The War On Our Finances Has Become More Sophisticated

My April 2023 blog post outed corporations for the not-so-subtle ways they are making money at our expense. You know what I’m talking about. Deliberately producing products designed to last for a limited amount of time (planned obsolescence). Filling the shelves with items in smaller amounts and sizes for the same or higher prices. Shame on you, Costco, for messing with my blueberry muffins. 😡

This assault has risen to another level as companies find even more ways to relieve us of our hard-earned finances. An article David Dayden and Lindsay Owens wrote last year emphasized how greed, technology, and the ‘because I can’ attitude have combined forces to further squeeze consumers.

They cite examples like:

• Companies are pushing monthly subscriptions just to sell you a tube of toothpaste.

• Ticketmaster is piling on extra fees for concert seats. 

• Landlords are using new software to band together and raise rents.

• Banks are lowballing how much interest they offer on savings accounts. 

And the list goes on.

Adding to the trap, Buy Now, Pay Later (BNPL) companies have partnered with stores to allow people to pay for food delivery in installments. They justify this service by claiming consumers can forestall payments until they receive their next paycheck. How convenient!

Don’t be fooled by this nonsense. Smart finance management suggests planning food purchases when you get paid, not playing catch-up with your next paycheck. It’s called budgeting. Not to mention BNPL companies have begun to report your purchases to credit bureaus, which could have a negative effect on your credit score.

I also read an interesting article stating restaurant staff have noticed people are not requesting doggie bags as much as they used to. Supposedly, this behavior results from the idea that taking food home is socially unacceptable; ordering takeout has become the norm; and the pandemic has made the idea of sharing food distasteful. 

Come on people! 

There is nothing wrong with taking home your leftovers. Many restaurants give you more food than you can comfortably eat in one sitting, and they certainly charge more than enough for the privilege. Please tell me, how can popping leftovers in your microwave or air fryer be less convenient than ordering takeout? As far as sharing food is concerned, eat it yourself. And let me remind those who claim you don’t eat leftovers; they often taste better the next day. Considering how much you paid for the food in the first place and having the ability to avoid cooking the next day seems like a win-win to me. 

I’m happy to report The Wall Street Journal posted an article on April 4th which points out more people are bringing their lunch to work as opposed to eating out. Apparently, the average price for lunch is currently $21 as compared to $16 in 2023. On average, full-timers spend 260 days a week at work. If you multiply the number of days by the average lunch price increase, workers who eat out for lunch every day spend an additional $1,300 a year. I can certainly think of a better way to put that amount of money to good use. 

All sarcasm aside, I would caution each of you to be mindful about how you spend your money. I definitely believe one should balance needs and wants to experience a fulfilling life. At the same time, we should all be conscious of how easily we are being manipulated by what others do and think. 

April is Financial Literacy Month. It’s time to consider how well you manage your finances.