There is no question that living paycheck-to-paycheck can be stressful. An effective way to break the cycle is by curbing your spending on certain “non-essential” items. Here are 18 things you might be spending money on that you can probably do without.
Your wallet will thank you.
Designer Coffee
Daily coffee shop visits add up. Brewing your coffee at home can save you hundreds of dollars a year. Or you might work at a place that already provides free coffee. Easy savings.
Brand-Name Groceries
Opting for store brands can significantly reduce your grocery bill without sacrificing quality. You might be surprised that many store-brand products are made in the exact same factories as the more expensive name-brand versions.
Unused Gym Memberships
If you’re not regularly visiting the gym, consider canceling your membership. Instead, try free outdoor activities or home workouts. But if you are, keep it (and keep using it). There is no better investment than your health.
Cable TV
With the rise of streaming services, paying for cable TV often isn’t necessary. Look into cheaper alternatives or consider cutting the cord entirely. Just be careful not to subscribe to so many different stream services that you’re paying the same price anyway.
Eating Out Frequently
Cooking at home is usually cheaper and healthier than eating out. Reserve dining out for special occasions a few times a month.
Impulse Buys
Avoid buying items on a whim. Make a shopping list and stick to it. This will take some practice but if you’re living paycheck to paycheck, it’s time well spent.
High-Interest Credit Cards
Pay off high-interest debts as quickly as possible. Consider transferring balances to a card with a lower interest rate.
Extended Warranties
Most extended warranties aren’t worth the cost. Products seldom break within the extended warranty period, and even if they do, it’s still your responsibility to ensure the warranty covers the break, get it fixed, and then submit for reimbursement.
Fast Fashion
Investing in higher-quality clothing that lasts longer can be more economical in the long run than constantly buying cheap, trendy items.
Bottled Water
Using a water filter and a reusable bottle is not only cheaper, but it’s also better for the environment.
Latest Tech Gadgets
Resist the urge to buy the latest tech gadget. Your current devices are likely sufficient for your needs.
Fancy Car Washes
Washing your car at home can save you considerable money over time. And once you have the routine down, it won’t take very long, either.
Premium Gasoline
Unless your vehicle specifically requires it, you don’t need to fill up with premium fuel. Opt for less expensive options and save a lot of cash at the gas pump.
Bank Fees
Avoid bank fees by maintaining minimum balances, using in-network ATMs, and choosing a bank account with no monthly payments.
Energy Inefficiency
Save on utility bills by turning off lights when not in use, using energy-efficient appliances, and fixing leaks.
Expensive Hobbies
Find more affordable ways to enjoy your hobbies or try less expensive ones.
Lottery Tickets
They say you can’t win if you don’t play. But let’s face it, even if you do play, you won’t win. The odds are against you. Save the money you would spend on lottery tickets.
Excessive Gifts
While it’s nice to give gifts, doing so excessively can strain your budget. Consider handmade gifts or experiences instead.
