Things You Absolutely Do Not Need to Buy This Year

Just about everyone can relate to buyer’s remorse.  Impulse buying is one of the main reasons for debt and personal financial shame.  How do we prevent that from happening?  We get ahead of the problem.  Here are some things that, no matter how much you think you need, you do not!

Lottery tickets

Lottery tickets are the worst investment you can possibly make.  According to a recent report, your chance of winning the lottery is 1 in 175,000,000.  Americans spend over $73 billion on lottery tickets annually.

A new car

Another terrible investment of note is a new car.  According to Dave Ramsey, a new car loses 60% of its value in the first four years.  If you put that in terms of any other investment, you would say that it is a terrible investment.  Buy a lightly used, great car and pay less.

Special kitchen tools

Sorry, but you do not need a banana slicer or any other peeler, wedger, slicer, etc.  These are the kinda thing you use once (maybe) and forget about.  Don’t get sucked into these trends and use a knife like our ancestors have been doing for millennia.

Phone apps

App companies rake in millions and millions of dollars by offering intangible goods for entertainment purposes.  Listen, you do not need that extra avatar outfit, treasure chest, or special ammo.  You can pass it up and you will be fine.  There are plenty of free games and activities offered on your phone.

Cable

With all of the streaming options available, you have enough options.  Outside of Netflix, Hulu, HBO Go, and Prime, your streaming device can download apps like ABC, NBC, CBS, and CNN to watch the news.  Many people have just always had cable and they do not know how to use the new devices, but serious money can be saved here.

Premium gas

The FTC has stated that premium gas has zero benefits in terms of miles per gallon.  Unless you are driving a car that specifically requires it, do not waste your money on premium gas.

Any newspaper

It is pretty much a guarantee that you can read the newspaper online for less money than a physical newspaper subscription.  Some people really like the physical newspaper and there is something to be said about that, but what is it worth to you?

Cookbooks

There are literally dozens of millions of recipes available online.  Cookbooks take up space, are under-utilized, and really only contain a small number of good recipes for any one person in proportion to all of the recipes in a book.

Every year, we waste money on things we regret.  The key is to realize what we are doing before it is too late and avoid situations where we will make a bad choice.  Before you spend your hard-earned money on things, think about it first.  Take all of the money you would have used on…crap…and save it or invest!

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Twenty years from now you will be more disappointed by the things you didn’t do than by the ones you did do Read More

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