Finance Friday | Adding the costs of everyday convenience purchases

WESH 2’s Jason Guy and Reshell Smith, the founder and CEO of AMES Financial Solutions, discuss the realism behind minimalism, along with potential underlying impacts of day-to-day spending.

ALERT. FINANCIAL LITERACY MONTH IS IN THE REARVIEW MIRROR, BUT WE’RE NOW WRAPPING UP OUR DEEP DIVE ON CONSUMER TRENDS WITHOUT ASKING THIS QUESTION. WHAT ARE THE REAL COSTS OF EVERYDAY CONVENIENCE PURCHASES? YIKES. WHEN WE START ADDING IT UP, IT’S GOING TO HURT. RACHELLE SMITH, THE CEO AND CO-FOUNDER OF FINANCIAL SOLUTIONS, IS HERE TO TALK A LITTLE BIT MORE ABOUT IT. GREAT TO SEE YOU, ROCHELLE. NICE TO SEE YOU. IT’S OUR LAST FINANCE FRIDAY THAT WENT BY SO QUICKLY. IT REALLY DID. BUT WE HEAR THAT TERM CONVENIENCE PURCHASES. AND MY MIND IMMEDIATELY GOES TO THAT FIVE $6 PEOPLE SPEND ON A CUP OF COFFEE DAY IN AND DAY OUT. YEAH. SO WE THINK ABOUT THE UBER EATS, THE DOORDASH, THOSE THOSE MEALS GET DELIVERED TO US. YEAH. SO I LOOK AT IT AS HOME COOKING AT HOME VERSUS TAKEOUT. AND REALLY, THE MATH, AS THE KIDS SAY, IS NOT MATH. IT’S NOT MATH. IT DOESN’T ADD UP BECAUSE I THINK ABOUT MYSELF AS AN EMPTY NESTER. IF I GO OUT TO A RESTAURANT 3 OR 4 NIGHTS A WEEK, IT DOESN’T ADD UP TO WHAT I WOULD SAVE AT HOME COOKING AND SOMETIMES JUST THE CONVENIENCE OF IT IS NEEDED. AND I’LL GIVE YOU A GREAT EXAMPLE HERE. WE HAD AN ORDER ONE TIME. I KNOW WHAT IT COST IN ONE OF THOSE APPS AND DELIVERY SERVICES. IT GOT MESSED UP. WE CALLED REORDERED AND I WENT AND PICKED IT UP. THIS TIME THE PRICE OF THE REMADE OR EXACT SAME THINGS. YEAH. WAS SO MUCH LESS EXPENSIVE. SO EVEN THAT IS A HACK. IF YOU’VE GOT A IT’S KIND OF A HYBRID OF YOU’RE NOT ACTUALLY EATING OUT, BUT YOU’RE NOT RELYING ON SOMEBODY ELSE TO DELIVER IT TO DELIVER A LITTLE BIT. BUT THESE ARE THINGS THAT THAT DO CREEP UP ON OUR BOTTOM LINE AT THE END OF A MONTH AND AN END OF A YEAR. YEAH. AND YOU AND DELIVERY FEES. SO THAT’S ONE OF THE THINGS THE DELIVERY FEES, THE COST FOR THOSE TYPES OF THINGS, THERE’S A LITTLE BIT MORE BECAUSE YOU HAVE TO USE THE APP. AND THOSE ARE THINGS THAT WE COULD BE USING TO HELP US SAVE MONEY. RIGHT. SO THEY SAY THAT THE EXTRA THAT WE’RE SPENDING THERE, WE COULD BE INVESTING OR SAVING THAT MONEY. SURE. IT TURNS INTO HUNDREDS, IF NOT THOUSANDS A YEAR. YEAH. THE EXPERTS HERE WOULD SAY PUT IT INTO SOMETHING THAT’S GOING TO MAKE US MONEY. OKAY. HOW DO WE GET OUT OF THE THE IMPULSE BUYING OR THE. I DON’T FEEL LIKE COOKING. LET’S ORDER SOMETHING MODE PLAN. SO I’M ALL ABOUT THE FINANCIAL PLANNER. IT’S ALL ABOUT PLANNING. AND THAT MEANS MEALS TO MICHELLE. ABSOLUTELY. AND THAT’S HARD TO DO. BUT THAT’S GOING TO SAVE YOU MONEY. IT’S GOING TO SAVE YOU TIME. AND THEN YOU DON’T HAVE TO MAKE THOSE HARD DECISIONS. WHAT ARE WE GOING TO EAT? YOU KNOW, THOSE ARE THINGS THAT HELP YOU SAVE MONEY BECAUSE IT’S NOT DONE ON IMPULSE. YEAH, JUST A LITTLE PRO TIP FROM OUR FAMILY IS WE OFTEN COOK IF WE’RE GOING TO DO A GROUND TURKEY WE’LL MAKE INSTEAD OF JUST A POUND TO FEED THE FAMILY, WE’LL DO 2 POUNDS AND FREEZE HALF OF IT. IT’S EASY TO PULL BACK OUT AND THEN TURN IT INTO SOME TACOS OR SOMETHING THAT THAT WE CAN MAKE QUICKLY. QUESADILLAS, AND THEN WE DON’T HAVE TO DO THE COOKING WHEN WE DON’T FEEL LIKE IT. RIGHT? BUT WE DID. RIGHT. SO IN FREEZING, THAT’S IT’S A HACK, BUT IT’S SOMETHING THAT WE CAN DO. I THINK YOU COULD FREEZE ANYTHING, BUT DON’T TAKE MY ADVICE ON THAT. I THINK SO. JASON. I THINK MY WIFE DISAGREES. I THINK WE CAN FREEZE LEFTOVERS AND, YOU KNOW, THOSE KINDS OF THINGS TO STRETCH A DOLLAR. LET’S TALK A LITTLE BIT ABOUT THE MINIMALIST APPROACH HERE, BECAUSE PEOPLE ARE LOOKING TO DO THAT, ESPECIALLY WHEN THEY GO, YOU KNOW, THE ECONOMY COULD SEE SOME DIPS AS WE LOOK AHEAD. WHAT DOES THAT MEAN FOR PEOPLE IN PRACTICALITY? MINIMALIST REALLY DO SAVE MONEY. LIKE IF YOU ARE A TRUE MINIMALIST, YOU WILL SAVE MONEY. IT’S A PHILOSOPHY. IT’S AN IDEA THAT IF YOU PUT IT INTO PRACTICE, YOU WILL SAVE MONEY. SO LESS CLUTTER, LESS COST, RIGHT? SO IF YOU HAVE LESS CLUTTER, YOU’RE GOING TO SPEND LESS. THEY PRIORITIZE QUALITY OVER QUANTITY. SO THEY MAY NOT HAVE ALL OF THE FLASHY THINGS IN THE HOME. BUT WHAT’S IN THEIR HOME IS QUALITY. SURE. AND I’VE BEEN WHERE I’VE BOUGHT SOME THINGS THAT THAT A SHIRT THAT AFTER A FEW WEARS AND A FEW WASHINGS, IT FALLS APART. BUT THEN THERE ARE SOME THINGS THAT YOU CAN MAYBE INVEST IN. AND THEN I’VE KEPT THOSE FOR YEARS AND YEARS AND YEARS. SO IT’S LESS GOING BACK INTO LANDFILLS AND PROBABLY OVER TIME DOES COST LESS. YEAH. THINK ABOUT YOUR JOB LIKE YOU HAVE TO LOOK GOOD EVERY DAY. HOW MANY SUITS DO YOU HAVE? YOU DON’T EVEN WANT TO KNOW. AND WHAT’S WORSE IS HOW MANY NEVER GET TOUCHED, RIGHT? AND UNDERSHIRTS AND THOSE THINGS. BUT IF YOU GO OUT AND BUY ONES THAT ARE LESS EXPENSIVE, NOT WELL MADE, YOU’RE GOING TO KEEP BUYING VERSUS A MINIMALIST WHO WILL SPEND MORE MONEY, BUY LESS, BUT IT’S HIGHER QUALITY. OKAY, GREAT ADVICE AND A LOT FOR US TO THINK ABOUT. ROCHELLE, IF PEOPLE WANT TO CONTACT YOU, HOW DO WE REACH OUT? AMES FINANCIAL SOLUTIONS.COM. AWESOME. ROCHELLE. THESE FINANCIAL FRIDAYS HAVE BEEN JUST EYE OPENING. WE THANK YOU. AND WE’RE GOING TO PUT A LINK TO ALL OF THIS INFORMATION ON OUR WEBSITE. JUST GO T

WESH 2’s Jason Guy and Reshell Smith, the founder and CEO of AMES Financial Solutions, discuss the realism behind minimalism, along with potential underlying impacts of day-to-day spending.

WESH 2’s Jason Guy and Reshell Smith, the founder and CEO of AMES Financial Solutions, discuss the realism behind minimalism, along with potential underlying impacts of day-to-day spending. Click here to learn more about Smith’s services.

ORLANDO, Fla. —

WESH 2’s Jason Guy and Reshell Smith, the founder and CEO of AMES Financial Solutions, discuss the realism behind minimalism, along with potential underlying impacts of day-to-day spending.

Click here to learn more about Smith’s services.