There is a trending article titled, “12 Expenses Successful People Don’t Waste Time or Money On” originally published on entrepreneur.

I suspect most of the regular readers are savers since we are always looking for the best travel deals or opportunities.  I generally considered myself to be financially disciplined, so I thought it might be fun to provide a commentary on the 12 expenses listed in the article.

1. Lottery tickets

Well, I guess I failed at the first one already.  I know the lottery is a fool’s game, and I know you actually have better odds getting struck by lightning than winning a lottery.  Still, I buy them once in a blue moon (3-4 times a year?) especially when there is hype around a large jackpot. A couple of dollars to fuel daydreaming is good for the soul, right?

Status:  Failed

2.  Bank Fees

If we’re strictly talking about bank maintenance fees, then I’m golden.  If we’re talking about fees like annual fees for credit cards, then no.  However, the card benefits outweighed the annual fees, so I’m giving myself a pass on this one.

Status:  Passed

3.  Interest on credit cards

I pay off my credit cards each month. I don’t spend more than I can afford, so there’s no way I’m going to pay those high APR rates on credit cards, if I can help it.

Status:  Passed

4.  Inflated interest rates

I have a healthy credit score, so I don’t have to deal with inflated interest rates. I’m also not currently in the market for any major purchases.

Status:  Passed (N/A)

5.   Late Fees

I pay off my bills on time; I have zero interest in paying unnecessary late fees.

Status:  Passed

6.  Extended Warranties

I usually decline all extended warranties.  If an item breaks after the original warranty ended, I suppose I am just out of luck.  I prefer not to deal with extended warranties, as they are often more hassles that they are worth (i.e. warranty exclusions and exceptions).

Status:  Passed

7.  Impulse Buys

I don’t do a lot of crazy impulse buys.  But, if I see a really great travel deal or a technology gadget (apple watch, anyone?), I might splurge on them.  I also have a sweet tooth, so I’ll be the first to admit that I “impulse buy” sweets at a store.

Status:  Failed

8. Low-interest savings accounts

It’s not quite exactly in the same category; I should fix a low yield/return on a non-contributing retirement account.

Status: Failed

9. High-end brands

I don’t care much for high-end designer items, so this is not even a blip on my radar.

Status: Passed with flying colors!

10. Bad real estate

Contrary to the article, I don’t consider putting down roots on a place as bad real estate.  There is also the whole buy vs rent debate (and in this case, using real estate as an investment engine).  When it comes to real estate, it’s just important to do your due diligence, whether you’re buying, renting, or investing.  Period.

Status: Passed (N/A)

11. Extravagant inheritances

Inheritances? What inheritance?

Status: Passed (N/A)

12.  Tons of TV channels and video games

It just so happened that I don’t watch a lot of TV or play video games.  If I become addicted to a game, I have the self-control to delete the app.  That said, I don’t think not having tons of TV channels or video games is indicative of success.  It just means that there are other things I prefer to spend my time on, over TV and video games, instead.

Status: Passed

 

I failed on 3 out of the 12 expenses in the list.  What do you think of the list of expenses?  Did you fare better or worse?