Here’s the deal. You’re probably in Debt. Most likely, you don’t have enough savings to last more than a few months. If this is you, then it’s time to check yourself. Most of the time, being in Debt and broke results from excessive spending.
And the truth is, there are dozens of pointless purchases that many of us spend our money on. Things that we don’t need and maybe don’t even want. We buy things we only use once in a while. We get items that are available for rent. We see a shiny object and get excited without thinking things through.
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I firmly believe in the quote, “What we dwell on is what we become.” (By Oprah Winfrey) And if being economical is uncharted territory for you, then it’s time to realize that being frugal is the law of the land rather than the exception.
6 Expensive Things That You Don’t Need To Buy
In this article, we’re going to go over “Six Big Things You Should Stop Paying For Right Now.”
#1 Don’t Buy Expensive Gadgets
The first items to stop buying are “Expensive Gadgets.” I’ve encountered many people who can’t save because of this habit. Every time they save money, a new Gadget comes out, and they can’t help themselves. They’re addicted to having the latest tech, the new iPhone, the latest DSLR camera.
Indeed, many factors influence why you may want to buy more expensive gadgets because of the desire to keep up with your peers. It could also be the temporary high you get from purchasing a new Gadget. But if you think deeply, buying a gadget is not wise. Their value depreciates quickly, and you end up on a hedonic treadmill, trying to maintain a status quo that doesn’t matter.
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Your goals and cash flow should guide your purchasing desires. Remember that, while you may occasionally spend on things you want, as long as you’re consistently living within your means and saving every month, your future self will thank you.
#2 Don’t Go For Fast Fashion
The second thing on our list is “Fast Fashion.” Did you know that humans now consume 400% more clothing than they did 20 years ago? Does the average American produce 82 pounds of textile waste per year?
We buy extra clothes than ever, but we wear them much less. It is primarily due to the explosive growth of “Fast Fashion” over the last two decades.
What is Fast Fashion?
Fast Fashion brands produce large quantities of clothing throughout the year at a breakneck pace and at a fraction of the cost they once did. Consumers can quickly and affordably update their wardrobes. Most Fast Fashion brands release new clothing collections weekly and employ strategic marketing techniques to entice customers to buy into recent trends.
The key to intelligent spending is prioritizing what is important to you as a consumer—using alternative shopping sources with timeless classics built to last, such as secondhand shops or vintage clothing stores. You can allocate more funds to necessities such as education, savings, and bills.
Shopping secondhand does not always mean thrifting, though that is an option. Purchasing used goods at a reduced price makes you a wise consumer.
#3 Don’t Pay Full GYM Membership
The third thing on our list is “Paying for GYM Memberships. GYM memberships can be costly, so you must make the most of them. When looking into memberships, you can save money by evaluating your workout goals realistically and taking advantage of free trials. You can also maximize your savings by participating in various promotions and discounts.
Try to get the best deal possible by signing up at the end of the month and negotiating your membership. Be sure to read the contract carefully. But here’s a money-saving tip from my own experience.
Why not try walking with your dog or simply jogging around your neighborhood every morning? You will save money while enjoying the beauty of your surroundings! Also, doing “Yoga” bodyweight exercises and a YouTube video is a great, no-cost way to exercise.
#4 Don’t Take Too Many Subscriptions
The Fourth thing on our list is having “Too Many Subscriptions.” Subscriptions can blow up your monthly expenses. Recurring payments for mobile recharge, gym memberships, and streaming services are hidden costs that can sneak past even the most conscientious budgeters. With people spending more than $600 per year on digital subscriptions in 2019, you could save a lot of money by being careful with your subscriptions.
While auto-renewals are a great way to automate your savings goals, they are your worst enemy regarding subscription fees. Not having to click the pay button monthly makes it much easier to ignore or even forget the money leaking from your wallet.
Turning off auto-renewal is the best way to keep subscription costs in sight and top of mind. You can also set a calendar alarm or reminder to check your subscription a few days before it expires. When the reminder arrives, please navigate to the cancellation page, hover your mouse over the cancel button, and consider whether paying another month for this service is worth it. Repeat this process until you have the subscription.
With our lives already hectic, sorting through our subscription costs can feel like a huge chore. However, if you’re facing a financial challenge, such as rising Debt, cutting these costs may be what you need to retrieve on track.
#5 Don’t Enjoy Too Much With Your Friends
The Fifth thing on our list is “Going Out With Friends.” While true friends are worth your time, the quote-unquote “Friends” you may go out for drinks or dinner with are not those with whom you have a deep connection. Work acquaintances or “friends-of-friends” are on this list.
They are trying to keep up with their spending habits or feeling awkward saying “NO” when they suggest expensive activities, which could be a “BIG RED FLAG” that your acquaintance is materialistic. To achieve financial freedom and professional success, you should surround yourself with people who will motivate you to be your best self. And that includes being aware of unnecessary spending.
#6 Don’t Take Meals At Fancy Restaurants
The last thing you don’t need to buy is “Meals At Fancy Restaurants.” We all eat to survive, but many live to eat, particularly at overpriced restaurants. Don’t let being a “Foodie” keep you from maintaining your financial goals. There’s nothing better than a home-cooked meal. And while food tends to taste better when someone else is cooking, you end up paying for the convenience with higher costs.
Going out to eat saves you from that pile of dirty dishes, but it doesn’t save you any money — especially considering the rising costs in recent times.
I’m sure you’ve already spent thousands of dollars on most of the items I’ve mentioned. And that’s fine. Don’t punish yourself for making poor choices. That is in the past, and now it’s time to focus on the future. The point is to think hard about what is truly valuable to you.
- What is most important in your life?
- Who are the people that matter most?
- What are your financial goals?
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These are the questions worth pondering. And we’ve got a lot of content to become financially independent and wealthy with Investing & Money Saving Hacks. Don’t forget to check them out.