7 things you might be wasting your money on and 4 you should pay more for
Spoiling ourselves with a luxurious buy, like a designer garment we've been eyeing – and our finances don't exactly applaud our decision, do they?
The average age of starting full-time work in this country is at a record low, the highest it has ever reached.
And while you might consider yourself quite financially practical, you might be surprised at just how much you're wasting on things that seem insignificant but will add up to a substantial amount over time.
Read on to discover potential pitfalls in your spending, and instances where investing a bit extra can be worthwhile…
Your daily coffee
It's completely fine to think about something else at times, without anything being amiss with that.
But if you're indulging in a large coffee every morning on your way into work, or you're having lengthy conversations with your high street barista, it's likely you're wasting a significant amount of money on hot beverages.
And while £3-£5 on a daily coffee might not seem like a lot, it can add up to £75-£100 every month - or over £1,000 in a year. What should be done instead?
You might consider scaling back, perhaps even cutting down to a single daily coffee trip, which will have its benefits, or alternatively, you could brew your own at home and take it to work in a flask.
If your workplace has a kitchen, you might find complimentary coffee facilities available. While it may not be to your taste if you prefer a particular coffee drink, it should at least provide you with a caffeine boost.
Buying lunch every day
Let's set the tone, shall we? There's nothing inherently wrong with grabbing a meal deal on your way to work or taking a short break with a friend to share a baguette and some conversation during your lunchtime.
If you're looking to cut costs, cutting back on the number of times you purchase lunch each week might be worth thinking about. With an average meal deal typically costing between £3 to £5, and higher prices for standard sandwich, snack, and drink arrangements at other shops, you could be spending anywhere from £15 to £30 per week, or even more, just to buy lunch.
It may be costing you upwards of £100 per month. If you're keen to cut costs, the solution is clear – prepare your own sandwiches at home and bring them with you to work, where even doing this twice a week can significantly reduce your lunch expenditure, scoring you a straightforward cost saving.
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Items that are on sale which you don't necessarily require
The temptation of a sale is quite strong. After all, who can resist snapping up that must-have item when it's marked with a large red '70% off' sticker?
Just a note of warning - when browsing for sales, watch out for the temptation of buying items that may not be of practical use to you, such as garments you'll never wear and household products that'll only gather dust.
In reality, you might actually end up throwing your money away for nothing.
Another approach is to take a 24-hour pause before making a purchase, advises CNN Business.
In many cases, the initial euphoria subsides by then, allowing you to make a more rational judgement about whether you truly require it or desire it.
Unused subscriptions
Many people have various subscriptions as part of their daily routine, encompassing things like online streaming services, news websites, and even food and drink deliveries, among others. However, do you know how many of these subscriptions you are truly making use of?
We suspect you might be browsing through Netflix this instant, and that's okay, but if you're splurging on subscription services - such as a streaming platform that you rarely watch, or an online magazine that you never get around to reading - it might be worth reconsidering how much money's being thrown at something that's not getting regular use.
A lot of people, according to Julie Ramhold from DealNews, are unwittingly falling over into taking advantage of free trials, only to forget to stop the service, resulting in a big financial loss.
‘These things often get set up on direct debit, and as a result people aren’t even aware they're paying for things they don’t actually utilise,’ she pointed out. ‘That’s an easy way to waste money unnecessarily.’
A simple way to resolve this is to review your bank statements to identify any subscriptions or services you've become inactive or were never used, and then cancel them. Your account will appreciate the saving later on.
Unused gym memberships
Not to mention the many of us who have signed up for a gym membership, only to end up sticking to our resolutions for a fortnight before losing momentum and never returning to the premises again?
It's likely that you're one of them, which means you could be throwing away hundreds of pounds per year on a gym membership without ever setting foot inside.
According to a report by USA Today, a staggering 67% of people who hold gym memberships don't end up using them.
If you find yourself no longer needing the gym membership, it's probably a good idea to cancel it straight away, which could potentially put you towards saving a few hundred pounds. Alternatively, if you do need to continue using the gym but you're looking to keep costs low, it might be worth looking into cheaper alternatives. You might miss out on the luxury of a sauna or hot towels, but you'll still be able to get a decent workout.
Brand name food
If you're in the habit of opting for the well-known brand name products over supermarkets' own-range items during your weekly shop, you may be overpaying unnecessarily.
In many cases, the supermarket brand is just as good as its more expensive counterpart with its prominent brand name.
Dave Ramsey told Yahoo! Finance that it's wise to compare branded products with own-brand versions when shopping for groceries, with particular areas of note being medications, cleaning supplies and dishwasher tablets, where store own brands can be just as effective.
It might appear as if you're only saving a few pence on own brand kitchen cleaner, but the cumulative savings will prove to be more substantial in the long run.
Credit card interest
For many of us, there's a credit card tucked away in our wallet, often pulled out occasionally, perhaps for significant transactions or, occasionally, for the odd treat.
It's all too straightforward to whip out one of these credit cards and before you know it, you could be faced with a substantial interest charge when the time comes to settle the account.
As the balance on your bill grows, the more likely it becomes that you will be paying off the interest portion rather than making a dent in the actual debt.
You can minimise this by only using your card when absolutely necessary, and making sure the balance is cleared in full each month.
However, if you've struggled to keep up, it might be worth looking into a card with 0% interest on purchases, effectively allowing you to pay off a significant portion of your debt.
What's the added value of investing a bit more money in something?
Now that you've managed to cut back on coffee, bring a lunch to work, buy everyday essentials at a lower price, and cancel your gym membership, where should you spoil yourself with the money you've saved? Consider investing in these four worthwhile treats...
Mattresses
It's understandable that when shopping for a mattress on a tight budget, the cheapest option is often seen as the most appealing, but in reality, it's worth investing in the best quality mattress you can afford.
Considering how much time you spend in bed, your mattress is likely to be your constant companion for a significant period. A budget-friendly mattress with lower quality will break down quicker, whereas a superior quality, more expensive one will endure for several years, potentially saving you from the added expense of replacing it.
A consumer expert named Chris Jager states that, "A high-end mattress can greatly enhance the quality of your sleep. This can bring a range of indirect benefits, including a boost to your energy levels, your mood on a daily basis, and the alignment of your spine."
So get shopping, folks.
A decent and warm winter overcoat
If you live in a colder region, a good quality coat is a real lifesaver when the temperatures plummet.
Regardless of your shopping style, be it bargain hunting or thrifty second-hand shopping, one essential item you shouldn’t compromise on is a decent winter coat.
Christina commented on BuzzFeed, saying: 'When I wear my high-end winter gear - things like North Face or Columbia - I can happily sit outside in a blizzard at minus 2 degrees without feeling a chill, implying that, alternatively, you'd be freezing and miserable in cheaper alternatives.
Tyres
If you're a car owner, you'll know just how frustrating it can be to deal with a flat tyre on the move – but do you also know the hassle that comes with replacing it?
It is worth spending a bit of extra money on decent tyres, as people on Reddit suggest.
Bigtexasrob said: "Buying the right tyres can make all the difference in how well you enjoy driving, so I'm happy to invest in getting them."
Baby gear and car seats
We have various baby equipment available for your browsing. You can purchase a pram, travel cot, changing mat, high chair, baby monitor, bottle steriliser, and more.
For car safety, we sell baby and child car seats suitable for newborns, infants, and toddlers. Our options include:
1. Group C (0-10 kg)
2. Group E (9-18 kg)
3. Group i-Size (15-150 cm or 6-59.1 lbs)
4. Rear-facing baby car seats
5. Forward-facing baby car seats
6. Booster seats
Related Video
Splurging on fancy clothes for your newborn that will likely get ruined is one thing, but it's wise to invest in the best equipment you can afford for your baby, especially for essential items like car seats, which should provide maximum safety.
Unlikelypisces noted on Reddit that 'pushchairs benefit from improved functionality and are worth the extra effort for hassle-free daily use'.
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