7 Costly Things You’re Doing Way Too Much | The Financial Diet


Hey guys. It’s Chelsea from
The Financial Diet, and this week’s video is
brought to you by Metromile. And today we wanted to talk
to you about all of the things that you are probably doing way
too much, which are costing you money but are also
costing you brain space, and happiness, and freedom,
and options, and all of those other things you
probably want a lot of. So let’s just get right into it
with the stuff you’re probably doing too much and probably
without even realizing it. Number one is grocery
shopping or household shopping in general. So there are two things
that are generally pretty true about Americans. And while they may not
apply to you all the time, you’re probably
definitely guilty of it at least a few times. A, we waste a ton of
food, and often that food comes from what we bought
at the grocery store. And B, we often turn to shopping
in times of high emotion– things like stress, or
anxiety, or sadness. And it totally makes sense
that this would happen. There are opportunities
to shop all around us, and supermarkets in
particular are masterfully designed to ensure that we’re
buying more than we need and buying stuff that we’re not
even probably that interested in eating. The average US household takes
about one to two shopping trips per week. And for most of us, one per
week or sometimes even less frequently would be
more than sufficient. But the good news is
if you make it a point to reduce your grocery
spending and be much more conscious and decisive
about how you shop, there are really easy ways to
make that a part of your life. First of all, you
can be religious about never going shopping
without a detailed grocery list that is based on what you
are making out of these items and not just the
items themselves. You can follow our little
trick of going with two bags to the grocery store. One that must be entirely
full of vegetables, whether fresh, frozen,
or canned, and the other for everything else. Not only is produce
generally less expensive when you’re buying
either in season or the frozen or canned
options, but it’s also ensuring that you’re going
to be eating on average way more healthy meals. Lastly, you can become religious
about freezing food properly. We’re going to link you
guys to a great guide in the description on all
of the different strategies for maximizing your
frozen food potential. But remember also that it’s
not just about freezing meals. Being really smart about
how you freeze high ticket items like meat
or fish is really helpful in ensuring that you
can buy these things on sale and don’t have to go to
the grocery store as often. Overall, it’s so
important to remember that these stores are
designed to draw you in and to keep you there. And so many grocery
stores now are filled with things
that don’t even have anything to do
with grocery shopping, like a Starbucks where
you can get yourself a $5, 500-calorie coffee
drink to carry around with you while you’re shopping. No matter how you are
grocery shopping today, you can set yourself a challenge
to do it less frequently and to be much more
strategic about the items that you buy to ensure
that you are wasting as little food as possible. A great benchmark
to strive for is to go a whole month
without throwing out an item that went bad
because you didn’t use it in time, which I am very
much guilty of doing. Number two is
checking your email. So if you are one of those
people who has a tendency to check your email quite
frequently throughout the day, and I think some
people tend to do it almost as an impulsive
reflex that they don’t even realize they’re
doing it, you are doing your brain and
your productivity and your overall happiness
a huge disservice. There is tons of
research out there that shows how much frequent
email checking is actually harmful to your overall
work day, with one study showing that on
average office workers receive at least
200 messages a day and spend about 2 and 1/2
hours reading and replying to emails– over half of which are
irrelevant to them– and check their email
about 15 times per day. The truth is that
the vast majority of emails you’re going to
be checking on a given day are things that could wait. A really healthy way
to approach email is to set two or three
dedicated times each day to go through your email,
perhaps one when you arrive, one midday, and one
before you leave. This allows you to not
only compartmentalize that portion of your
brain space and not have to feel like you’re
thinking about emails all day, but it also kind
of sends a message to the people that you
work with that you are not an on-call surgeon
with a beeper who has to come running to their
email for every little thing. If Tim in engineering really
wants to hear back super soon on what everyone’s
planning to bring to the potluck on
Saturday, he can wait. And most importantly,
although it can give us the
opposite impression, being constantly busy with
this low-level tedious work is actually making us
way less productive. This need to constantly
feel like we’re doing something or attending to
work issues is actually making us way less capable to deal with
the things that need our brain real estate. So no matter how often
you’re checking email, you could probably be
doing it less frequently, and you should. Number three is using utilities. Now it is undeniable that
many utilities simply make life easier and more
pleasant to be in– air conditioning when it’s hot
outside, a washer and dryer unit in your apartment,
your dishwasher. All of this stuff is
frankly really luxurious, and it’s totally easy to
think of them as normal, take them for granted,
and way over-use them. And currently your
average utility bill hovers somewhere
around $100 a month, which when you add up various
utilities, can be huge. And if you’re not
careful, you can end up like TFD team member Mary who
was recently hit with a $650 utility bill one month. We’ll link you to her story
about that in the description. The good news with
utilities, though, is they can be very easy
to reduce in terms of cost if we rethink how much we
actually need these luxuries. The rule we try to
follow in our house is no AC if it’s anywhere
under like 75 to 80 degrees. And although we
have a dishwasher, we try to hand wash
about half of our dishes and only run the dishwasher
on average once a week. We’re also fairly good about
keeping the majority of lights off during the day,
which is something that I feel like a lot of
people need to get more used to. And not only do keeping lights
on waste energy and cost money, they also make your
home a lot hotter, which you then have to cool
down with more air conditioning. Take a look at your utility
bills from the last six months. See where they were high,
see where they were low. And set a challenge to
yourself to reduce all of them by at least 20% next month. You will be shocked
at how easy that is to accomplish with
a few small changes in your conscientiousness
around the house. Number four is driving. So here’s the thing
about driving. I live in a big
city, and I’ve lived in big cities for
the past eight years where I haven’t
needed to have a car. And I understand that
makes me more the exception than the norm. Most people in America do
need a car for at least some of their day-to-day life. And while the bigger
question of getting some GD public transportation
going on in this country, is something that we can’t
all necessarily control today, learning to accept the idea of
driving even a little bit less can make a huge difference. The average American
spends about $1,000 a year just on gas, and that’s
with no other car expenses, including the car itself
and its insurance. If you take a moment to
really look at your life and write out the things
that you definitely need to drive for and the
things that you actually could probably get away
with not driving for, whether that means taking
a bus or some other form of public transport, carpooling,
or even walking or biking, do that. Committing yourself
to reducing even a few of the day-to-day driving
items off of your list can make huge financial
differences in addition to just being way
better for Mother Earth and potentially helping you burn
a few calories in the process. For example, you may still
need a car to commute to work every day, but you
could start biking into town to do your errands
on the weekends. Or there might be
a bus route that basically makes the exact same
trip as your day-to-day driving commute. So now in addition to
saving all that money, you can read books on your
commute or even sleep. The point is on
average as a society, we are driving way too much. Even just driving down to
the corner for something we could easily walk to. And it’s not because
we need to, it’s because we’re so used to
thinking of transportation in terms of cars. But that’s an easy
mentality to change, and you can challenge
yourself to save hundreds or even potentially
thousands of dollars a year by doing it. Number five is paying for
subscriptions and service packages. So here’s the thing about
subscription and package services and all of
that kind of stuff. They can be great deals but only
if you’re getting your money’s worth. Whether it’s a
magazine subscription, your monthly cable bill, a
subscription to a monthly box service, the point is
every year at least you should be doing a true
audit of what you’re paying for and what you’re actually
using out of it. And it’s not just the
things you’re using rarely. There’s also a
substantial chance that you’ve signed up for
something, whether because of a free trial period
or because you thought you would use it,
and you’ve totally forgotten you’re paying for it. The average annual
savings of those who actually went
through and did cancel all of their unused
memberships was over $500. Seriously. And it’s not just things
like those frivolous boxes that can be so addictive. Even your Netflix subscription
may not be something you’re using that
frequently or could be shared with another person. Once you’ve gone
through and done that full audit of what you’re
actually getting use out of, do a double check to see if
there’s any of those costs you could be splitting
with someone. The point is subscriptions
and package deals can feel so enticing and
so promising at first, but you would be shocked at
how much three years later you don’t even
remember that you’re paying for this bullshit. Number six is
negative self talk. Now here’s the thing. Humility and being
modest and not overselling your
ability to do something is generally a good thing. It can be very off-putting to
be around someone who is way overly confident
about their abilities or kind of aggressive
about bragging. But there is a huge
difference between that and underselling yourself
or speaking of yourself in a really critical and
demeaning way instead of being thoughtfully
constructive about what you might have done wrong
or want to improve on. Even just constantly making
self-deprecating comments and jokes can be really, really
harmful to your mental health. And a lot of times the way
we talk about ourselves tends to become a
self-fulfilling prophecy. And this isn’t just foofy
inspirational talk either. There’s real science to how much
talking negatively to ourselves can really impact our health. Research shows that
speaking to ourselves in a compassionate
way can actually change the way our
body handles stress. Researchers gave participants
a surprise public speaking task and public math task
to make them stressed and then measured signs of
inflammation in their blood. They found that even when
controlling for differences, such as self-esteem,
people who are more inclined to
self-compassion showed a smaller physiological stress response. So whenever you are having one
of those really self-critical thoughts, stop
yourself actively. And even say out loud, hey stop. I’m great. Don’t be mean to me. And really ask yourself. Would you talk that
way about someone else you knew and loved? No you would not. Lauren is behind the
camera shaking her head. She would not do that. Don’t let the desire to
improve become an excuse to beat yourself up. You’re pretty awesome. And finally, number seven
is washing your hair. So here’s some facts. If you are washing
your hair every day, you are washing it too much. And I’m sure this
comment section is going to be flooded with
people who are like, I have a rare scalp
that gets really oily and I can’t not wash my hair. Fine. There’s like five
of you maybe that need to wash it once a
day, but the average person should not be. It’s not just too
much, it’s also actively bad for
your hair and scalp. Now here’s the thing. A lot of people
do know that they should be washing their
hair less frequently, both for financial and
follicular reasons. But they also know that
the period when you’re weaning yourself off of
those day-to-day washes can make your hair
be really wonky. And unfortunately
for some people, that is unavoidable,
although during that time you can use a little bit
of extra product and things like dry shampoo to help
yourself through the journey. But once you’ve made it
through that weaning process, you will probably
find that you’re comfortable washing
just a few times a week, if not for some hair
textures just once a week. In general, our bodies are
the way they are for a reason. And the natural oils
that our scalp produces are very good for our hair. And when it comes to all
beauty and cosmetic routines like this, it’s important
to always take a step back from them and ask yourself,
why am I doing this? What am I getting out of it? And why am I doing it
as frequently as I do? At the end of the day,
it’s important to remember that the beauty industry
is always trying to sell you more product. For a shampoo company, people
washing their hair seven times a week is awesome, and people
washing their hair one time a week sucks. But you’re not a
shampoo company. Just like you’ll do with your
subscriptions and your driving habits and all of these
other day-to-day costs, take a day to really go through
all of your beauty and upkeep spending. See what you can cut out. See what you can
do less frequently, and see what you might
even be doing totally wrong for your body or skin. But almost everyone can
start with the hair washing. Ultimately, these things that
we’re doing too frequently are totally natural. We live in a society that
wants us to over-consume, to overspend, and to often do
things way more than necessary, but we have the
power to control it. And we also have the power
to understand our habits and understand what we’re
really getting value out of. If you challenge yourself
on each of these points to reduce down to
just what you need, we promise you that
you will feel a happier wallet and a happier brain. And if, like we
mentioned, you are looking to cut back
on your driving, one awesome option that you
should check out is Metromile. Basically, Metromile
is an insurance service that’s totally pay per mile. It allows you to pay
just for the miles you drive without judgment
of driving style or behavior. It’s designed for
people who want to be able to drive sometimes
but definitely don’t need the added cost and
hassle of a blanket policy that covers you the same amount
each month whether you need it or not. The per mile
insurance is currently available in California,
Illinois, Arizona, Pennsylvania, Washington,
Oregon, New Jersey, and Virginia with most states
plan for addition in 2018. Learn more or get started today
with Metromile at the link in our description. So as always guys,
thank you for watching, and don’t forget to hit
the Subscribe button and to come back every
Tuesday and Thursday for new and awesome videos. Bye.

100 thoughts on “7 Costly Things You’re Doing Way Too Much | The Financial Diet

  1. I literally only wash my hair if it looks oily or if I know I what it to look especially clean that day. I may wash it 2 days in a row or I may wash it 2-3 days apart that may seem gross but it’s healthier for your hair that striping it if it’s oil every day

  2. I would like to see a cost comparison of hand washing a FULL dishwasher load vs. an energy efficient model. I bet my family of 4 (plus cats and chickens) comes out ahead with the dishwasher.

  3. Lol taking a bus is not cheaper .. I have to take the bus and the sub everyday and I probably spend over 3000$ using only public transport that includes a bus sub and train

  4. It's hard not to wash your hair everyday when you live in a tropical country with 80-100% level of humidity almost everyday

  5. Have a system to keep your documents. Especially, a drawer to keep all the receipts and warranties. 5 reasons: easy returns, manuals if repair is needed, tax deduction (if any), resale, content insurance. I had to learn a lot the hard way: I once threw out a bar fridge not knowing it was just a fuse ($350 waste); But I am getting better and managed to get a $2K new mattress using the warranty for the old one.

  6. No. 4 is true around me, too many people on the roads causing congestion daily with their large SUVs with no passengers. Carpool or at least get a 2 wheeler or something…it's hard fr me to have fun drifting anywhere when there's traffic everywhere

  7. wash hair once a week! LOL Let me snuggle into my sweeties oily grimly hair. I'll certainly save money on going out with friends because I'll be a social pariah and no one will want to be seen with my greasy grossness in public. How about this: stop buying $90 bottle of hair soap and buy something cheaper.

  8. My husband’s hair it’s super oily ! Looks dirty the very next day, if I pass my hand on his hair my hand would look shiny lol He finishes a bottle every 2-3 weeks because of how much he needs to make his hair look clean

  9. You do save water and electricity by only scraping off food, not rinsing under water and filling the dishwasher machine.

    "Dishwashers use less water and energy if you use it properly. How to save both on the money and the environmental impact."

    https://translate.google.com/translate?sl=da&tl=en&u=https%3A%2F%2Ftaenk.dk%2Ftest-og-forbrugerliv%2Fhvidevarer%2Fopvaskemaskiner%2Fopvaskemaskiner-spar-vand-og-stroem

  10. Toothpaste! Don't use as much as the ad pic shows, use a pea size amount. It's not the toothpaste that is keeping your teeth healthy, it's the brushing off of plaque twice a day. Oh and don't forget to floss, very important.

  11. Thank you for the advice, i know its not applicable to every situation but the tips made me rethink what i am doing or not doing, one of my tips is the word enough, i try to ask myself that question when i am buying things or tempted to buy it stopped me buying un necessary items cheers lv Jacquelinexxxx

  12. Schedule your grocery shopping in between other items on your to do list! That way you can't browse and walk around, especially with a time crunch and list of to buy's. Or time yourself to get in and out in ten to fifteen minutes

  13. How about ordering food and eating out? I never seen a country that does this the way Americans do. Ordering food and eating out is so common here that became the rule not the exception…

  14. I live in the country and date someone who lives 1 hour away so I do need a car, but my partner lives in a big city so when I'm visiting them we just walk everywhere or take the bus because frankly the traffic isn't worth the extra stress to us.

  15. I just had lunch and I'm very sleepy… your hair looks like elasti-girl from the incredibles :3 <3 I love it, also thanks for the advise 🙂

  16. As one with wonky hair, I've found on days I don't wash my hair, a mister bottle with water in it will reset my hair so I can start over styling without having to wash too much!

  17. i work from 8am to 5p monday to friday. so i get home by 5:30p by drive. the bus route takes 3 buses and 1.5h. so yeah bus is not an option for me.

  18. Honestly, I wish I could wash my hair less than once a week, but I work out a couple of hours a day and it's simply not an option for me >-<

  19. Ad driving: it seems some people have a strange state of mind about driving. I live in Prague. It's impossible to park in the center. Yet, they will drive to the center, drive around like mad for long time trying to find a place to park, getting all frustrated… then they have to park about two kilometers and having to take public transport anyways. Why not take a bus in the first place? Especially when they look all jealous at the beer or glass of wine you are having "I cannot drink, i am driving…"

  20. Ad hair: my hair actually looks the best the second day after washing it. First day… it is just flying around and living life of its own.

    Of course, many people wash hair daily and then put in hair products to make their hair GREASIER so it is not flying around in presence of static electricity.

  21. I worked as an auto mechanic and I had to wash my hair everyday, because it got dust and grime from the cars' undercarriage😅

  22. We make a 7 days weekly menu. Ensuring that its things we eat. Minimizing buying extra good. N creating meal only with what we have on hand.

  23. If you just buy when you run out you don’t spend time hanging about so are less likely to spend

  24. Me and my husband have a google sheet with items that we need regularly: toothpaste, soap, eggs, fruits, nuts, tea, cat food, etc.
    Before we go shopping I mark what we have "1" and what we don't have "0" , and then I sort by "0", and there's my shopping list)))

  25. Guilty of #1.  Trash days used to be mostly food from the fridge/freezer.  I've gotten MUCH better.  There's a Trader Joe's on the way to work, and I'd gotten into the habit of waltzing thru a few times a week and leaving with way too much.  This led to an overstocked freezer..where the food was sure to expire.  Also buying too many veggies for the week from WholeFoods, as I only cook for me.

  26. I wish you would do a video on the costs and tips of moving to NYC because with an MFA in publication, NYC is mine (and my peers’) goal (s).

  27. " I have a rare scalp………" Hahahahah..killed me. 🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣

  28. These videos feel like a conversation. I've learned so much since I started watching. Thanks for the contents!!

  29. 1- Tiny house: you can't buy house stuff or a lot of clothing
    2- Solar panels wind turbine: you can't paid bills
    3- Electric car: no gas bills
    4: Water recycling: no water bill
    After all those eco friendly

  30. If you sweat a lot, i think it's justifiable to wash your hair daily. I do and i have to wash my hair daily. Though ideally i have to alternate shampoo and conditioner or else I'd have dry hair and/or dandruff. Ugh

  31. I've been one of those people that lived in negative self talk for many years. I even recently had the issue up until my previous semester in computer science. I had a teacher talk me out of it and help me realize that I was being very hard on myself. I see my faults now but I don't let them over whelm me like I used to.

  32. How do you shop for groceries less often than once a week? My produce goes bad by that time if I bux enough to last longer than a week.

  33. I actually made the decision this year to get rid of my car and moved to the city centre, closer to transport links. I didn’t realise how many times a week I would go for a drive simply out of boredom and somehow ended up at a Starbucks drive through. I’ve saved hundreds of pounds by making this decision and feel good about having less impact on the planet 🙂

  34. I don't drive at all. Because of this, I can't make big grocery shopping runs. I have to carry it all home, so I have to make smaller trips.

  35. Bringing my lunch to work has really helped cut down on my driving costs. Most people realize the benefit of saving money on food by doing that, but not necessarily the lower gas cost.

  36. I got my hair washing down from 3 x week to 1 x a week. It took time, and occasionally dry shampoo, but it’s so much better now. My scalp is better, I loose less hair, I get through fewer products.

  37. Here are some items you can buy for under $20 that will actually save you money in the long term: https://youtu.be/v4J-CBqJc0k.

  38. Am I the only one to whom every Financial Diet video is just stating the obvious? I don't get why you would do all of those things. Oh well, it's still good if it helps som people.

  39. I do not drive (but recognize that many people have to: no judgement at all) and i am really conscius of how little money is necessary to live without a car. I miss nothing i need and can work on a part time job… i feel free!

  40. And, when you do wash your hair, use the shampoo only once. Companies tell you to rinse and repeat so that you use more and then have to buy it more often.

  41. Love the comment on daily hair wash…i wash mine nearly every day and have done from my teens im now 62….i know i shouldnt but im adicted lol

  42. Wow, I don’t live in the US but still in a western culture, so is it just me or why was I really into number one and found the other ones incredibly useless because I either have a super cheap fix price for it or am doing it already?

  43. Is hand washing actually cheaper? I always do it because I feel lots it’s cleaner but I thought it would be cheaper to run the dishwasher

  44. I avoid going to the mall or grocery stores when I don't have really important to buy and I saved a lot from it. Going window shopping or going to the grocery for a single item ends up buying things that are not really important.

  45. Online grocery shopping changed the game for me!! I buy wayyy more in store because they put everything in front of you and it’s way harder to restrein yourself or go put back something, so you usually buy it anyways. Also comparing prices is harder, seeing the sales, etc. Online i can go in the search bar and write exactly what i need ex. Potatoes without seeing tons of other stuff. Makes me eat way healthier too. At the end, i can see the total of the cart and see if it’s over my set budget, remove some stuff to get the right cart budget and THEN pay!

  46. I sweat a lot normally, like drops down my face. I tend workout everyday and i sweat a lot even in winter, I live in a very hot city and i produce a lot of oil, so If i dont wash my hair, my scalp stinks and my hair looks super dirty, even worse with dry shampoo. I have to wash it, if not daily, every 2 days. 3 days looks horrid and smells horrid too :S

  47. When she said: “You may not be using your netflix subscription that frequently.”

    Me: watching more Netflix than hours at work or in class. 😂 I might need to cancel because using too much honesty.

  48. No.10 buy less UNNECESSARY throw/cushion pillows for your bed/sofa 😂😂 . Why do you have 90 of those behind you ?

  49. The problem in Sweden is that a lot of cities have travelling/commuting options that are more expensive than going by car. For example, this summer I went on vacation, I took the the train and it costed over 600 SEK (60 USD), but when my mum and stepfather went there by car it costed around 50 SEK (5 USD) for gas, and they are even two people, so it was only 25 SEK (2.5 USD) each. Even when travelling shorter distances, for example from one part to another part of the same city, it can cost 25 SEK or more, and with car it costs almost nothing. Cars cost a lot when it comes to maintenance and such, but it's probably cheaper than commuting with bus a lot. Commuting is ridiculously expensive here. I go by bus anyway, even though it's expensive, because then I don't have to find a parking spot, and I don't have to think about maintenance of a car, and it's less bad for the environment. About half of the buses in Uppsala, Sweden, use electricity instead of gas (or that they have gas only as a backup-system). But most young people in Uppsala travel by bike. I don't, because I have a ailment that makes it really hard for me to travel by bike, but I wish I could go by bike, it would cost almost nothing.

  50. I have hair that would benefit from not washing every day. Unfortunately, I cook 8-10 hours a day, 6-7 days a week and I don't want my hair to constantly smell like onions and chicken

  51. Nah bruh, I ride horses plus go the the gym every single day (and I don't fuck around either: It's a sweaty business). I'm also a vet student who gets projectile vomit in my hair at least three times a week. My hair is disgusting at the end of an average day.

  52. Great ideas. But, washing your hair once a week??? that's just disgusting. There are so much pollutants & allergens in the air and germs that fly around that are landing on your hair. If people don't mind being dirty and gross, I guess that works.

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