7 Things You Should Avoid Buying When You Are Struggling

According to a recent study by Pew Research Center, one year after the pandemic, 4 in 10 Americans are struggling financially. For half of all adults not retired, the pandemic has made it harder to reach their financial goals. The percentage rises to 58% for lower-income people.

During this tough time, things have become incredibly unfair on nearly every single person in the world. There is no easy fix to it. However, there are things you can do to save money and reduce waste.

So, here are 7 things you should avoid buying

1.     Expensive Streaming Subscriptions

Perhaps the most common of the wasteful purchases to avoid is paying for a streaming subscription. Streaming services are extremely popular right now. However, there are also too many streaming services that people believe they have to get.

There may be a single show on a single streaming service you don’t have that becomes extremely popular. Even if you feel that you have to watch that show, consider sharing with a friend rather than paying for your own subscription. In all seriousness, getting a streaming service, or even continuing to pay for one if you’re struggling is bad money management.

Ideally, you should terminate or suspend your streaming subscription immediately. At the very least, reduce your subscription tier. If you absolutely have to have a streaming subscription, then consider sharing with a group of friends. All mainstream streaming services have the option of viewing on separate screens or devices. Use that to your advantage. One of the best ones I highly recommend is DirecTV Stream. I currently use only that streaming service to save money and honestly there is so many packages to choose from there is something for everyone.

2.     Bottled Water

Buying bottled water is the definition of unnecessary buying. If you get clean tap water in your home, there should be no reason to buy bottle water from the grocery store. You will not only eat into your budget, but add to the landfill. Hundreds of millions of dollars are spent simply bottling water which you can get from your home.

To save money, simply cut off the bottle water machine and turn on the tap. One recommendation we do have is SodaStream. You can stop buying all of those plastic bottles from the store and either get just water from the SodaStream or one of the other many amazing drinks you can make.

3.     A Keurig Machine

One of the most expensive things you should avoid buying is a Keurig machine or Keurig cups. Keurig machines are extremely expensive and don’t do much you can do yourself. You can brew your own pot of coffee at home by simply grinding beans and using a kettle. Also, K-cups are not reusable. While they may be convenient, the model of coffee consumption is trashing the planet.

If you are financially struggling these two purchases are incredibly wasteful and shouldn’t have any place in your home. If you do need coffee like myself and are looking for an amazing machine that you can use regular bulk coffee is Ninja. We have one of these and I absolutely love it. Our Ninja is very easy to use when it comes to wanting to just make a travel sized cup of coffee. You are able to choose your size that you want and within no time you have a good cup of coffee.

4.     A New Smartphone

At the moment, perhaps the one thing that every single person on the planet has is a phone. It may be a feature phone or a smartphone, but they’ll have one. It’s considered a modern necessity and no longer a convenience.

However, smartphones have also gotten very expensive. Starting out at the already extravagant prices of $500, smartphones have gotten considerably more expensive. Today, the highest end smartphones start at $900 or $1000 at minimum. Their flashy commercials and uber fancy features make you want to buy them even more.

While there’s no denying their usefulness, they’re also a huge expense. Hence, you should make sure your purchase shouldn’t become a regret buying experience.

If you simply have to get a smartphone, consider getting a value deal from smaller manufacturers like Xiaomi, or Realme. They may not have the performance boost that flagships do, but they will get the job done.

5.     Personal Grooming Appointments

Personal grooming appointments are important to many people to maintain their looks. However, they’re an expense and an unnecessary one at that right now. During the pandemic, maintaining your looks is not a priority. Hence, if you’re struggling, and you should avoid any sort of appointments for haircuts, or pedicures.

If you’re paying off debt, or living paycheck to paycheck, personal grooming should not be a priority. Instead look for ways you can maintain yourself while staying at home. Some great ways of looking good are practicing good hygiene and regularly exercising. These will do more for your persona look than grooming ever can. They will actually keep you healthy.

As for manicures or pedicures, consider buying a good nail trimmer or cutter. This will help you keep your nails trim and proper. And at least the trimmer will be a one-time purchase instead of a consistent expense. 

6.     Buying Branded Products

Brand name products may be your favorite, but they’re not a necessity. You may find that buying generic products, especially for food and hygiene may give you similar results. Buying generic soap or shampoo, or skincare creams will not rob you of your glow.

Big brand names essentially use the same ingredients as the generic brands do. They just get to charge more because of their brand recognition. You can also do the same for medicines. Even if you have a prescription, you can ask for a pharmacist to recommend low-priced medicines or generic counterparts.

7.     Ordering Out and Buying Snacks

A survey conducted by the restaurant equipment sales platform Bid-On-Equipment showed that Americans spend $67 a week on takeout. This is one of the most wasteful habits Americans have inculcated.

You can’t really blame them since there are so many options. Also, much fewer Americans know how to cook today than before. Eating a home cooked meal is not just cheaper, but it can add years to your life according to the University of Michigan

According to Fool.com, the most wasteful spending habits of Americans range from paying unnecessary fees to impulse buying. Hence, there’s clearly a lot we can cut back on. This isn’t an indictment of your spending habits, but a signal that you can do better. During this trying time, we need to save as much as possible so that our futures are secure. If you are currently not signed up for Motley Fool I highly suggest it. They are an amazing resource for more ways to make and save money.

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