There are people who have a knack for living their best lives frugally and then there are those who spend so extravagantly that they end up being broke. If you can relate more to the latter, know that you can still transform your financial situation by spending your money smartly and saving more. As the old British adage goes, “If you look after the pennies, the pounds will look after themselves.”
We have compiled a list of things you should stop spending your money on. We are not suggesting that you not enjoy your life, but to try some of these ways that can stop you from burning a hole in your pocket.
If you love to dine out, you might want to reconsider your choices. If you’ve noticed, most of the dishes in a restaurant are priced exorbitantly high during dinner time. So, if you already have a meal ready at home or you can cook something yourself, you shouldn’t waste money eating out unless it’s an emergency or special occasion.
Subscribing to streaming services
The premium subscriptions of streaming services like Spotify, YouTube, etc. get rid of ads to give you a seamless experience. You can probably tolerate streaming the media with ads, it’s really no biggie. Surely, these streaming services need revenue to operate, but it’s not worth spending your money on that.
Buying lottery tickets
Buying lotto tickets is a huge drain of money. Sometimes it sounds reasonable to buy one because you never know if you might end up winning the jackpot. But since the odds of doing so are very poor, you’d be better off not wasting your hard-earned money on a piece of paper.
Splurging heavily on vacations
We don’t want to burst your bubble but you can still explore the world without burning a hole in your pocket. First of all, never book the first hotel you find. Instead, seek out ones that have better deals. Also, make the most of the travel-related rewards and points you’ve earned, visit less popular vacation spots, stay in an Airbnb or a backpacking hostel, and more.
Never missing any sales, offers, etc.
The point is not to shop on items on sale —it’s about buying things only if you really, really need them at an affordable price. Many people rush in to buy products because they’re 50% off just to realize later that they wasted money because they didn’t really even need the products at all.
Buying things impulsively
There are people who love spending money extravagantly on things they don’t even need or want. Businesses tend to use many tactics to compel you to buy things that you don’t really want in the first place. Studies claim that these purchases are guilty pleasures for impulsive shoppers. People need to understand that such pleasures are temporary and waste your precious bucks.
Using disposable items
It makes no sense to purchase these when you’re just going to throw them away and then buy them again. Instead, you should buy things that you can reuse and that will last for years and years. Disposable items are perfect for certain events but ceramic dishes are a better alternative for daily use.
This is where people tend to spend a fortune when they really don’t need to. For instance, as soon as a new iPhone is launched, people rush to buy the latest one immediately, even if their current device is running just fine. If this is the case, consider how you can save some money by skipping the upgrade altogether.
Which of these items would you stop spending money on? Do you know any other ways of living your best life frugally? Let us know in the comments below.
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