What is a waste of money? I’ll go first – acrylic nails. My friends come every two to three weeks and spend between $70 and $100 on false nails. I don’t understand, but to each his own. However, here are the top 10 most voted money waster answers from an online poll.
1. Buying the latest phones
One person suggested, “It makes no sense to buy a new phone every year. Cell phones have the same basic features for hundreds or thousands of dollars more.
So my strategy is to buy insurance for my phone and one day I’ll bring it in for repair and it’ll be so old that I’ll have to upgrade it to a new one because they don’t make those parts anymore.”
2. Gambling for fun
“Gambling,” one replied. “Many people start gambling as soon as they reach adulthood, simply because they can. Casino is the same as throwing money in the trash.
The odds are not high enough to throw thousands of dollars for hours at the same slot machine or roulette tables. If you don’t win, you’ve just wasted thousands of dollars. Most people will throw it back on the table or in the car if they win because they are on a “winning streak”.
3. Expensive funeral
“Funeral. My father died a few years ago when I was still a student. I knew nothing about the cost of things and just focused on creating a fantastic service for my father. Now I am in debt for a huge amount of money, because my father did not have any insurance, ”one of them explained.
“I did not know. If only I could have a private meeting with people who I thought were worthy to be there. I wouldn’t be that deep financially right now. Plus, I wouldn’t have to put up with a big family pretending to be sad.”
4. Luxurious weddings
“Don’t marry beyond your means. Luxurious weddings are beautiful and memorable, but this “perfect dress” can lead to financial ruin,” one of them asked. “Do you need all those relatives that you are afraid to see to come? Do you need this expensive music band to have a good time with all your friends and family?”
5. Luxury cars
“Don’t buy a luxury car just because you have enough money. It takes a lot more to own a car than to buy one,” one of them explained.
“You have to think about insurance costs, which are much higher for luxury cars, the cost of parts if something breaks, and the cost of premium gasoline every time you fill up your tank. You can save thousands of dollars each month by buying a simpler machine.”
6. Name Brand Food
“Signature food is a scam. Most branded products from the store are just as nice and cheaper,” shared another. “For example, there’s no reason to spend $6 on a cookie your kids love, as opposed to the $1.50 you could spend on the same cookie at the store.”
7. Don’t buy a designer
One person said: “Designer clothes only make sense if they are well-tailored casual wear. Unfortunately, most designer bags and shoes will never see the light of day unless you’re going to a fashion event. In addition, most designer brands are not produced as well as their prices would suggest, which is money wasted over several months.”
8. Don’t Buy Poorly Made Items
“Don’t buy badly made things just because they’re cheap. You will most likely have to redeem them after some time. Instead, you could buy a higher quality version of what you need for less than the two worse versions,” admitted another.
9. Designer kids clothes
“Designer kidswear doesn’t make sense. It’s one thing to spend a little money on clothes that last a long time, but kids outgrow their clothes so quickly that it makes no sense to spend that much money on clothes that they’ll wear for months before they get too small.” one stated.
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10. Smoking
Finally someone suggested, “Stop smoking cigarettes and vaping. So many people I know who are not in the best financial condition and who smoke and vape are stressed out by rent and other bills, as are many people.
But once they run out of cigarettes or their vape dies, getting a new pack or vape becomes their number one priority. If you quit, you can afford your expenses.”
What do you think? Done Reddit get it right, or do you justify spending money on these things? This article is inspired by the Internet and does not necessarily represent the views or opinions of Wealthy Nickel.
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