How do I save money fast? Stop making unnecessary purchases!
Money is tight these days, and we don’t want to throw it out the window when purchasing products and features that deliver no value. If you’re looking to squeeze extra cash out of your budget, you may be surprised by just how many unnecessary things are hiding out in your everyday expenses.
Buyer’s remorse doesn’t just happen with big purchases. Those inexpensive items can add up over time and lead to big regrets. That’s because you could use the money you’re spending on these purchases in your savings account or toward more important purchases instead.
You can save money fast by skipping these unnecessary purchases! Check this out!
1. Lottery tickets
You have better odds of getting hit by lightning or dying in a shark attack than you do of winning a lottery jackpot. We don’t want to discourage you—these are statistics!
So, if you’ve been buying lottery tickets and now you’re looking for ways to save money fast, stop spending them on those tickets. Here’s a better game that you may be interested in: Use the money you’d use to buy lottery tickets to microinvest.
This basically means investing small amounts of money at a time. There are many apps that make it easy to do that with mere pocket change (Acorns is a good app to start with).
Or, if you’re carrying a credit card balance, direct every spare penny toward reducing your debt to nothing.
2. Multivitamins
Save money fast by stopping buying multivitamins. According to recent research involving data on 21,000 subjects, multivitamins have no discernible health benefit. It seems that consumers get nothing for their money. One reason would be that the human body ends up absorbing little to no amount of vitamins.
While people who use multivitamins do report feeling better, it seems that they are, in fact, no healthier than those who don’t. Perhaps the well-known placebo effect is at work here.
3. Kitchen gadgets
If you’re a fan of kitchen gadgets and you like trying something when you cook, you may want to stop buying them if you’re looking for ways to save money fast. These tools are marketed to make meal prep easier, but do you need them every time you cook? Probably not.
Moreover, they often take up space in cupboards and on counters. Pulling out another kitchen gadget and cleaning it after use just isn’t worth the trouble more often than not.
Your old-school kitchen tools probably do a pretty good job, and you’ll likely use them more often than gadgets that only do one job. Not only will you save money fast if you stop buying those new tools, but you’ll also save room in your cupboards for items you’ll actually use.
4. ATM fees
Stop using out-of-network cash machines, and it will help you save money fast. Sometimes it’s easier to use one of these ATMs, but you’re actually spending money on unnecessary fees.
Stick to your credit union’s or bank’s ATM network to avoid fees. One thing that helps is always carrying a bit of cash so you won’t have to use an out-of-network cash machine. The good thing is that nowadays most stores accept card payments, so you can pay with yours.
Step up the saving money game and aim to make the purchases you need from stores that let you earn some cash back when you use your card.
If your bank’s ATMs aren’t convenient, choose a bank whose ATM locations are better for you.
Keep reading to find other unnecessary purchases you should stop making to save money fast!
5. Credit monitoring
Sorry to break it to you, but if you’re paying for a credit monitoring service, chances are you’re throwing money out of the window. Why? Credit monitoring services don’t stop thieves from hijacking your identity and accounts. They just let you know after the harm was done.
This doesn’t mean that you shouldn’t watch your credit reports for signs of unauthorized use. You can still do that without credit monitoring services. During the COVID-19 pandemic, companies that offer this type of service have been providing free weekly credit reports. These are scheduled to end at the beginning of 2024.
As required by law, you will continue to have access to one free credit report per year from each of the three major credit reporting companies—Equifax, TransUnion, and Experian.
6. Extended warranties
Another purchase you should stop making to save money fast is extended warranties. Most big-ticket purchases already come with warranties. In fact, some manufacturers even provide extended warranties on smaller items, but purchasing them is a waste of money you’ll most likely regret.
That’s because there’s a good chance you’ll end up not using them. In most cases, you won’t even think about them again—except when you wish you hadn’t spent money on them.
7. Brand-name pharmaceuticals
Stop buying brand-name medicines, and it will help you save money fast. Have you ever wondered what exactly you are paying extra for when purchasing a brand-name drug instead of the generic version? Well, here’s your answer: advertising, it would seem.
Generics are usually copies of brand-name pharmaceuticals whose patents have expired. According to the US Food and Drug Administration, generics approved by the federal agency had the same strength, stability, quality, and purity as their brand-name equivalents.
8. Specialty cleaning products
You see a new cleaning product advertised on the Internet or TV, or your favorite one comes out in a new scent, so you “have to try it”. But purchasing these products when you already have more than enough to clean your house is a waste of money. By the way, if you’re out of your favorite cleaning product, Amazon always has some of the best prices!
Of course, not buying every new cleaning product released on the market won’t miraculously help you save money fast, but it will definitely add up to the whole effort of setting aside.
Plus, active ingredients in most cleaning products tend to break down over time, making them less effective. In other words, instead of getting new ones, make sure you will actually use those you have while they still work.
9. Convenience store foods
We all know that food and drink prices are higher—sometimes exceedingly so—in convenience stores than they are in most grocery stores. Yet, you still probably buy some things from one of these stores while you’re getting gas because, well, it’s convenient. But not for your wallet, though.
Food is overly expensive at these stores, and it’s way more wise to bring a snack with you from home. Not only will you save money fast, but you’ll also eat healthier.
10. Subscriptions you don’t use
Save money fast by canceling the subscriptions you haven’t used in a while. The nice thing about subscriptions you don’t use is that you can actually cancel them. However, keep in mind that sometimes companies make you go through several steps to do it. And if you don’t cancel soon enough, you could be forced to pay for an extra month that you won’t use.
You can save yourself the trouble by not signing up for them in the first place. If you feel tempted to try one, ask yourself if you really need it.
Bottom line
When it comes to saving money, every dollar matters. They add up faster than you realize. If you don’t know how much you are spending on all these little purchases, try keeping track of them. Chances are, you’ll find out you’re actually spending more than you want to.
If you liked our article on ways to save money fast, you may also want to read 13 States That Impose Heavy Taxes on Groceries.
