25 Stupid Money Mistakes People Frequently Fall For - Boomer insight

Andy Peters

25 Stupid Money Mistakes People Frequently Fall For

Wherever you go, there are always temptations to spend more and more money. Sometimes, these purchases can be useful, but other times, they’re completely useless. Here are 25 of the most pointless things to buy and why you should avoid them. But don’t feel bad if you want to keep buying them, this is just all in good fun.

Unnecessary Extended Warranties

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Extended warranties will promise you peace of mind, but, really, they’re just not worth it. Most products have a manufacturer’s warranty that’ll cover any potential issues, meaning you’re just wasting money if you’re paying for another one. You’re better off getting some good home insurance.

Fancy Baby Clothes

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Babies grow pretty darn fast, so spending money on designer clothes is an absolute waste of money. And most of the time, those stylish outfits will end up covered in spit-up anyway. Instead, make sure you’re only buying clothes that’ll keep your kid comfy and aren’t as pricey as these ones.

Expensive Textbooks

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If you’re in college, you’ll know just how expensive some textbooks can be. Most of the time, they’ll be useless to you after one semester, so save your cash by getting a rental or a used copy because there’s no point paying more money for the same information. Spend that extra money on some pizza instead.

The Lottery

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Winning the lottery is a long shot, but most people don’t actually realize how long it actually is. Your chances of winning the Powerball, for example, are roughly 1 in 29.23 million, meaning that you’re more likely to get struck by lightning instead. Save the cash and put it towards something that’s certain to make you happy, like a night out with your friends.

Premium Gas

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Unless the manufacturer has actually told you that your car needs it, premium gas is a premium waste of time. Most cars don’t need it and the majority of them won’t run any differently when you use it. You’re much better off sticking to regular gas because you’ll go for many more miles for the same amount as the premium kind.

Pricey Pet Supplies

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Lots of us love pampering our fur babies, but luxury pet supplies are more bark than bite. Your puppy doesn’t care if the bed matches the curtains because they just want something comfy to sleep on, so why are you wasting your money? You should keep the fancy stuff for your own wardrobe and let your pet just have the essentials.

Unused Appliances

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Some kitchen gadgets are completely pointless because you’ll use them just once and then end up leaving them in the cabinets to gather dust. You should only choose the things that you’ll actually use and save that counter space for things that can do it all. And yes, that means ignoring that egg separator shaped like a chicken.

Pre-Chopped Produce

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Convenience comes at a cost, especially with pre-cut fruits and vegetables. You’re paying to save some time, but the final price really isn’t worth it, so you should just roll up your sleeves and do it yourself. Plus, chopping your own produce can actually be pretty relaxing in a way you might never have imagined.

Diet Fads

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Speaking of food, don’t fall for the marketing hype because those trendy diet foods will probably slim down your wallet more than your waistline. It’s much easier and cheaper to buy wholesome food that’ll keep you healthy for much less. Forget about the pricey protein shakes, they’re just not worth it.

Unused Timeshares

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Getting a timeshare might make you seem like you’re saving money, but those things get pricey fast. Before you lock yourself into one vacation option, do your research to find out what else is out there, as there are many other ways to enjoy yourself without the hefty fees and hidden costs of a timeshare. The vacation world is truly your oyster.

Designer Phone Cases

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Those designer phone cases certainly look good, but the cost of them? Not so great. And when you consider that a cheaper $20 case can do the same thing for much less, it seems even more pointless. Get a case that’s good enough to keep it safe, just without the fancy logo that doesn’t add anything to it.

Brand New Cars

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Buying a brand-new car is one of the quickest ways to lose money because it starts to depreciate as soon as you’re off the car lot. To save some money, you should get a certified pre-owned vehicle that’ll still be a reliable ride. You might even get a nicer model for the same price as a new one.

Trendy Home Decor

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Decor trends come and go, so overspending on that hot new thing will be a waste of money in the long run. You’re better off buying some timeless pieces that keep you from constantly redecorating and will always look good. After all, we all remember the days when we thought lime-green walls were trendy.

High-Interest Savings Account

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While it might seem like a smart move to put your money in a high-interest savings account, the truth is that they’ve usually got such low interest rates that you’re not actually making any money. You should try investing that money into stocks or mutual funds to actually make a return. Just make sure you’re careful where you spend.

Designer Handbags

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Handbags are a real status symbol, that’s for sure, but they’re also a waste of money. Of course, some of them are better quality and will last longer, but sometimes, you’re just paying for the label on it. Go for something a little more affordable that’s just as stylish so you can be fashionable without breaking the bank.

Brand-Name Baby Formula

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Like with most products, buying brand-name baby formulas is a little pointless because generic versions will do the same job for a lot less. According to some sources, baby formula can cost anywhere between $550 and $3600 a year. Is it really worth paying more? Whenever your little one needs a refill, save yourself some cash by going for the store brand. 

Baby Strollers

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Of course, buying a baby stroller is important, but getting a high-end one with a huge price tag? Not so important. Save your cash and go for one that’ll do the same job because your baby really isn’t going to notice the difference. You might even find a used luxury one at a yard sale or thrift store.

Greeting Cards

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If you think about it, expensive greeting cards are really just pricey pieces of paper that’ll end up in the trash anywhere. You should try making your own cards because it’ll save you money and give your cards a personal touch that money can’t buy. Plus, you’ll be able to flex your creative muscles to make it extra special.

Subscription Boxes

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Thinking about buying a subscription box? Think again. While the first one might seem like you’re getting a good deal, soon after, you’ll realize they’re sending you a bunch of stuff you don’t really need or want. You’re better off buying the things you want yourself instead of gambling on a mystery box each month.

Luxury Spa Treatments

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Spa treatments are pretty expensive, and doing them too often is a complete waste of money. Chances are, you can probably just watch a few videos at home and learn to treat yourself with DIY face masks and bubble baths for a lot less. You can also stay in your PJs the whole time, which is another win.

Fancy Fitness Gadgets

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If you’ve got your eye on a fancy fitness tracker, you might want to think again before making that purchase. Most phones come with their own fitness apps that’ll let you do the same thing without having to pay any extra. And, more often than not, that fitness tech doesn’t live up to the hype.

Wedding Favors

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No matter how nice they might look, most wedding favors end up forgotten and a huge drain on your wallet. Instead, you should make things a little more personal by writing a heartfelt thank-you note. While it might take more time, it’ll save you money, and your guests will appreciate it a lot more.

High-End Hair Products

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When you’re buying salon-quality hair products without going to the salon, unless you’re a professional, you’re practically throwing money down the drain. Try buying some drugstore alternatives, or at least watch some videos on how to use these products properly. You don’t want to pay for something without knowing how to use it.

Car Accessories

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Even though those car accessories may seem like they’ll improve your ride, they’ll lose their appeal quite quickly. You should use that money to make some practical upgrades that’ll actually improve your car, like getting a quality sound system or better tires. This could also save you money on repairs, too.

Cable

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It’s sad to admit it, but paying for cable is pretty much pointless nowadays. There are so many streaming options out there that’ll give you better quality programming for a much lower cost. Cut the cord and switch to a streaming service or two that’ll suit you and help you save some serious cash.

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