgoodwin
Welcome to my childhood
I've done that too! Fills me up, and saves money!🤣
Sometimes ordering two is plenty for the meal. @@rachelbomberger7943
This weekend I was trying to peer pressure some friends into buying movie tix with their debit card instead of credit card and they couldn't because they "can't afford" the tix but on a credit card it "doesn't really count". This mindset also keeps people broke
They need to stay home then
Juat stay home
@@Jane5720yea
That is a bad mentality and you shouldn't carry a balance, but you have much better consumer protections with a credit card. A debit card should only be used to identify yourself at the bank or to pull cash at a fee free ATM.
Friends what the hell are those, whats that like
I’ve called my bank and told them to turn off Overdraft protection. My credit union doesnt have overdraft. They outright decline the transaction.
I'm pretty sure overdraft is a form of debt too coz some banks will do a hard credit pull for that, acts as a "credit line". Just opt for the declined transactions, problem solved.
The hack for the movie theater is to go on Tuesday. It is cheaper. No one go on Tuesday! It is my day!!!!
Got to the sell the horse part, nice.
That’s the hack !! Same
$4 Tuesday's is my favorite time to go see a movie. Sometimes I'm the only one in the theater.
The rare times I watch a movie in a theater, I do this.
I do it because I hate being around large groups of people, saving money is just a bonus!
That or like 1 pm on a Saturday. It's 8 for a single ticket by me
We always loved going to the movies. The very last one I went to, two guys started arguing and I legit thought someone was going to get shot! I told my husband that was it, no more cinemas for me! So 5 years ago, we turned a room of our house into a home theater. We have tiered seating, an 11 foot screen, a projector, surround sound and a concession stand. We have a popcorn maker, mini fridge and a hot dog roller. We did all of the work ourself and absolutely love our theater! We can enjoy a movie or a sporting event without spending a ton of money! Friends enjoy it too!
Best advice I ever got was check your bank account at least once every week. Make sure you dont owe anything thats over due and keep track of where your money goes.
The overall message - which applies to all of us, wherever we are in our finances - is intentionality. We work too hard for what we make, just to blow it on something that doesn’t really make us happier.
You mean happier in the long run.
THIS. I’m super frugal on everything and then splurge on the things I will regret if I don’t do them like travel with loved ones. Wal Mart grocery makes me cringe. I stay away & cut back in other categories. I live in California so getting out & enjoying our insanely beautiful nature is a must and is usually completely free.
I have a Yeti cup that I've had for 4 years that I fill with ice from the fridge in the morning and drink water from a filter we installed in the sink. Save a lot of money instead of buying bottled water. To each his own. Cheers!
Same. Love my Yeti!
I do that with my Stanley. Because of where I work I can’t get to a water fountain and I don’t trust the tap. I’ve saved tons not going to sonic or the gas station for something to drink.
When I read Dave's book, I 100% got it from a Goodwill 🤣
Best way to start saving
How about the library?
I saw his book at a charity store for 50¢. All the used books there were the same price no matter what it was or what shape it was in.
I've stopped eating "fast food" and saved 30-40$ per month. I will, however, treat myself and go out to dinner with friends once a month or less. And I never purchase anything from a so-called convenience store. Markup City!
Due to being under a boil water alert, I sent my daughter to the store to pick up bottled water. She was supposed to go to the dollar store but she saw a gas station and grabbed the first case by the door. $9.45
I told her she will pay me the difference 😂 bc that was not my instruction. 1 for the price of 2!😮
This so much
Like many others, my spending habits improved when I began to calculate the cost of everything. Drive through costs 5x more than store bought. That $1.40 drive through soda "deal" costs .30 cents at home! Pour it into a to go reusable cup, add ice and enjoy an equivalent experience. Day to day most people have the same habits. Find a way to do those habits cheaper. Most people are careful about buying expensive stuff like cars but lose a fortune over their lifetime in small purchases $5 here and $10 there. It all adds up. Most people live 80 years. Calculate a habit's cost over 80 years. Very eye opening and changed how I spend.
Got to cut the cable, wish I did it sooner than I did. I went from paying $235.58 for cable and internet to $54.98 for just internet. Thats over $2,100 a month in savings
2100$ a month you must’ve had every add on possible! Just kidding obviously you meant annually
@@casinokam2695 lol typo on my part, yes yearly
I did that years ago I just have internet and a couple of subscription services $63 a month I spend more time riding my bicycle than anything else house is paid for no need to work long hours
No. you didn' save 2100 a month. If you did, why did you sign up for that in the first place?!?!!?!?!!???!?!?!
I think he meant 2100 a year lol
More money leaks: paper towels, drinks without any nutritional value ( e.g., soft drinks, sparkling water, etc.), high-priced cards and wrapping paper, magazine subscriptions, dry cleaning, name brand clothes, vending machine snacks, etc.
I take exception to the paper towels part of your comment. We use those all the time, and they are not something I'd be willing to give up, although I do see your point.
Wrapping paper? What an Idiot.
As far as clothes, you 100%get what you pay for. I'm not buying designer but I'm not buying stuff from Wal-Mart either...
Dry cleaning? Hope you mean laundry service - try washing something that says 'dry clean only' on it .... or skip the time and heartache and just trash it ......
@@clwest3538 When I was still in my parent's house, we used to take things to the dry cleaners at times...or I should say my mother did lol.
The hospital I work at sells movie tickets for $9, as an employee discount. My family and I haven’t been to the movies in over five years, I didn’t realize it could be up to $23 per person! And maybe more here in California!!!
I just keep a pur water pitcher in my fridge that i fill every few days. I never buy bottled water anymore! Very worth it
Few days? You need to drink more water.
Or Brita, and change the filter 1/2 as often and still tastes great
One every few days? I need at least three of those a day!
@@barongerhardtI drink almost a gallon of water a day! I have one of the larger pur pitchers, I think it has a 30 cup capacity.I also fill up at work and the gym depending on where I'm at, so I don't solely use water from my home to be fair.
We do the pitcher as well!! We do buy bottles for things like camping, or vacation so I don't have to take my pitcher round trip
I invested in a Alps water filter system. I have not brought bottled water in years. So far no eating out and take away. Still getting the hang of my new budgeting. Loving it.
If you own your place, a home RO system can convert bad tap to near infinite amounts of the best water available.
I love that George is trying to say “not” to sneak in candy but secretly saying yes just do it
After 20+ years, one monthly expense I dropped was cable TV. My smart tv with free apps plus a solid antenna has given plenty of tv to watch. It has been a full year now, and I do not miss it.
I got rid of cable in 2019 it’s overpriced and pointless now
Video streaming services are so easy to cancel and resubscribe to, there's no reason to have more than 1 active at a time. Pick what you're going to watch that month and cancel all the other services. Worst case scenario, you change your mind and resubscribe to a service that you would've already had otherwise.
If you overdraft a lot, go to your bank and have them turn off the overdraft protection. You do NOT have to agree to Overdraft protection. They may sign you up automatically, but you can turn it off.
George, you are the best!🎉 You make boring topics fun and interesting. Your advice is clear and concise too.
If you’re going to by water, get the gallon or larger jugs. More cost efficient and less plastic. That’s what I do as a professional driver. It’s my water source in my truck.
Also a reusable piss bottle to save time instead. I drove trucks too 😂
if you have running water at home why not drink that I do about 2 gallons a day nothing wrong with it plus I bicycle commute everyday all day long
or a water filter of sorts, less waste too
I've noticed they sell 5 gallon jugs at some stores and there are hand pumps that fit onto the top.
*buy
Dollar tree is done before every movie theatre trip 😅
I had a gym membership that I used regularly, but I still canceled it to pay off my debt. Some dumbbells and home workouts/calisthenics are all I need for now.
I just LOVE your channel, George. I love that you provide great info----quickly---and with humor! A great combination! Keep up the great work!
Going to the movie theater on a Tuesday is super cheap. I spent like $7-$8 per person on movie tickets on a Tuesday at this small theater 20 minutes from me. Also, I work from home and saved so much money just eating at home. I budget fun money for when I have plans with loved ones or a fun social gathering with a meetup group I join once or twice a month.
The book thing is so spot on new books are typically 20 to $30 each and you can find the used copies in perfectly readable condition for around 5$ or less
You've easily become my favorite CZcams channel in the Ramsey ecosystem.
Just a little tip on gyms....... there are countless workout videos on youtube......
Only reason that justifies gym is if it motivates and entertains you.
Everything else is free of charge
Hate those
I use gym because i have to go there if i pay
The main reason I pay, is to stay consistent cause it hurts my wallet
Sometimes I like the gym better. It makes me more intentional with my time and forces me out of the house so I alternate between at home workouts and the gym
I am so grateful to have been raised by frugal, financially responsible parents! I never realized how much of their attitude towards spending rubbed off on me. I still have a few spending weaknesses to work on, but none of these.
Microplastics are in those cheap water bottles especially if you drop, crack or leave them in a hot car.
You can find discount books starting at $1 in the back corner of Borders.
I seriously think that those bottles break down into micro plastic pieces. I have had a few cases of bottled water saved for emergency back up as is recommended. I decided this month that it was time to drink it and replace it. To my shock, I got to the bottom of the bottle and there were tiny pieces of plastic in the bottom. I decided to check some more bottles from that case and sure enough it was in more bottles. I ended up having to toss out the entire case to be safe.
“Sell the horse while your at it”
I see what you did there 😂
You're
😅
I've been recommended breaking free from broke like it's the only book out there! Thanks George
Yup, those are all leaks that I avoid like hell. Also, frequent eating out, extended warranty, magazine subscriptions (our library system has magazines for free online). Pretty much anything involves a subscription or can potentially lead to a habit is a red flag.
My family found out how crazy it is to just go to the movies. We spent over $150 on tickets and concessions with four people. Yep not doing that again any time soon.
That’s your fault for going to the concession stand
That's why you bring a beach bag with the goodies in it.
@@jollamaExactly when my girlfriend and I go to the movies, we stop at Dollar General and raid the snack section😂😂
Growing up I NEVER bought anything at the theater other than the entry ticket. It was only after marrying someone with differing “expectations” that popcorn seemed to become a standard feature, not an option.
Still, If I went alone to a theater these days, I would only buy a ticket and even that would be at the matinee price!!!
Also go on Tuesdays. The tickets are half price
George, you crack me up while learning good tips, thank you!
Loved your book George! And I went through and my husband and I got rid of all the subscriptions we didn’t need. It does add up!
Sell the horse!!! 🤣🤣🤣
George’s great takes on finance plus the editor’s sense of humor 😘👌
Loved the cutaway to the Report of the Week. Quality content.
'Food and coffee, an everyday battle'
A memoir
Crazy how many people have gym memberships and haven't gone in months 🤣 do u even lift bro?!?!
I ended up buying my own equipment, hint big savings during January on fitness stuff. Even protein. ❤
But do you usually use it at home or.... 🤣🤣
They should clean their house and rooms as a daily exercise. No need to spend money on gym membership 😂😂
@@alicegay4286I get what you are saying, but would miss the running track and pool.
@@alicegay4286I use my equipment several times a week.
Great video
Don’t forget about cell phone plans! I use mint mobile and that has saved me money!! I thank Prepper Princess for talking about it on her channel 😊
Dude, you literally have me laughing out loud here! Hilarious! I think you are getting better with each video! Keep up the good work!
“It’s such small expense, what’s there to life if you’re cheap out on everything?” Those are exactly what people living paycheck to paycheck being dumb with money would think
The small things tend to cost more than the big things. Saving $5-10/day by bringing a simple lunch instead of eating out can easily reach $1-2.5k by the end of the year. Same with getting that 20 cent coffee at home instead of CoffeeBucks. Most people leak $5-20k a year without thinking about it, but will have a hang up about a onetime purchase of a couple hundred.
@@barongerhardt Yes, I know, but unfortunately, not everyone in this country is as wise as me
Just bought your book George 🎉
This is a good channel.
Sometimes it's hard for me to believe the things people waste money on......Wow..... Thank God for parents that live thru the depression era... Waste not Want not. Thanking the Lord for blessings and Wisdom. Good advise.
I’ve been fortunate that my health insurance has covered my gym membership.
I’ll go to my local theater if I want to see a movie. I went a few weeks ago for $14. Ticket, popcorn, and a drink. Is the screen as big? No. Does the seat recline? No. The popcorn is on point and it’s supporting a local business.
This is something every health insurance company should do and I'm shocked they don't. They make more money off you the healthier you are.
@@davida730Agreed. It covers so many things that I don’t use.
At 6:30 with that "mean girls the musical" skit had me rolling laughing. "I'm asking you! What's wrong with me??" George has some serious comedic timing and these editors are just on point
Doing weights with the dog 😂😂💀💀 I love George
Amazing these things actually need to be said.
Exactly.
I've never been caught up in the "subscription" trap. But one of my problems was "lunch". I work "on the road". So I don't have an office job where there's a refrigerator and a microwave to store and prepare meals at work. But maybe you can.
Anyway, about 6 1/2 years ago I realized that I was spending $50 - $75 A WEEK on lunch! A couple trips to CFA and Arby's, one "sit down lunch" at a restaurant, "stopping on the way home" to grab something, and it adds up quick. And if you're "paying with plastic" you don't even notice it.
What I started doing was putting $25 CASH in an envelop in the truck on Monday. And when it was gone, it was gone! (You need to do this with cash, because with cash, you "feel the money leaving"!)
Interestingly, I seldom even spend the whole $25 - because I'm now "aware of my spending". And at the end or the week, I bring the left over cash in the house and put it in an envelope marked "Leftover Lunch money". Today, I have $3,781 in that envelope!
#1) Wife
#2) Kids
Those are the biggest drains, everything else is peanuts in comparison!
💯 😂
I agree completely. Having kids on top of that is a huge expense for the years to come@@Bluemortal001
😂😂😂😂
Correct
😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂
Thanks for your content, George! Just drove through Belle Meade and said...I bet they don't eat popcorn or watch netflix. Darn you Bluey!
Obviously the most important takeaway here is to make your two smallest kids wear a trenchcoat with one on the other's shoulders so you can save on movie tickets AND smuggle in an entire turkey dinner. 😁
3 kids and call him Vincent Adultman.
My man baby steppin library late fees
Good list. My biggest money leak is definitely eating out. Other than that, I’m pretty good. However, after it’s all said and done, there’s only so many things you can cut. The goal should be to increase your income
Movie theaters don't make money off of movie tickets. If nobody bought the popcorn, there would be no movie theatres. That being said, if you love seeing movies in theatres and can't afford to pay for them, get a second job at a movie theatre! Free tickets, and enough popcorn during breaks to ensure you'll end up hating popcorn and never buy it for the rest of your life. I did that for years and loved it.
Kamel & friends, they sell these britta filter water dispenser that have a spout. I bought one and will buy a second with soon. It has a spout so its easy to use and refill. I'm saving so much! Taste better than some bottled water.
George cracks me up!
I have a berkey water filter...tap water for showering, Our movie tickets are $5 24/7. Work 2 to 3 weekdays so all errands, shopping, clothes buying at consignment shop. No other driving around is done. I don't do 11/12. I've got a huge goal. Thanks George for keeping me on track to pay the house off!
LOL-ing at the appetizers bit. So true for me. When I get an appetizer, I'm too full for the meal. Either/or! I really don't need both.
i actually started doing an annual budget instead of monthly or weekly and its helped. I have annual budget goals and then i track expenses monthly. Its great because i can see what i spend on.
I got Dave Ramsay's books at good will. Same with Suze Ormans, Ramit Sethi, the psychology of money, Boggle head books, etc. Will not buy it new unless it's really good. Sorry George... I just can't do it lol
“No thanks Tom Hanks” 😂 I love it (and also very helpful - good ‘oof’ 😅)
I stopped drinking liquor out. They keep raising the prices.
Pre drink 4 life
Great tip for the gym thing.
Kettlebells. Buy kettlebells, learn how to use them. They use little to no space, they provide for a well rounded workout routine, you can travel with them, and in the long term theyre cheaper than gym memberships.
Gym is something I use costs 19 bucks a month I use the hydro massage the showers etc. I get my moneys worth
Ironically - watching the risks of wasting money with subscriptions to streaming WHILE CZcams was giving me an ad for subscribing to CZcams premium. I think they need to work on that algorithm ; )
Oh my goodness! Conan the librarian! This is why I love anything to do with Dave Ramsey...... You all are my vibe❤
The "sell the horse while you're at it" throwback at 9:27.... gold!
I’m so glad he brought these to our attention, I just noticed I was signed up for a few money draining subscriptions.
I’m going to look into canceling them soon.
Y’all might want to check to see if you have them too. Look for key words like: electric, gas, and water…😂
Many credit unions allow you to set you checking account to pull overdrafts from your savings account for no charge to avoid overdraft/insufficient funds fees. I haven’t worked for a traditional bank, but many probably also offer this. Easy fix along with being disciplined about not overdrawing the account with good active monthly budgeting behaviors
Thanks for the shout out to pharmacists George! 👍👍👏👏
Our local library loans DVDs, video games, learning kits, etc. Libby also had current magazine issues for loan. Our library has foreign language course online for free. And some libraries even loan tools for diy. It can be a huge money saver, that you already paid for with local property taxes.
Hmmm money leaks. Nice analogy. Makes perfect sense
“Sell the horse” I remember that live call episode 😂
AHHH, Report of the week, yas! My disappointment is immeasurable.....and my day is ruined. 😂😂😂❤❤
+10 points for The Report of the Week!
The accuracy of this video made me laugh the whole time
Some thoughts:
-I bought a Keurig Machine and make coffee at home and get Starbucks maybe once a week as a treat vs regular coffee. It did in fact leave more money at the end of the month.
-Drinking alcohol in general is pricey and I am glad I don't drink 95 percent of my time. Big savings there.
-Who doesn't cancel or use their gym memberships?
-Same for over drafting? WTF stop spending money!
-Movies are very expensive, and yet popcorn is essential for the experience. Just go less I guess. Also I have the movie club subscriptions, and it usually rolls over, so going to movies once a month is ok.
-Dont agree with appetizers and restaurants. I think everyone knows that restaurants are more expensive, but most people are lazy, tired, stressed, too dumb to cook at home, so just gonna chalk it up to the game there.
I keep a spreadsheet of subscriptions and memberships and review it about quarterly, so that I am aware of what I’m spending on these. I almost always find things I can cut every time. It’s easy to get sucked up into lots of subscriptions. This is an area to be mindful.
I read your book for "free" with my Spotify Premium subscription...loved it BTW
You are right, some small thing change a lot monthly. Sometimes you wanna do that, but don't 3 cappucinos a day... Greetings from Germany
10:00 Gym contracts can be broken. Without any recourse whatsoever. Just do a 'stop payment' order through your bank. They'll call you but can't do anything else. It's not a debt, they can't send you to collections.
Buy water at a refillable station. We pay 30 cents per gallon. Thats 0.0023 cents per oz. Haven't been to a movie in over a year, prices are way too out of whack. Maybe Deadpool this summer.
Better yet, filter your own at home.
That’s what I do. Where I live the water tastes awful…even with a filter
I was waiting for the book plug when you got to the book money leak and it did 👏not 👏disappoint 👏
bahahahaha the UHF reference made me burst out laughing! :D
CONAN, THE LIBRARIAN!
i really like this guy.
When I lived in NY, I got in with a bunch of guys who worked out in the gym every day - our leader had 1200 consecutive days. We used to joke that the gym members who never showed up were paying for workouts.
9:24 "and sell the horse while you're at it" it doesn't even know your name lol!