We all have items laying around our house that we should have never purchased. Some of them were impulse buys and some of them we honestly thought we’d get some use out of, but it turned out to be a dumb purchase. Below, I’m going to list out some items that you should definitely think twice before you decide to spend money on them. These are things that we usually think we need or are worth the extra bit of money, but it’s actually not worth it at all, so don’t buy any of the things below. Resist the temptation and you’ll live a better life for it.
#1. A Gym Membership
Chances are, if you read some of my previous posts, you probably knew that I was going to include this one on the list. Did you know that as many as 2/3rds of purchased gym memberships are actually never even used? Those are some pretty staggering numbers. Plus, if you’re a frugal stay at home mom like me, you rarely have the time to make it out of the house, no matter what you’re doing. Being a frugal person, you can’t afford to throw that much money away on a gym membership.
Now, I’m not saying that you don’t have to exercise. I’m just saying that a gym membership is likely a waste, unless you’re in some sort of training that requires equipment that you don’t have. If you want, you could go on YouTube and find plenty of fitness videos, yoga videos, pilates videos, etc…
#2. An Extended Warranty
It’s tempting to get the extended warranty when you buy expensive items at the store. I mean, what’s an extra few dollars to protect an expensive item? Well, you’re falling into a trap. Did you know that Best Buy employees actually get paid a commission whenever they can convince someone to sign up for their warranty/protection program? Also, extended warranties aren’t really going to help you much, because there are some exclusions on these warranties that won’t protect you against certain things. Also, most manufacturers include a warranty with their products, anyways. An extended warranty is a waste of hard earned money.
#3. A New Car
This is a horrible purchasing decision. Now, I know some people that absolutely love to drive a new car, because they want a warranty and they’re paranoid about driving a used vehicle. However, did you know that it’s estimated that your new car depreciates as much as 10% as soon as you put the first mile on it? Vehicles depreciate very quickly, so it’s always best to wait and just go the used car route. You will save a ton of money on your car payment and your insurance payment.
#4. Interest on Credit Cards
It is absolutely insane for you to pay interest on your credit cards. It doesn’t matter the rewards you get back or any of that. If you’re going to use a credit card, you should pay off the balance every month. That’s the smartest way to use them.