As prices continue to rise, we must be more mindful than ever about how we spend our money. The challenge, however, comes from companies aggressively competing to get our attention to sell their products.
The solution? Educate yourself to know good products from bad. We’ve done some of the homework for you. Here is a list of items that don’t deliver enough value to justify their price tag.
1. First-Class Travel for Short Flights
On average, anticipate spending over $500 for a first-class domestic flight. If it’s a short flight, you may not even get the food and amenities that first class is known for. Simply put, you’re overpaying for partial first-class benefits. Unless you get a huge discount for a first-class flight that’s only a few hours long, it’s not worth the price.
2. Bottled Water
Nowadays, there are many bottled water options. However, one thing most have in common is that they cost more than $1—some up to $3! Instead of paying these outrageous prices, consider getting a reusable bottle or taking your jugs to Whole Foods, where you’ll pay closer to 50 cents per gallon. That said, if you prefer bottled water, consider purchasing from stores like Costco, which offers packs of 48 for $6 or less.
3. High-End Computers
Having the latest MacBook with the most powerful Apple processor feels good. However, that, plus the largest memory and other high-end specs, will cost you a fortune. The latest MacBook Pro can cost over $5,000 once you add all the latest specs.
If you’re only using your laptop for casual browsing, you’re wasting your money. Instead, be realistic about how you’ll use your laptop and choose the specifications that properly fit your needs and budget.
4. Luxury Cars
The vast majority of cars will take you from point A to point B. The type of car you choose will increase or decrease the cost; however, if you opt for luxury simply because you like having it, you’re wasting your money.
Consider that most luxury car prices start at $30,000 without tax and other fees. If you’re strapped for cash, avoid looking at luxury vehicles. The hype of taking home a brand-new luxury car will only last for a short amount of time. After it fades, you’ll be stuck with a large amount of debt.
5. Coffee
Even for coffee enthusiasts, paying over $5 for a cup of coffee isn’t worth the cost. Stick to buying your coffee in bulk and making it at home. Unless you’re sparingly buying coffee at coffee shops, you’re wasting hundreds of dollars every year.
6. Designer Glasses
Like cars, all glasses perform more or less the same. You can easily spend over $200 for designer glasses. However, purchasing them when you have ones that already function properly is a waste of money.
Do your homework. Even if companies promise to reimburse your purchase, review multiple online marketplaces. You may find glasses of better quality for cheaper despite not being reimbursed.
7. Home Workout Bikes
During COVID, many fell into the hype and purchased workout bikes—many of which cost over $1,000. To make matters worse, those who returned to the office now have significantly less time to use their bikes.
Unless you find a workout bike at a steep discount, like at a garage sale, it’s not worth the cost. Instead, use that $1000 to build a home gym with a workout bench, some dumbells, and other simple but useful accessories.
8. College Tuition
A college degree isn’t worth the money unless you want to become a doctor, lawyer, or another highly skilled, well-paid occupation. Average student loan debt is over $35,000 per person. However, many students carry larger debts and continue to build more debt by attending grad school. Despite getting more education, students aren’t guaranteed jobs after college.
Online courses and community colleges offer a cheaper alternative. Many companies are starting to eliminate college degree requirements for some roles where a college degree adds little value.
9. Expensive Wine
Spending more money on something doesn’t necessarily translate to better quality. This is true with wine. For example, you can score a cheap bottle of wine for under $15 that’s of similar quality to a more expensive one.
10. Shoes
Spending over $100 on shoes is a waste of money. Unless a shoe will be used for sports or something similar, there’s no added value to spending that extra money. However, sneaker companies have gotten good with their marketing, and “sneakerheads” will pay $200 or more for a pair of sneakers. The brands create a limited supply of shoes to create scarcity, driving up the demand and cost for some sneakers. Don’t fall for it.
11. Gym Equipment
You can build a home gym for less than $1,000. A quality pair of adjustable dumbbells, a barbell, and a bench is where you’ll likely spend most of your money. Additionally, you can get resistance bands for less than $50.
Some of the latest workout machines have neat features like tracking your weight-lifting stats and creating your custom workout routine. However, this equipment costs a few thousand dollars. Despite these companies offering buy-now-pay-later options, it’s not worth the cost.
12. Five-Star Hotels
Although you may get a slightly “elevated” experience at a five-star hotel, its cost is not worth it in today’s climate. Many luxury hotels will cost you over $1,000 for just a single night. This is money you could use to make a principal payment or even put toward a downpayment for a new home. The experience at a five-star hotel may be great, but its cost doesn’t justify its price.
13. Streaming Services
A lot of families no longer have cable. Not too long ago, there were only a few streaming service options. Nowadays, we have more options. Naturally, costs for streaming services have risen over the past few years. On average, people spend $40 per month on streaming services. Unfortunately, there’s no one service that has all your favorite shows, meaning you have to subscribe to multiple ones to watch everything you want to.
14. Perfume and Cologne
Colognes or perfumes can cost you over $100. Spending this money for yourself when you already have multiple bottles at home is a waste of money. If you’re working from home, you no longer need to wear your perfume or cologne as much. There’s not much you can do to fight these rising costs, except to purchase smaller bottles or try less popular brands that offer similar quality.