In a country that embraces consumerism, it’s easy to get caught up in the next overly hyped or trending product that everyone is talking about. What seems like a few small expenses can quickly snowball into a massive bill that drains us financially.
Imagine what you could achieve if you redirected that wasted money. Imagine! Maybe you could go on an exotic vacation, enjoy a debt-free life, or even save a hefty emergency fund. Sometimes, all it takes is cutting some unnecessary items from your budget, and it might be the game-changer you’ve been looking for.
If your money disappears the moment it hits your account, then this article is for you. As a frugal person, I cannot justify a lot of frivolous purchases. Here are 13 things you might be spending a whole lot of money on—and maybe aren’t worth it.
Smart Robotic Vaccums
Robot vacuum cleaners today can cost as much as $1,500. Aren’t there light cordless vacuums for less than one-tenth of the price? Some people will tell you robotic vacuums are worth it, and maybe they are right if you despise the chore.
Kim Gilmour, CHOICE household expert, says after years of testing: “Robot vacuums are generally expensive, and our tests show they still have a number of issues and limitations, so it’s vital to do your research.”
Single Use Water Bottles
Do you ever leave your home on a journey somewhere and think, darn, I should have brought my water bottle!
Buying single-use water bottles is not only terrible for the environment, but they also cost a pretty penny if you need to buy them regularly. Other research shows that they are full of microplastics, including the screw cap on top, which might be harmful to human health.
The Latest iPhone
If you want to buy the latest iPhone 16 Pro, you will have to fork out a large chunk of your paycheck to get it. The Apple Store even has the audacity to price it at $999 because it feels like it’s cheaper than the four-figure range. Human psychology is crazy, right?
Resist the temptation of always buying the newest model. If you go for the iPhone 15, for instance, you are paying $699. Not great, but at least it saves you $300. You could also opt for a refurbished model if you are happy with the condition.
Expensive Headphones
There are tons of headphones, and the price range is crazy. Take Apple Airpods Max Headphones, for instance — sorry, it’s so easy to pick on Apple — which cost $550 at Target. Now, I know they have great noise cancelation features, but you could find cheaper options out there.
If you don’t wear your headphones that often and just want a decent pair without all the bells and whistles, you can find popular options on Amazon for as little as $20.
Lottery Tickets
Because it’s so embedded in the culture, people don’t even think of lottery tickets as a form of gambling, but they are. And it’s addictive, too!
If you buy lottery tickets, know that your chances of being mauled by a bear are probably higher than winning. On the other hand, cryptocurrency has created quite a few millionaires. If you want to risk your money, there might be better places to try.
Of course, I’m not a financial advisor, so it’s always best to seek professional advice before making any financial decisions or taking risks with your money.
If you are new to investing, Ryan McPherson, a certified financial planner, shares his recommendations with CNBC: “Investing a few dollars in crypto or the latest stocks is fine, but draw the line there. Novice investors need to first learn how investing and the markets work.”
Warranties on Certain Items
Warranties might not always be worth the money. Here’s why. While warranties can bring peace of mind, Business Money notes that many products already come with a standard manufacturer warranty.
Additional warranties might be a good idea if you have an expensive appliance that carries very costly repairs. Just be sure to read the warranty fine print, as some have limited coverage.
Buying New Cars
New expensive cars are an easy way for your bank account to take a nose dive. Dave Ramsey seems to agree.
“Buying a used car is always the better choice financially,” claims Ramsey’s site, Ramsey Solutions. “Why? Because, one, used cars are less expensive overall and, two, they don’t drop as fast in value as new cars do.”
Purebred Dogs
Let’s cut to the tail chase: purebred dogs are costly and can drain our wallets of money we don’t have to spare. Some breeds cost between $2,000 and $3,000 upfront. They may also have a greater risk of developing hereditary disorders, which could require medical intervention.
We all want our dogs to live a long and happy life, right? A study of more than two million dogs found that mixed-breed dogs lived significantly longer than purebred.
Getting Your Nails Done
Having your nails done can make everything feel a little better. We feel like we are taking care of ourselves and can’t wait to show others our new pop of color. While getting your nails done might certainly feel worth it for you, for others, it might feel like their money could be best allocated elsewhere.
Jaclyn Shimmel shares with GoBankingRates that she now saves $1,000 per year by picking up some salon-quality polishes and nail tools and DIYing them.
Cable TV
Cordcutting.com believes that cable and satellite TV customers are pouring money down the drain. Out of around 190 channels, Americans only watch an average of 15 channels regularly, according to their 2022 data.
“Consumers can subscribe to all of the major streaming platforms for less than half the average cable/satellite bill and even have some money left over for a digital antenna or live online TV service,” the study concludes.
Fast Food
We all notice the massive increases in fast food prices over the last decade. What gives?
According to the Foundation for Economic Education (FEE), there are multiple factors contributing to this, not just inflation. Despite the prices, fast food restaurants are still packed with customers — in other words, the demand for fast food remains high. And if you know the basics of economics, when demand is high and supply is low, prices increase.
Food Delivery
Following from the point on fast food, the convenience of delivery is a high price to pay. Due to the high gas prices, delivery prices have gone up and can sometimes cost double the price of a small order.
Considering that you should be tipping your driver at least $5, according to etiquette experts, it might make more sense to pass on the offer if you are trying to save money.
Waxing
Studies reveal that women spend up to £23,000 ($29,200) during their lifetimes waxing unwanted hair. Using a razor comes at a lighter expense — those who turn to shavers will spend around £6,500 ($8,200).
Of course, there are many alternative treatments for hair removal these days, such as laser hair removal and electrolysis. With a bit of research and thought, we could probably save money on our fortnightly hair removal sessions.
