Contrary to what the famous adage tells you, being penny-wise can give you the freedom to splurge occasionally! A popular query on Q&A platforms like Reddit and Quora is – ‘What are the most wasteful purchases that people make.’ Taking cues from the dozens of responses, we have curated a list of things that you shouldn’t ideally spend on.
- The Latest Smartphone
Hadrian/Shutterstock: You don’t need to splurge on the latest smartphones often
There is no harm in updating your phone from time to time, but spending hundreds of dollars once in eight months is a big no. Buy the latest smartphone only if it has considerably advanced features that are crucial for your work or lifestyle.
- Lunching at Workplace
Rawpixel.com/Shutterstock: Prefer homemade meals
A lunch that you cook at home is up to 10 times cheaper than the one at your work cafeteria. Brown bagging is one of the best ways to avoid spending an extra $8-15 on your daily meal. Not knowing how to cook can only be deemed as an excuse in the era of the internet!
- Credit Cards
Stokkete/Shutterstock: Use your credit cards wisely
Those credit cards undoubtedly come with a cost. It is essential to be wary of all the charges associated with owning a card and the interest rates triggered by overdue payments.
- Futile Subscriptions
Yes! It includes your membership for the gym that you have stopped visiting. With online portals managing to tap into our prefrontal cortex, we often end up subscribing to unnecessary things. It is even worse if you are paying for a premium Netflix subscription without utilizing all four screens!
- Single-unit Items
It is no secret that buying supplies in bulk can save you money, and yet our lack of planning gets the better of us. A few eggs or a can of soda is going to be costlier than when you buy in crates or cartons. Stop making those quick runs to the grocery store and do all your shopping at one go to make the most of discounted prices.
- Late Fees
We have all defaulted on a bill payment or two, but it could hurt your financial health and credit scores if it becomes a regular occurrence. Keep a tab on due dates and ensure that you are in control of the expenditures.
Whether you are a spendthrift or serial budgeteer, there is always room to cut down on your expenses. After all, the money saved could be a great addition to your rainy-day fund or meet financial goals.
