It is ridiculous how easy it is to splurge money. There are many items out there to spend money on, so we tend to get overwhelmed by the sheer number of options and tend to buy things that are not really necessary.
Under a difficult financial situation, it is vital to have proper budgeting on purchases. Yet, many of us give in to the temptation of buying things we don’t need, even when it’s pretty easy to keep away from these unnecessary expenses.
Unnecessary expenses aren’t just about big purchases like a new car, but also common daily purchases. Unknowingly, you must be spending money on the most common expenses that you often overlook. Although they don’t seem to cost a lot, they can greatly affect day-to-day expenses, long-term budgets, and even future financial situations.
There’s no need to worry though. These additional expenses can be cut down or completely eliminated. Browse through the list and recognize the things you waste your money on.
Single-Use Kitchen Appliances
If you look through your kitchen, you will find cabinet-monopolizing single-use appliances. Accumulating these items isn’t hard because of the enticing home-good stores’ catalog that seems to make you live more conveniently and save time.
For instance, the market says a potato peeler would make it easier for you to skin potatoes. While it might seem a good buy, peeling potatoes using a peeler isn’t much different when using a knife.
Rather than purchasing items that have limited use, look for items that have multiple purposes. But you could make single-use kitchen equipment exceptions if you are planning to use them quite a lot.
If you are not a baker, it doesn’t make sense to buy a standing mixer, especially when you barely have time allotted for baking. On the other hand, if you are a baker, buying a high-quality standing mixer can be a good investment.
Expensive Personal Care Products
Splurging quite a lot of money on personal care products is one mistake most people make. If you would come to think of it, it is really necessary to have several lotions of different brands? Is it really important to fill your drawer with hair products and ointments you rarely use?
You may think you are a savvy consumer for buying products that you think will benefit you, you’re actually wasting money buying these chemical-filled products. While most personal care products claim to fix wrinkles or brighten skin, putting chemicals on the face is undeniably alarming. They could leave long-term effects.
Look for products with fewer ingredients, stick to the routine that suits you best, and adhere to affordable options. Don’t buy personal care products on a whim, and just because people on the internet tell you so.
Extended Warranties
Several electronic companies make a hefty amount of money through extended warranty contracts. It just doesn’t make sense to spend more than $30 for a smartphone that only costs $150. Warranties are only critical to big-time purchases like healthcare policy, cars, and items you can’t afford to replace.
Pricey Coffees
Often, we see people complaining about not having enough money, but going to overpriced coffee shops like Starbucks. Even though coffee shops of such likes offer a good ambiance and aesthetics, you will be losing hundreds of dollars every year if you grab a coffee from them every day.
If you really love coffee and can’t miss a day without it, investing in a decent coffee maker could be a good idea. You could save a big amount of money over time. If you think doing coffee on your own is time-consuming and too much work, there are coffee makers that schedule brewing, you can program them to start even before you wake up so you can just literally grab your coffee.
Unnecessary Recreation Services
Paying for cable, internet, and phone service bills is a waste, especially when are many alternatives. Cable TVs are costly because of equipment like digital video recorders, digital video recorder services, remote control. Aside from that, subscribers are also required to pay higher to enjoy the quality of the videos. However, there are now streaming services that people can buy for a much lower price compared to cable services.
When it comes to internet subscriptions, selecting the most expensive one isn’t needed when you are not working from home nor use the internet frequently. Lower down your internet cost by subscribing to the cheapest bundle out there. The same goes for phone services.
Household Repairs and Odd Jobs
Household repairs are imperative but can be an expensive endeavor. To prevent overspending money on odd jobs and household repairs, identify if you can do the fixing yourself, or if it needs professional care.
If the job is simple, and you think you can do it yourself, you can watch a step-by-step guide on Google or YouTube. If it calls for the help of a professional, you can spare some pennies by sourcing the needed materials by yourself.
Pre-Sliced or Individually Packed Anything
Through pre-cut meat or cheese sounds a good deal because they require less effort, buying them whole and cutting them off yourself will save you more bucks. Grocery stores offer packed or pre-sliced items because they are aware that people are lazy enough to go for that alternative regardless of, the extra money they need to pay for it.
Scan grocery items. Compare prices of pre-sliced and pre-pack items compared to their price when bought whole, you will notice that they are more expensive.
In-Game Purchases
Resisting the temptation of in-game purchases is a dilemma, especially on addictive games in today’s era. Sometimes we think, “it’s okay, it’s just a few dollars” but these few dollars could add up into big bucks, which you could end up regretting later.
Keep away from upgrades and buying game items. Remember, they have no value in reality, and will just weigh down your finances. To avoid falling prey to this enticing trap, disconnect your credit card. Enjoy game versions, and items you can have for free.
Buying Brand Name Products
We often go for a certain brand because we believe in the quality they offer. Yet, in reality, there are actually several options that offer the same quality at a lower price. Consumers can save by purchasing generic brands, may it be for over-the-counter medicine to food and skincare products.
Buying Snacks
All sodas and cookies you pick up while filling up your tank at a gas station can make hundreds of dollars when added up. Track all your snack purchases and make a budget accordingly. You can also consider carrying snacks and drinks from your house to refrain from unbudgeted purchases.
Bottled Water
Buying bottled water might be a convenient choice, but it can actually be harmful to your finances, health, and environment. Companies use plastic bottles that leak toxic chemicals into the environment, bottles of water that leach into the environment also causes health issues like cancer and reproductive problems.
Rather than spending more money to add pollution to the world, try considering purchasing a filtering system to enjoy safe and filtered water. Also, purchase reusable bottles that can be used on your way out. Turn to water bottles only when you have no choice to do so.
Bank Fees
It’s safe to say that banks are gentle robbers. It’s barely noticeable that they take some pennies from you by using your money to gain interest. They often give overdraft charges, credit card annual fees, account service charges, and more.
The best way not to waste money on regular checking account fees is by going to cheaper banks like credit unions and online banks.
