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Suze Orman Has A Warning About Home Depot Shopping

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When someone has a net worth of over $75 million thanks to financial advice, your ears should perk up when she talks. Suze Orman has amassed such an amazing net worth thanks to her career as a financial advisor, author, and podcast host. It’s great to see people like Suze Orman not shy away from discussing important topics and how she gained the wealth she did. There are plenty of examples of rich people keeping it a secret. In one of her interviews, Suze talks about the three important things everyone should consider. These keys apply to everyone who shops at places like Walmart and the Home Depot. So, basically everybody. If you’re thinking about buying things from the Home Depot (NYSE: HD), consider what Suze Orman has to say about it.

What Does Suze Orman Have to Say About Home Depot

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One of the biggest problems people have when it comes to being financially smart is buying things that aren’t needed. If you spend too much money at one time on a want, you won’t have enough when the need comes around. There are things at Home Depot you need every so often, like a fridge or door locks. Those help keep food cold and you safe. There are also different piping products and things to add to your home to make sure it’s up to code if you sell it. Again, those are needs. However, there are plenty of items at Home Depot you don’t need. Different outdoor furniture sets are up to $2,000. While it may be nice, how often will you use it? And what about a brand-new lawn mower? Unless your old one isn’t working anymore, you don’t need a new one.

Another thing Suze Orman has to say about Home Depot is we should strive to live below our means. Just because we can buy something fun at Home Depot doesn’t mean we should or have to. When you live below your means, you allow yourself the flexibility to withstand patches of time when you might need a few extra bucks. We never think those times are going to happen to us, but knowing we are safe if they do provides a secure feeling.

The last thing Suze Orman talks about is getting the same feeling we get when we spend money, but instead during times of saving. We all know the feeling she’s talking about, too. When you first purchase something, regardless of where it’s from, we all get excited to use it for the first time. Knowing we are buying something for ourselves to use is a great feeling. However, why can’t we get this feeling when we save money? We are putting money aside for ourselves in case of an emergency. There’s also going to be more money for us to invest in the stock market or a mutual fund if you want to. Setting yourself up is one of the best forms of self-care and self-love. Suze Orman wants us all to feel this.

How Much Money Do Americans Spend at Home Depot Every Year?

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Home Depot is known for being one of the most popular places to shop in the United States. This is because of the wide selection and feeling of improvement you’re putting into your house. Just in 2022, Americans spent 157.4 billion dollars at Home Depot. If you take this number and divide it just by how many people in the United States are 18, which is 258.3 million, this means the average person spent $609.37 last year at Home Depot. This is different for every person, but how much of that $600 was spent on things that are needed? Probably not a lot.

How to Make Sure You’re Not Overspending

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The easiest way to not overspend at Home Depot is to create a budget. It’s not just about creating a budget, but also sticking to the numbers you set. Anyone can say they’re only going to spend a certain amount per month on something, but it takes a lot of discipline to do it. As long as you create a certain amount of money you want to spend on something, you won’t be in trouble down the line.

You work hard for your money so it’s important to occasionally spoil yourself on that patio set or lawn mower. A new set of bricks might make the house look even better. But what’s important is making sure it’s all reasonable and not on a whim. That’s how most people get in trouble. So if you stick to a budget, you should find yourself being both happy and financially better.

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