It’s almost 2024! With the dawn of the new year comes resolutions (that let’s face it – only last about 3 weeks. If that.) This year, why not take the first steps towards financial stability and freedom by taking a look at your expenses and cut the ones that are draining your wallet and bank account of your hard-earned money. Let’s explore 5 money wasting expenses that you can cut this year!
Expensive Children’s Clothing
News flash! Kids grow quickly. There is no need to spend lavishly on children’s clothing, and if you do you are simply throwing money away. The clothes themselves hold very little value. Instead try buying hand me downs, shopping at thrift stores, or consider shopping at less expensive stores.
Pricey Hotels
There is something to be said about traveling in style when you can afford it. And you should treat yourself if you have the opportunity. But if you do, shop around so you do not pay full price. And you might want to opt for a slightly less expensive choice. If you have credit cards, and there are rewards tied to them, consider using them to your advantage and cashing them in towards the cost of the room.
Buying Items New
There is no shame in buying used items! Refurbished electronics are popular, as are several other household items. Try to peruse Facebook Marketplace, estate sales, or even places like Ebay, Craigslist or refurbished Amazon deals. Most people save the most with the first two options. It’s important to balance the quality of the item (along with the condition of the goods) with the price. Plus, there is the personal satisfaction of repurposing items that others may not want. With a little creativity you might also be able to put your own stamp on an item someone didn’t want. (And what a conversation piece it would make!)
Expensive Jewelry
There is a fine line between quality, practicality and being too flashy. Wearing expensive or outlandish jewelry shines a spotlight on you and will probably just make you look silly. And chances are you spent way too much doing so. As you get older, staying a little under the radar and being more conservative is a better bet, and also helps you avoid being a target for thieves.
Books
I’m probably going to get reamed for this one but used books (even ones purchased online) are just as good as the originals, and often are between 20 and 50% cheaper than their newer counterparts. Your best bet is to look at a local used bookstore, as they often have better prices than online retailers like Amazon. And if you are open to trying new books, you can often find rare or hidden books and other gems. Plus, you can also trade in or barter with a lot of these stores and sell back some of the books you might have laying around your house or apartment. It’s a win-win!