- Some items we’re used to buying every day can actually be a huge waste of money.
- Store-bought greeting cards, physical books, cable TV, and premium gasoline are just a few examples.
- Bigger purchases, such as a boat or a time-share, often aren’t worth the cost either.
Waste not, want not.
We make so many purchases that we don’t always realise what we are buying. If we take a step back and think about all of our additional costs, we could cut a few out of our lives.
These 18 products can often be a huge waste of money.
Many lottery players purchase tickets each day with the hope of striking big, but games of chance are preventing you from having more money, not less. You are expected to lose money if you play the lottery and there is no guarantee you will even keep winnings.
In New York City, someone who smokes one pack of cigarettes a day burns up over $US5,000 a year. Smoking can also be a huge cost to your health – medical bills can rack up from the dirty habit even tobacco companies are quitting.
As Americans became more health conscious and started drinking less soda, beverage companies needed a new plan. It worked as Americans now drink more bottled water than soda, even though it costs $US1.22 per gallon for a commodity that can be accessed for next to nothing.
Brand name drugs
For most products that are exactly the same, customers would usually choose the cheaper option. This does not hold true for brand name drugs, which consistently outpace sales of their generic counterparts despite having the same ingredients and effects. Save yourself some money and buy the generic ibuprofen instead of Advil.
Movie theatre concessions
Movie theatres don’t make profits from film tickets, but instead through food sales. The over-inflated popcorn and pricey candy is a rip off considering you can buy the same products at the supermarket for much cheaper and many theatres don’t care if you bring in your own snacks (as long as you clean up after yourself).
Before Starbucks and Dunkin’ Doughnuts were on every street corner,people brewed their own coffee at home. This is still somewhat popular – especially with coffee pods – but coffee shops have taken a lot of the business. With expensive price tags and long waits, it’s a wonder why everyone isn’t turning to homebrew.
A library is the best way to save money on an expensive hobby. Libraries are free and come with millions of books, DVDs, and other materials for you to borrow.
Timeshares sound too good to be true. They offer low prices for a vacation home that you can use whenever you want. But they can trap you with ever-increasing fees and low resale value, making timeshares an almost guaranteed loss.
One sign of wealth is cruising on a personal yacht, but that may be a better indicator of wasted wealth. Boats are expensive on their own, but as Saltwater Sportsman says, prices for storage, gas, maintenance, and electronic navigation drive up the initial cost.
CDs and DVDs
CDs and DVDs are becoming obsolete, but many people still shell out cash for hard copies of albums and movies. Like books, CDs and DVDs can be rented at libraries, but most people now stream entertainment on apps like Spotify and Netflix for a monthly rate that costs less than a single disc.
Like music and movies, television is moving from more traditional modes to online streaming. Since cable packages make you pay for more than you want, a pick-and-pay model may wind up costing you less. Streaming has the added bonus of no commercials and watching on your own schedule.
Make your own – it’s more meaningful if you gift a personalised card and you’ll save the $US5.
Gift cards aren’t as popular a present as you may think. Almost one in three gift cards never get used at all, CBS reported in 2014, citing Consumer Reports. And those who do use them tend to spend 20% more than the value of the card, according to Investopedia. Cut your losses and buy something more thoughtful next time.
Gym memberships can be expensive, so if you’re not a frequent visitor, you’re just wasting money. Thankfully, there are ways to be healthy and exercise outside of a gym.
The newest gadget
Whenever a new gadget hits market, the older version takes a plunge in price. The old and new version will probably be very similar and the most recent model may have kinks to work out. Save a lot of money by going with a slightly older product that has nearly identical capabilities.
Those free games you play on your smartphone have to get money from somewhere. It turns out these games are highly addictive and designed with psychological tricks so you will spend the most money to get to the next level.
Online retailers can make a lot of money charging customers enormous fees for quick shipping. But while the standard option may take a bit longer, the savings is worth it.
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