Let’s face it, we all spend money on those luxury services that we are often too lazy to do ourselves. But have we thought about the costs? 

How often do you look at your bank balance at the end of a month and wonder where it all went? You don’t remember spending that much. Life is rushed and convenience wins, from morning lattes at your favourite coffee bar to home pet grooming services.

Being a professional, you more than likely work in the business sector of town, and of course things cost more. A business lunch could cost the same as take out for the whole family or a lunchtime manicure could be triple the price. 

If we add up the cost for all these luxury conveniences over a year or even ten years, you might be shocked at the total. You could be spending up to $120 000 over a period of 10 years for convenience.

What would you do with $120 000 if you saved it over 10 years? A deposit on a new home? Buy that sports car you always wanted? Buy that second holiday home?

Average costs of convenience services over a period of ten years.

• Pet grooming services – unless you have a prize-winning pedigree show dog, it doesn’t need a luxury spa day. This and add on grooming products like a paw massage or a scented face wash could add up to over $20 000 over a ten-year period.
• Manicures and pedicures – of course women deserve well-groomed feet and hands, but a weekly lunchtime visit to a business district salon could add up to over $17 000 in ten years. 
• ATM fees – something as simple as ATM fees could cost as much as $3000 over ten years. Avoid withdrawing money from other banks and networks. The extra fees add up.
• Credit and debit cards – banks make it easy to use cards with no purchase fees and add on loyalty programmes. Cards are safer but could have you spending more. Cash in hand only allows you to spend what you physically have in hand. Keep track of card swipe purchases. You could be spending more than you realise.
• TV services are pricey and could cost around $12000 over ten years. Streaming services like Netflix and Apple TV are considerably cheaper averaging around $10 a month.
• Takeaways – the big money pit. Ordering pizza once a week for a family could add up to $15 000 in ten years. Not to mention the morning coffee or breakfast croissant at the company kiosk. Don’t forget the cost of bottled water. 
• Add up the cost of in app-purchase and speedy shipping for online shopping orders and you might be looking at $6 000 over ten years.
• Lottery tickets – a $5 lottery ticket a week could add up to $2 000.
• Gym memberships – if you are a die-hard disciplined fitness fanatic and live in the gym, then by all means… For the lesser disciplined, perhaps an exercise bicycle at home is better or get out in nature for a walk or a run, it’s free.*

This article’s intent is not to make you into a money scrooge or to live frugally, but to create awareness of things we often waste money on without realising. The next time you wonder where all the money went or put off saving, think about what you spend your money on. 
* https://www.rd.com/

Please note, the above is for education purposes only and does not constitute advice. You should always contact your deVere adviser for a personal consultation.
* No liability can be accepted for any actions taken or refrained from being taken, as a result of reading the above.