20 Things Poor People Foolishly Waste Money On

CR Staff - February 11, 2023

2. Smoking & Vaping

Not only is this harmful to you, but poor people spend more money on smoking and vaping than any other socio-economic status. In fact, it’s often the lowest socio-economic groups that spend more money on gambling and smoking when an average price for a pack of cigarettes is a little over $6, though many states are increasing the cost to up to $10 per pack.

This means that you will spend around $200 on a pack of cigarettes every month, especially if you go through a half of a pack to a whole pack every day. To put this into perspective, without inflation, the cost you spend on cigarettes every year is $2,400, and the price for ten years is $24,000. Now, take a moment to think about what you can spend that money on, such as repairs to your car or even save up for a new car or house. Of course, you could also put that money into savings for your retirement. If you want to stop smoking, there are multiple ways, such as reading a self-help book or going to the doctor.

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1. Giving To The Wrong Charities

This isn’t easy to hear, but there are many well-known charities you donate your money to where the charity doesn’t see half of the money you gave. Part of this is because of the fees the system takes when they process the payment. The other part of it is some of the money goes to paying the staff instead of where you want the money to go. For instance, if you donate to a charity that helps sick children, you want the money to go to the children and not the staff.

While you can continue to donate money, it is essential to find a charity or nonprofit organization that is in your area. Then, you can walk in the doors and talk to the executive director about where your money will go, and you can see the program expanding because of your contribution. Even if you don’t feel like paying the staff’s wages is a waste of money, you always have a better feeling when you are helping the people you want to over anything else.

Sources:

“15 Things POOR People Waste Money On.” Alux, YouTube. March 2019.

“13 Ways poor people waste money but rich people don’t.” Paula R. Gorman, Ideas Ranking.

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