If you are looking to tighten up your budget, save money or pay down debts, you will be pleased to know that there are a number of things you are probably spending money on now that you really don’t need to, and by stopping buying them, you can immediately improve your financial situation.
Sound good? Here are 5 things you absolutely do not need to spend money on ever again…
1. New clothing
Okay, so you can’t wear the same clothes you own now for the rest of your life (well in some cases, high-quality clothing will last a lifetime providing you can still fit into them, but not most) but that doesn’t mean that you have to spend a fortune on brand new clothes fresh from the store either. There are so many high-quality clothing items to be found in vintage shops, thrift stores, and even on selling sites like eBay that you need never pay the full price for any item of clothing (well maybe underwear) ever again if you don’t want to, and as an added benefit, you’ll be able to create a way more unique style too.
2. New cars
New cars may look shiny and have that amazing new car smell, but the fact is, as soon as you drive them off the lot, they will start to depreciate by as much as 15-35 percent in the first year of ownership, and after you’ve had them for 3 years, they will be worth half of what you paid for them! If you’re looking to save money, this is senseless, especially when there are so many great used cars to choose from that have already done the bulk of their depreciating. Buying a new car rarely makes sense!
3. Bottled water
Some people think it tastes nicer, but it is far more expensive than water right out of the faucet, and it is also really bad for the environment. If your water doesn’t taste the best, investing in a simple water filter and a good water bottle will be much cheaper in the long term, and if you’re a regular bottled water drinker, you will be surprised at just how much this simple switch can save.
4. The latest gadgets
Yes, it’s nice to have that shiny new iPhone or the latest Playstation, but if the one you already have is working perfectly fine, why change it? Not only that, but if you wait a little while, you will usually be able to pick up a refurbished version for much less than the sticker price of the brand new item just after launch. It’s all about changing your mindset to be grateful for what you already have. Sure, you can upgrade, but do so when it’s necessary, not just because it’s launch day and you’re excited.
Cable is expensive and often filled with annoying commercials, why spend the money when you can get online services like Netflix for a fraction of the cost and save the difference towards your future? You know it doesn’t make sense to keep it, so cut the cord.
By cutting out the non-esssential spends, you will have more money to pay down debts, save towards the future, and have fun, so what are you waiting for?