If you are wondering why you are not able to save enough money regardless of how much you earn, then you might have fallen into the trap of consistently buying things you don’t need.
You might even argue that these are just small items that do not hurt your wallet, but mindless spending may actually surprise you once you realize how dramatically these expenses add up over time.
If you want to break free from this bad habit and hit your financial goal in 2024, here is a list of things you need to stop buying now without sacrificing your happiness!
1. Stop Going for Luxury Coffee
As a busy individual, I used to be guilty of getting my daily fix of “luxury” coffee to get me started at work.
It wasn’t until I realized that my $5 a day spending was costing me $25 a week and about $100 a month.
Thinking long-term, I eventually got myself a coffee maker and brewed my own coffee.
This way, I could still enjoy my daily dose of freshly brewed caffeine and cut my overall expense to just $1 a day — that’s around $80 worth of savings a month!
Pro Tip: Buying instant coffee mixes or coffee in bulk at your local grocery store is also an economical way to enjoy this staple beverage without breaking your budget!
2. Stop Buying Stuff With Your Credit Card
Why use money you don’t have and pay the surcharges associated with using your credit card instead of cash?
As you use your credit card to buy more stuff, remember that you also need to pay a 1% to 3% surcharge, which merchants use to cover the cost of processing your credit card transaction.
What’s even worse is that the popularity and convenience of online shopping, as well as the ease of paying through credit cards, make the temptation even harder to resist.
These purchases also mean more interest on your credit card bills once you are not able to pay completely by the end of your monthly billing cycle.
So stop using your credit card immediately and save it only for emergencies!
3. Cancel Unused or Seldom-Used Subscriptions
Answer this: For those of you who own magazine subscriptions, how many of these magazines do you actually read from end to end? And how much unique content can you see that can’t be viewed for free on the Internet?
Also, for those with Netflix, how many movies do you actually watch in a month? And for those with cable subscriptions, how many channels do you actually tune in to?
Try to analyze how you utilize your current subscriptions and if they are really worth it.
Sometimes, you may even have running subscriptions you don’t remember anymore and are on auto-debit arrangements on your credit cards.
As you revisit these unused or seldom-used subscriptions, you will be surprised at the hundreds of dollars you can save annually.
4. Revisit Memberships
One of the dangers of memberships is that once you go on with your daily routine, you sometimes forget that you still haven’t fully utilized your $50-a-month gym membership or visited that $50-a-year warehouse club you are a member of.
Assess if there is a more practical approach to getting what you want from these memberships rather than wasting money on tie-ups that you haven’t really fully benefited from.
No doubt that keeping fit is a financial priority for most since the cost of getting sick is one of the biggest budget hurdles one can encounter.
However, there are many ways to achieve this without a membership.
Try to look for free workout and fitness videos on YouTube. You can also run around the block or in your local park instead of paying for a gym’s treadmill. You can even get creative and use heavy items at home as lifts.
Further, when it comes to memberships in huge warehouse clubs, consider whether the cost of membership to buy simple supplies is worth it compared to getting stuff from your cheaper local market.
You might be swayed by marketing campaigns like huge discounts or buy one, take one promos.
But the reality is you are just encouraged to spend more on top of what you pay for your membership.
5. Control the Urge to Eat Out
As a basic need of humans, food is expected to be at the top of the expense list on anyone’s budget.
In fact, the U.S. Department of Agriculture (USDA) has indicated that in 2022, consumers spend an average of 11.3% of their disposable income on food.
This translates to about $86.80 weekly on a moderate food budget for middle-aged men and $73.20 weekly for middle-aged women.
Hence, our natural tendency to eat gives us a huge urge to try out delicious food from a lot of different restaurant options out there. This may be a great experience, but is very costly.
When you eat out, you just don’t pay for food; you also pay for the services of the chef and the staff, the location, and the utilities. Also, do not forget the tip of not less than 10%!
Pro Tip: When you shop for food, it is always best to come up with a meal plan for at least a week, list down the ingredients, and stick to it!
6. Stop Buying Cut-up Food Items
Though buying individual cuts of chicken or pre-cut fruits and vegetables might seem a convenient option, especially if you need to prepare meals fast, take note that these prepped items are usually priced at a premium.
The truth is that buying the whole chicken, fruit, or vegetable is always more economical, is usually fresher, and lasts longer.
In any case, it really doesn’t take too much time to chop a whole chicken into its different parts, cut an apple or melon into cubes, or separate the leaves of lettuce. Try this one now and save money in the process!
7. Do Away With Disposable Items
Why prefer single-use plastics and other disposables when you can save more in the long run with reusable items? At the same time, you can help reduce waste and save our environment.
Plastic products like water bottles, cups, utensils, sandwich bags, and grocery bags, and other disposables like paper plates, paper cups, tissue paper, straws, coffee filters, and styrofoam packaging may all seem very convenient to use indeed.
However, keep in mind that many of these are pollutants and are non-biodegradable.
Additionally, the accumulated use of these items can be very costly as compared to using these examples of reusable products from Etsy:
Reuse, reduce, recycle, and save!
8. Do Not Overstock on Supplies
Are you guilty of buying too much of a certain item or ingredient so that you can be sure not to run out of it, yet it ends up unused in your refrigerator or cupboard for a long time?
If you have the bad habit of hoarding unnecessarily, then it is time to check out how much money you may be wasting on goods you may never actually use, which end up in the garbage due to spoilage.
If you want to save more money, buy only enough for what you need for at least a week. This is most especially true for perishables like meat, fruits, and vegetables.
9. Avoid Buying Too Much Snacks
If you are fond of snacking while working or watching TV or have a habit of eating midnight snacks, then there is a good tendency for you to also be stashing on junk food and other packaged snacks.
I used to munch on different snacks myself at least 2 to 3 times a day, from Cheetos and Lay’s to Tim Tams and Oreos.
This costed me anywhere from $15 to $20 a day, and that translated to as much as $600 monthly.
As soon as I figured this out, I had to control myself and completely cut this habit. I switched to healthy snacking, munching on fruits instead, which is already part of my weekly grocery list. This saved me hundreds of dollars.
10. Resist the Urge to Buy In-App Purchases
Most individuals who play free versions of games on their phones would understand that to be able to finish a certain level or beat a boss, it takes a special weapon or power-up that can only be obtained through an online purchase.
This can get pretty addictive and very costly, and the more you purchase, the more successful you will be in playing your game — adding to the higher cost.
The same holds true for apps that encourage you to buy upgrades to obtain premium features that would make their use more effective or convenient.
However, many of these in-app purchases are merely for leisure, and those who want to save money can definitely do without them.
11. Cut Down on Luxury or Branded Purchases
Be it clothes, bags, cosmetics, tools, and even medicines, branded items are priced way more than regular or generic ones.
Unless your income can afford these luxuries, note that many of the regular and cheaper items work just as fine.
For drugs and items you apply on yourself, just ensure that they are approved by the United States Food & Drug Administration (U.S. FDA). This guarantees that the product is safe for your consumption.
Pro Tip: A good trick to determine whether you can afford a particular item is to multiply its price by five.
If you won’t stress out buying the item and it won’t make a dent in your wallet even at this heightened price tag, then that means you can afford it. Otherwise, you better keep your money in your pocket.
12. Stop Impulse Purchases or Buying Out of Emotions
Have you experienced being under a lot of stress or being very sad, and purchasing items online or going to the mall became your therapy to get your happy hormones back?
This may work quite well at the start, but as soon as you return to your senses, you might be surprised by how much money you wasted on items you don’t really need.
These expenses can even add more to your stress and the possibility of the spending cycle repeating.
Hence, you may consider resorting to other forms of stress-relieving activities, and save your money in the process.
Pro Tip: Asking family members or friends to watch out for you and remind you to curb your spending habits when you are in an emotional state is a great way to keep your savings intact.
13. Stop Upgrading to New Technology Everytime
Unless you need to use every feature of a newly released phone, laptop, or tablet for work, school, or any other important reason, avoid the temptation to buy one just because everyone is talking about it.
Check out the average prices of smartphones from 2022 and their projected costs until 2027, based on data by Broadband Search:
| Year | Average Price (USD) |
| 2022 | $724 |
| 2023 | $823 |
| 2024 | $940 |
| 2025 | $1078 |
| 2026 | $1240 |
| 2027 | $1430 |
This data shows that every year, the average cost of smartphones increases by about $141, yet their value diminishes over time.
Remember that the features of devices are not just meant to last for a year. Sure, technology is fast-paced, and developers will come up with new and better versions of your phones that are intended to excite you.
However, if you are serious about saving money, resist the urge to upgrade while you can still effectively use your phone’s current features.
This can help you save not just hundreds but thousands of dollars annually.
14. Avoid Cheap, Non-durable Items
Sometimes, cheaper is not necessarily better. Some people might choose fast fashion or skimp on other household items that they regularly use.
However, take note that with regular wear and tear, the durability of materials dictates how long they will last.
If you choose items made of flimsy materials, you may have to keep buying them repeatedly, resulting in additional expenses.
This may save you money at the start, but it is more expensive in the long run.
15. Stop Purchases Without Utilizing Money-Saving Apps
Many of you overlook the benefits that come with apps that offer discounts, reducing the costs of your purchases.
To save money, it is time to familiarize yourself with some of them:
- Fetch: Tagged as one of the best and easiest apps for converting purchases into points and redeeming them for gift cards, Fetch supports hundreds of brands. You can then use these gift cards at your preferred store, saving you money in the process.
- Upside: Upside is a cash-back app that you can use when you purchase gas or buy at participating restaurants and groceries. You can view the amount of cash-back you can earn through their app, which you can redeem directly to your bank or Paypal account or through a gift card.
- Rakuten: With its wide base of over 3,500 participating stores, Rakuten is one of the most convenient ash-back apps. To date, they claim to have already redeemed over $3.2 billion in cash-back, which they pay via check or Paypal.
- Dosh: Unlike other cash-back apps, Dosh offers automatic cash back by linking your credit or debit card to the app. The cash-back is earned as you swipe your card in participating stores, restaurants, and even hotels.
- Ibotta: As you use the Ibotta app for groceries and everyday purchases, you earn cash-backs by uploading a photo of your receipt in the app or by buying the items in-store with your linked loyalty card. Once your cash-back reaches $20, you can transfer your rewards to your PayPal account or avail of gift cards.
If you utilize these apps consistently, you will be surprised with how much you can save through cash-backs and rewards, especially on an annual basis.
I hope this list of things not to buy becomes your ticket to a full wallet in 2024 and beyond.
If you have other ideas on items that need to be cut from your spending to save more money or have any questions about any of the tips in this article, feel free to share them in the comments below!
