Are you guilty of wasting money on frivolous expenses? For example, I wasted money daily on overpriced coffee when I worked outside the home. After tipping, those things can become a $10-a-day habit quickly. Recently a Redditor asked, “What is a huge waste of money?” Here are the top-voted responses.
“The next generation of phones/tablets/etc. every time one comes out. We are well past generational step changes and well into incremental progress. So you can hold off on the newest generation; you're not missing much,” one user shared. Many agree that upgrading your phone yearly is a massive waste of money.
“Weddings. There is zero point in spending money on one day for tradition or because Auntie Margaret is pressuring you. Instead, spend your money on the things that matter to you and will be memorable. Nobody will remember your napkins and centerpieces,” one user said.
“Wedding rings in particular. The worst possible start to a relationship – throwing away thousands of dollars on a trinket with no resale value instead of saving it for a house downpayment or something,” added another.
“Gambling. Most of the time, people lose, which has ramifications for others in your life,” stated one user. It's an addiction. The dream of free money. Like the thrill of winning.”
While some people suggested Poker was the only exception, another responded, “All the games are made so that the player is more likely to lose, and guess what, odds after some time become a reality. It doesn't matter if you won five games in a row. You are doomed by statistics to lose.” Eventually, you give back what you won and more if you keep going.
One user shared, “Cigarettes kill you, yet I cannot stop.” Another person agreed, “That's right. Anything that's addictive.” “I was able to stop smoking using nicotine gum. But ten years later, I'm still addicted to it.” “How is smoking not the top comment? People stay poor because of this insanely expensive and disgusting habit,” a third person commented.
6. Designer Clothing
“Designer clothing. Dumb, overpriced people buy it to flex and let others know how bad they are with their money,” stated one user. “Also, folks are paying designers to wear and advertise the designer's name. I never understood that” added another.
5. Giving Money to Influencers
Someone nominated, “Giving money to influencers. Many people seem to fall into the trap of thinking influencers are their friends or will notice them. They buy them coffee or “donate” to things they can afford. It's sad.”
However, another argued, “Eh, I subscribe to Twitch streamers. They provide me with entertainment, and I have money to support them. So it's not a waste at all. But if you spend money because you think they will like you or become your friend/lover, that is another thing.”
4. Buying Fake Money in Apps
“Buying fake money with real money in apps,” shared one person. “This stuff has to be aimed at middle schoolers,” another insisted. However, many disagreed and added, “I look at it as turning your money imaginary to buy imaginary things.” “Tell that to bitcoin people,” a final person commented.
One user argued, “They were cool before they became a Ponzi scheme.” Another disagreed, “NFTs was never cool. They were always a Ponzi scheme. This dude is trying to convince himself he didn't waste $5000.”
2. New Cars
One person voted, “New cars every few years.” “I drove my last car for a decade. I just bought a new (new to me) one last year. I miss not having a car payment,” another admitted. Finally, a third commenter expressed, “New cars, period. Buy a two or a three-year-old used car and save huge amounts of money.”
“Collecting stuff that you're never going to use,” one user shared. Another agreed, “Yeah, what's with buying a toy for a large amount of money and keeping it on a shelf in its box without even using it?”
A third commenter added, “Buying things with the singular purpose of reselling them later to people who will only buy them because they think they can resell them later. Eventually, they reach an endpoint where people realize they have no value, and the whole thing collapses.”
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This article was produced and syndicated by Wealth of Geeks.