Unfortunately, bills are a simple fact of life. While you budget for these monthly expenses, you probably wouldn’t mind cutting back on a few of them. However, knowing what to spend on and where you can save is tricky. Fortunately, you may be able to scale back on some common expenses.
If you’re looking to cut expenses and save a little cash, look at your monthly bills. Are there things you’re paying for but don’t use? Think about things you’d like to purchase and need to purchase. Then, use this list to figure out where you can save. Here are 7 things you may be spending big bucks on—but don’t necessarily need to.
1. Gym memberships and fitness programs
If you have a gym membership but don’t use it, it might be time to call your gym and cancel. If fitness is still a goal, you may want to consider building a routine at home first. You can do simple exercises like stretching at home. You also don’t need special equipment for low-impact exercises like walking, either. If you really get into a routine and want something more, then consider picking up a gym membership again.
2. Name-brand products
Not all name-brand products are worth the extra cash. Store-brand products are often just as good!
3. The latest tech
This might be a no-brainer since seniors are generally less focused on keeping up with technology. Still, if your brain says “Buy!” when you see a new phone, take a moment to think about whether you really need it. If your phone is still working, hold off on replacing it until you need to. You’ll probably get a better deal this way anyway!
4. Trendy items
Looking to change up your wardrobe or home decor? Consider investing in pieces that will last you a long time. Fast fashion may be trendy, but it isn’t great for your wallet or the environment.
5. Pricey skincare
Unless you have sensitive skin, are prone to allergic reactions, or follow specific recommendations from a dermatologist, you probably don’t need to worry about dropping serious cash on basic products. You can get a great face wash, moisturizers, and sunscreens at just about any drugstore.
6. Luxury cars
It’s common sense that a luxury car means more expensive car payments. Generally, though, it means more expensive everything. Expect to pay more for gas, insurance, and routine maintenance. If you’re on the fence about a luxury car, maybe skip it for something a little more practical.
7. An extended warranty you don’t actually need
If you’ve shopped on Amazon, you’ve probably seen a warranty option pop up before. However, you don’t always need a warranty. Studies have found that most products won’t break within the warranty window, while other warranties don’t cover certain problems. This means buying an extended warranty can be a risk and a waste of money.
Want to save even more money on everyday items? Check out our roundup of this week’s best discounts!
Are there products you think ARE worth splurging for? What about products you refuse to splurge for? Let us know in the comments below!