If you want to start making some New Year’s resolutions based on your spending habits, then now is the perfect moment to rethink where you’re spending your hard-earned cash. Some expenses might seem harmless or even essential, but they can quietly eat away at your savings, and before you know it, a significant chunk has vanished.
Here are 17 things you can cut out of your budget to save more and live a smarter and simpler way of life.
Luxury Cars
Driving a fancy car might feel fabulous, but the costs can start to mount up. There are sky-high insurance premiums, endless maintenance fees, and a steep depreciation to think about, meaning luxury cars are just money pits in disguise.
The good news is that modern mid-range cars come with many of the same features, like heated seats and advanced safety tech, but at a fraction of the cost.
Designer Items
Spending thousands on a handbag or outfit might feel glamorous, but trends fade faster than you think. Some designer pieces don’t always last longer or perform better than affordable, well-made options, so instead of chasing labels, try out sustainable brands or invest in classic staples that look great year after year. Your wardrobe will thank you, and so will your bank account.
Extended Warranties
You might think that extended warranties seem like a safety net, but they’re often just a clever sales pitch. Most products either fail during the regular warranty period or last way beyond it, meaning there’s never really an in-between.
There’s no need to spend on something you’ll never use; instead, save that cash for unexpected expenses—it’s a much better backup option.
Gym Memberships You Never Use
We’ve all been there, signing up for a gym membership with the best intentions, only to stop going after a few weeks. If you’re not hitting the gym regularly, it’s time to ditch that monthly fee and save yourself some valuable dollars.
Instead, try free workouts at home, affordable fitness apps, or even a good old-fashioned walk around the neighborhood.
Cable TV Packages
Let’s face it, cable is old news now that streaming services have taken over, offering endless entertainment options for way less money. Now’s the time to start questioning why you still have cable and why you’re paying for a bundle of channels you’ll never watch. With streaming services, you can pick and choose what you actually enjoy and save yourself a few dollars at the same time.
Bott
For many of us, buying bottled water might seem convenient, but it’s pricey and wasteful. Instead, a reusable bottle paired with a good water filter can save you hundreds of dollars every year. Not only that, you’ll also be doing the planet a load of good by cutting down on plastic waste.
Trendy Tech Gadgets
The truth is, not every shiny new gadget is worth the price tag, and while marketers love convincing us that the latest upgrade is essential, more often than not, your current tech works perfectly fine. Stop chasing every new release and focus on devices that genuinely add value to your life.
You don’t need every smartphone upgrade that comes out and by sticking with what you have, you’ll save money and avoid cluttering your home with stuff you don’t need.
Daily Takeaway Coffee
For some of us, coffee really is life, but those daily cappuccinos can start to add up, and fast. Brewing your coffee at home is not only cheaper but can also be just as delicious with the right tools.
If you want to get serious about your coffee making, then invest in a quality coffee maker and some fun syrups, and you’ll have your very own café experience, without the hefty price tag.
Subscription Boxes
Yes, subscription boxes can be exciting at first, but they quickly lose their charm after a short while. More often than not, you’re left with items you didn’t pick and don’t even want, which means you’ve paid money for things you’ll never use.
Save yourself the hassle and just buy what you need when you need it, instead of waiting on useless subscription boxes.
Brand-Name Medications
Did you know that generic medications are just as effective as their brand-name counterparts? The only difference is the flashy packaging and, of course, the huge price tag. The next time you need to collect a prescription or purchase any generic medication, ask your pharmacist about any other cheaper brands.
Excessive Home Decor
Something to keep in mind is that even though decorating your home is fun, it’s easy to go overboard. Filling your space with trendy or seasonal items can quickly lead to clutter and overspending.
Trends are constantly changing, so it’s best to stick with timeless, versatile pieces that work all year round. This way, you can create a cozy, stylish space without constantly chasing the latest decor trends and draining your bank account.
High-End Beauty Products
We all know that luxury beauty products promise miracles, but let’s be honest: they rarely deliver results that justify their price tag. Dermatologists often say that a simple routine with drugstore skincare essentials is all you need, so why spend hundreds on a tiny jar of cream when a $20 option works just as well?
Bank Fees
One highly annoying expense is paying fees for basic banking services. It feels like you don’t get anything out of it, and with so many fee-free options available, there’s no reason to let your bank con you out of your hard-earned cash. Whether it’s monthly maintenance fees or ATM charges, switching to a no-fee account can save you more than you’d think over time.
Specialty Kitchen Gadgets
Even though single-use kitchen gadgets might look cool, they often end up gathering dust in our drawers and never see the light of day again. Items like avocado slicers or egg poachers might seem handy, but versatile tools like a good chef’s knife or a multi-cooker can do the same job and much more.
Save your money and your counter space by investing in items you’ll actually use.
Luxury Vacations
Do you find yourself dreaming of first-class flights and five-star resorts? If so, then you might already have splurged on a luxury vacation and instantly regretted it as soon as the bill rolled in. Instead of splurging on luxury travel, consider budget-friendly options or staycations that offer just as much fun and relaxation.
Sometimes, the best vacation might actually be closer to home, especially when you don’t have to stress about the cost as soon as you get back.
Impulse Purchases
We’ve all been there and grabbed that ‘must-have’ item on a whim but then regretted it a few weeks down the line when we realized we weren’t going to use it as much as we thought. Impulse buying can drain your wallet fast, especially with online shopping, which makes it so easy to spend.
Before you make a purchase, take a step back and ask yourself if you truly need it, then wait 24 hours before buying. If you still want it after this period, then you should purchase it.
Fancy Dining Out
Treating yourself to a nice meal out is great, but making it a habit can seriously strain your budget. Regularly going to trendy restaurants or picking fancy dishes adds up quickly, especially when you also have to purchase drinks, tips, and parking.
Instead, try cooking at home and creating batches of your favorite meals. It’s much more cost-effective and often tastes just as good, meaning you keep dining out just for special occasions.