How much do you think you spend on nonessentials? On average, Americans spend nearly $18,000 a year on nonessentials. If that sounds like a lot of money, it's because it is. Over time seemingly small splurges, like $5 here and $7 there, add up.
The money you impulsively spend could be put to better use. Often, we don't recognize how much we're spending because it's easy to swipe your card and not think about your declining bank account. You may have to put in extra work to cut back, but it's possible when you identify the ways you're overspending.
1.Coffee
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Coffee gives most adults that boost of energy to help get them through the day. Buying a daily dose of caffeine can easily become a costly habit. The few dollars spent on that delicious latte can really add up without you taking any notice. Spending four dollars a day on coffee can add up to $28 dollars a week and that's $112 per month. By the end of the year, you could save $1,344 by cutting back on your coffee habits. Making your coffee at home in a travel mug is more cost-efficient than spending money at a coffeehouse to get your daily fix.
2.Food Delivery
Takeout is on the rise, especially with the addition of food delivery services. Research showed 47 percent of respondents feel they overspend on takeout and 52 percent are usually hit by guilt after doing so. Everyday there's a new app that will personally deliver your favorite eats to your door, but not without added fees. The convenience of takeout comes at a price. It might be better for your wallet to personally pick up your food to avoid any extra fees and to prepare homemade meals.
3.Ride Sharing
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Everybody's using ride sharing apps these days because it's so convenient and hassle-free, but frequent use of ride sharing apps can ruin your attempts at saving money. The amount of money you can save on transportation by using public transportation or driving your own car is astronomical.
4.Cable
These days, it's possible to stay in the know about trending shows and movies without even paying for cable. The options to replace your cable bill with a streaming bill continue to grow by the day. Most people don't watch every single channel in their cable package anyways. If you find yourself watching less and less cable, then it may be time to ditch it all together.
5.Subscription Services
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In the US, consumers subscribe to three subscription services on average and 34% of respondents plan on subscribing to more services within two years. Subscription services are popping up everywhere and it's tempting to sign-up for every single one that sparks your interest. When you sign-up, the rate seems like a steal because it's just $10 a month, but this adds up throughout the year. Sit down, and add up the annual amount you're paying for subscription services and it may surprise you. Oftentimes, we are subscribed to services we don't even use.
6.Buying Lunch
Making your lunch everyday will save you money and probably help you to eat healthier. Let's be honest, eating healthy can be more costly than eating cheap processed food. It's cheaper to make healthy food at home, so you don't have to buy an easily overpriced salad. Spending over $10 a day on lunch for five days of the week is $50 per week. You work hard for your money, there's no point in eating it away.
7.Gym Memberships
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It seems like there's a gym around every corner with a plethora of amenities and features. A gym membership is a great investment in your health and wellness, but do you need an expensive membership when you only use a few machines? Also, if you signed up for a gym membership during the new year and you haven't used it in months, then it might be time to cut your membership.
8.Dining Out
Americans spend an average of $209.38 on restaurants per month. Restaurants are the number one luxury Americans choose to splurge on. It's not because the food is simply amazing, it's also the social component. People like to get together Saturday nights with their friends and family and forget about their worries, but this can come at a cost. If you can limit your dining experiences, then you'll be sure to have more money by the end of the month. Think about hosting dinners at your home by cooking or having guests come together to have a potluck.
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While an evolution is a natural progression that happens as businesses grow, a rebrand is a total change. Lola tells xoNecole, "A total rebrand is necessary when a business’s current reputation/what it’s known for is at odds with the business’s vision or direction.
"For example, if you’ve fundamentally changed what your product is and does, it’s likely that your brand is out of alignment with the business. Or, if you find your company is developing a reputation that doesn’t serve it, it might be time to pump the brakes and figure out what needs to change.
She continues, "Sometimes you’ll see companies (especially startups) announce a name change that comes with updated messaging, visuals, etc. That usually means their vision has changed or expanded, and their previous branding was too narrow/couldn’t encompass everything they planned to do."
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The Brand Doula was born in 2019, and its focus is on putting "the experiences, goals, and needs of women of color founders first," as well as brands with "culture-shifting missions."
According to Lola, culture-shifting is "the act of influencing dominant behavior, beliefs, or experiences in a community or group (ideally, for the better)."
"At The Brand Doula, we work with companies and leaders that set out to challenge the status quo in their industries and communities. They’re here to make an impact that sends ripples across the market," she says.
"We help the problem solvers of the world — the ones who aren't satisfied with 'this is how it's always been' and instead ask 'how could this be better?' Our clients build for impact, reimagining tools, systems, and ways of living to move cultures forward."
The Brand Doula has worked with many brands, including Too Collective, to assist with their collaboration with Selena Gomez's Rare Beauty and Balanced Black Girl for a "refresh," aka rebrand. For businesses looking to rebrand, Lola shares four essential steps.
1. Do an audit of your current brand experience — what’s still relevant and what needs to change? Reflect on why you’re doing the rebrand in the first place and what success would look like after relaunching.
2. Tackle the overall strategy first — before you start redesigning logos and websites, align on a new vision for your brand. How do you want your company to be positioned moving forward? Has your audience changed at all? Will your company have a fresh personality and voice?
3. Bring your audience along the journey — there’s no need to move in secret. Inviting your current audience into the journey can actually help them feel more connected to and invested in your story, enough to stick around as changes are being made.
4. Keep business moving — one of my biggest pet peeves is when companies take down their websites as soon as they have the idea to rebrand, then have a Coming Soon page up for months! You lose a lot of momentum and interest by doing that. If you’re still in business and generating income, continue to operate while you work on your rebrand behind the scenes. You don’t want to cut existing customers off out of the blue, and you also don’t want so much downtime that folks forget your business exists or start looking for other solutions.
While determining whether the rebrand was successful may take a few months, Lola says a clear sign that it is unsuccessful is negative feedback from your target audience. "Customers are typically more vocal about what they don’t like more than what they do like," she says.
But some good signs to look out for are improvements in engagement with your marketing, positive reviews, press and increase in retention, and overall feeling aligned with the new branding.
For more information about Lola and The Brand Doula, visit her website, thebranddoula.com.
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