Every dollar you spend today is not just a dollar. It is a future dollar, one that could have grown into something much larger had you not spent it. The first lesson you must learn is awareness. Most people drift through life letting their expenses accumulate without thinking about them. They don’t realize they are making decisions that will compound over decades. But you must see every dime as a 30-year expense. That coffee you buy mindlessly at Starbucks is not just $8. It is an investment you didn’t make.

If you buy an $8 coffee three times a week, that’s $24 per week, $1,248 per year. That’s just the first year. Because of inflation, that $8 will rise by 3% each year. But what if you had invested that money instead, earning an 8% annual return? Over 30 years, that seemingly small habit would amount to approximately $190,579. You might not notice the missing money now, but in 30 years, you would.

It’s not about deprivation. It’s about awareness. If you want to buy the coffee, buy the coffee. But make sure you’re making that choice deliberately, not out of habit. The best way to maintain that awareness is to track every dollar you spend. Use a spending app. I still do this, and I am rich. People assume wealth means never having to think about money. The truth is, the people who build wealth are the ones who think about it the most.

Beware of costs that increase over time. They sneak up on you, and before you know it, what was once a manageable expense has become an unnecessary burden. Auto insurance is a perfect example. You sign up for a policy at one price, and a year later, the rate has crept up. Most people just accept it. You won’t. Every January, you will bid out your insurance to other companies. You will make them compete for your business. You will do the same with any recurring expense. Streaming services. Cell phone plans. Even your mortgage rate, if refinancing makes sense.

The same discipline applies to business. If you start one, costs will try to creep in there too. Software subscriptions you don’t use. Services you no longer need but are still paying for. Employees you hired for a role that is no longer necessary. Every January, you will audit your expenses, just as you do with your personal life. You will not let costs accumulate unchecked. That’s how businesses fail. Not in a single catastrophic moment, but by a thousand small indulgences that compound over time.

The world will always encourage you to spend more. There will always be a justification, always a reason why it’s different this time. But it’s not different. It’s just another slow leak. Plug the leaks early, and your future self will thank you. Ignore them, and you will wake up one day wondering where all your money went. You now know better. Pay attention, track everything, and never let cost creep steal your future.

What’s remarkable is how much control you actually have if you pay attention. It’s easy to feel like costs are inevitable, but most expenses are choices. The things you spend money on today determine the shape of your life in ways that aren’t obvious at first. The car you buy, the home you live in, even the neighborhood you choose—all these have long-term financial consequences. If you stretch yourself to buy a more expensive car, you’re also committing to higher insurance, maintenance, and fuel costs. If you move to an expensive area, everything from groceries to property taxes will follow suit. When you make financial decisions, don’t just look at the price today. Think about what it commits you to for years to come.

Recurring expenses are the most dangerous because they operate on autopilot. The money leaves your account, and you don’t think about it. But that’s exactly why you need to scrutinize them. Set a calendar reminder every January to review your subscriptions, your insurance policies, your service providers. Call them. Ask for better rates. If they won’t negotiate, switch. Companies count on inertia. They assume most customers won’t bother to take action. But you’re not most customers. You’re the exception, the person who thinks ahead and makes deliberate choices.

This applies to business even more. A personal budget might have a few dozen recurring expenses, but a business can have hundreds. If you let small inefficiencies accumulate, they snowball. Maybe it’s an overpriced vendor you never renegotiated with. Maybe it’s a piece of software you signed up for and forgot about. Maybe it’s an employee role that has become redundant but no one wants to confront it. The businesses that survive are the ones that control costs ruthlessly. They don’t just grow revenue; they protect their margins.

The simplest way to build wealth is not to spend money unnecessarily. Every dollar you save and invest works for you. Every dollar you waste works against you. The good news is, you are in control. You can choose to be aware, to track your spending, to make informed decisions. Most people won’t. Most will live reactively, wondering where all their money went. But you won’t. You now have the knowledge and the tools to do better. Use them.

In closing I remember during 2023 that our grocery store of choice Publix simply seemed too expensive.  So we started grocery shopping in Aldi most of the time thanks to a suggestion from Patrick and Madeline.  Then Christian and Madison did too.  And so did Anthony and Brittney.  This simple change made our family a lot of money.  After all, it’s not my responsibility to give my hard-earned money to some corporation when I have a choice.  Don’t let a lazy habit get in the way of building a better habit which will build your bank account through really no effort at all.