9 things you should NEVER spend money on

We all know that there are things that you should never spend money on, such as cigarettes and gambling. It’s an obvious no-no.

Also, there are things that people *say* should not spend money on but are just ridiculous – like avocado toast and morning latte. (Umm… hi! They are delicious.)

So the question is: are there really things you should never spend money on? For example, any non-clickbait things that you could cut out of your life and really not miss at all?

It turns out yes.

Here are nine things you should never spend money on (for real).

1. Bank charges

Let me tell you a secret: bank charges are archaic and outdated. Thing from the past. If you’re still using a bank that charges you a fee – be it ATM usage, overdraft, monthly maintenance, etc. – it’s time to let. them. go.

There are better options, I promise.

Thanks to advances in technology, dozens of great, reputable banks have 100% free checking and savings accounts.

chime and Ally Bank are two popular no-fee options. I’ve been using Ally for almost a decade and have never paid a bank fee – not even for an overdraft.

So take a moment to review your bank statement.

If you see any hidden fees – be it monthly maintenance, an overdraft or an ATM withdrawal – jump from this page right now and open a free bank account with an institution that won’t take your hard-earned money from you.

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2. Late payment fee

Overdue fees are another one to look out for. Whether it’s a late credit card payment, utility bill, or rent, these fees can add up quickly.

The best way to avoid late fees is to set up automatic payments for all your accounts. So you never have to worry about forgetting to pay your bill on time again.

If you do get a late fee, try calling the company and asking them to cancel it. Many companies will be willing to do this, especially if you are a good customer.

Read more: AutoPay Explained – Everything you need to know about AutoPay

3. Lottery tickets

Lottery tickets are a waste of money. I understand that the dream of becoming a millionaire overnight is tempting.

But the truth is, your odds of winning the lottery are about 1 in 302.5 million. And even if you win, you are more likely to go broke than not.

It’s much better to invest the money you would spend on lottery tickets or use it to start a profitable side job. So please, for the love of all that is good and holy, don’t waste your money on lottery tickets!

Read more: Why you should never play the lottery and how best to spend your money

4. Books (sometimes)

Joining your local library is one of my best ways to save money. It’s completely free and a great way to read all the books your little heart desires without spending a dime.

So every time you want to read a new book, I recommend that you borrow it from your library first.

If it’s something you really love and think you’ll want to re-read in the future, buy it. (Or just rent it again in the future.)

5. Food that ends up in the trash

The average family of four throws away more than $1,500 annually on food. It cost $1500 of perfectly good groceries or takeaway food that was gone forever. If you’re not careful, food waste can quickly become one of your biggest expenses.

So how do you avoid wasting food and saving money?

• Plan your meals ahead of time so you only buy what you need.
• Make a grocery list and stick to it.
• Shop at discount stores like Aldi or Trader Joe’s.
• Use the leftovers to prepare a meal or dinner the next day.

Read more: 23 ways to save on groceries

6. Impulse shopping

We’ve all been there – you go shopping and you see something that you absolutely need, even if you don’t really need it. It’s called impulse buying and it’s one of the biggest ways to waste money.

To avoid impulse buying, try to wait 24 hours before buying anything. If you still want an item every other day, then go ahead and buy it. But more often than not, you’ll find that you don’t really need it.

If you’re an impulsive shopping shopper, it’s helpful to make a list of what you need before you go to the store. This way you will be less likely to buy something that you don’t really need.

Read more: 6 tips to successfully run a competition without spending

7. Full price for everything

You should never, ever, NEVER pay full price for anything. This is a bold statement, so hear me out for a second…

Today, there are many ways to save on purchases. For example, you can:

• Wait for the sale in the store.
• Look for promo codes or coupons for RetailMeNot and Groupon.
• Find deals with cashback apps like Fetch, iBotta, and Capital One Shopping.

And if you do end up paying full price for something (which, let’s be honest, will happens), using a bonus credit card is a great way to get a discount on a server.

For example, I do most of my shopping on Amazon and Whole Foods. So, I have an Amazon Rewards Visa Signature card that gives me 5% cash back on all my purchases. This is a great way to recoup some of the costs.

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8. Expensive clothes that you only wear a few times.

It’s tempting to splurge on a new outfit for a special occasion, but if you only wear it a few times, it’s not worth the money.

Instead of buying something new, try renting a dress or suit for the occasion. Sites like Rent the Runway and Armoire offer a wide selection of designer clothes that you can rent for a small fee.

And when it comes to casual wear, it’s best to stick to the basics. A good pair of jeans and a few simple tops will last you longer and cost less than a closet full of trendy clothes you only wear once or twice.

9. Money leaks

Last but not least, another way to stop wasting money is to clean up the money drain. (A drain is any recurring expense that you pay for but don’t use.)

Some common money leaks include subscription services like Netflix or Hulu, gym memberships, and Patreon subscriptions.

If you are not using a service, continuing to pay for it is a waste of money. So, take a good look at your current expenses and cancel everything you don’t use.

bottom line

Of course, this list isn’t exhaustive, but it’s a great place to start if you’re looking to save some money without affecting your lifestyle too much.

Cutting down on expenses, like unnecessary bank fees and late fees, and unnecessary purchases like lottery tickets, store-bought books, and designer trinkets, will help keep your wallet happy.

Featured Image: pathdoc/Shutterstock.com

chime disclosure – Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank or Stride Bank, NA; FDIC members.
1Chime cannot guarantee when files will be submitted to the IRS and funds will be available.
^Early access to direct deposit funds depends on the payer

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