Kelly Robertson
All of us are buying stuff we need and don’t need. Some of them are so convenient that we can’t imagine living without them. But is it really that way?
Even if it is, there are still room for savings, and that’s one of the key points of Wallet Weekly — to help you cut corners so you can achieve the financial freedom. To that end, we have prepared the list of…
12 things Americans are wasting their money on
1. Razors
Luckily today we now have subscription services that help us keep the razor cost under control. There’s the budget friendly Dollar Shave Club and more premium Bevel. You won’t miss with any of those two, but if you’re really tight on budget, you may just want to dry your razor on a towel after use. This could extend its life for more than a month. Or even more, we’re hearing. Nevertheless, we like the convenience of Dollar Shave Club. Which also happens to be affordable (we think).
2. Tanning
This is one of those activities you can perfectly live without. It’s not only expensive but also harmful. CDC has been warning citizens for years now, but to no avail. Let me repeat what they say — UV exposure from the sun and from indoor tanning is classified as a human carcinogen (causes cancer in humans) by the International Agency for Research on Cancer (part of the World Health Organization) and by the U.S. Department of Health and Human Services.
3. Pay TV
According to figures from September 2016, the average U.S. household pays more than $100 a month for TV service. Those $1,200 per year are spent despite the abundance of freely available video content online and availability of services like SlingTV and Hulu. For what it matters, you can subscribe to both of those services (they are a bit different) for less than $30 a month. You only need internet connection.
4. Magazines
For some reason, some people still buy paper magazines. Many of the most popular magazines are available online for free, or even if there’s a paywall, chances are you will find a similar content on some other site (again for free). Cancel all your magazine subscriptions today. I did it a year ago and never looked back.
5. Paper towels
Speaking of paper, I’m guilty as charged for paper towel overuse. They are super convenient, and I’m not sure I’m willing to replace them with old t-shirts, which I also use but for different purposes. Paper towels are always in my kitchen and in the bathroom. I save by buying them in bulk at warehouse clubs like Costco and Sam’s Club. No, I can’t live without them. đŸ˜‰
6. Bottled water
In 2016, bottled water consumption in the United States reached 39.3 gallons per capita. The good news is that we are consuming less carbonated soft drinks, which slipped to 38.5 gallons per capita. But, it is important to mention that bottled water costs as much as 2,000 times more than its “tap equivalent.” And tap water in most U.S. cities is just fine for daily consumption. So why we’re spending so much on bottled water is anyone’s guess. If you want to keep doing it, at least buy it at warehouse clubs. You’ll save a ton.
7. Brand name clothes
Major clothing companies have spent years building their brands. They want us to associate their company with quality, and there’s nothing wrong about it. The problem is that our closets are full of stuff we wear just a few times a year. If you do want to get a brand-name stuff, check out discount retailers like T.J. Maxx, Marshalls and Ross before hitting the department store. Or visit online marketplaces where people sell and buy their clothes.
8. Dog clothing
Overall, Americans spend $60 billion a year on their pets, a part of which went to dog clothing. Dogs have their trousers, pullovers as well as Halloween costumes, some of which could easily cost $50. And do pets love getting dressed? I don’t think so.
9. Weddings
It is estimated that an average cost of a wedding in the U.S. is around $26,000, which is a rather impressive sum. And it doesn’t have to be that “impressive,” if you know what I mean. You can cut the costs by narrowing the guest list, opting for a more affordable location, borrowing stuff like jewelry and accessories from friends, get a DJ instead of a band, and negotiate all of the costs involved.
10. New cars
You have probably heard that the new car loses a significant part of its value the second it was driven off a dealer’s lot. Nevertheless, we keep buying new cars like it’s nobody’s business. If you want to save and still own a great vehicle, get a car that’s two or three years old. Chances are it is as good as new — you can easily learn how to check the condition of a used car.
11. Starbucks
I feel guilty about this one. But when you/we put it in perspective, you’ll see that your coffee enjoyment easily costs $500 a year. Would you pay that money upfront? I know I wouldn’t, but I keep sipping my latte at a local Starbucks. One of my New Year’s resolutions was to cut spending on coffee, and so far I can’t say I was successful. I’m trying, though.
12. Gambling
A few people have anything good to say about gambling, yet about 85% of U.S. adults have gambled at least once in their lives and 60% within the past year, according to the National Council on Problem Gambling. So why we’re doing it? It’s one of those things that are classified as “human nature” — we know the odds are against us, but we’re hoping to win. It seldom works.
Your turn…
We’ve picked up items for this list from all around the internet, but we have most certainly missed something. What else would you add to the list? Help us cut our and our readers’ costs by adding your two cents in the comments form below. Thanks.
