7 Waste of Money Items You Should Be Aware of ...

Waste of Money items really should be avoided simply due to common sense and not just because we’re suffering from lack of cash due to an economic downturn. Good financial management is one of the keys to a healthy happy life and so many of us overlook things that we can easily control. Spending on waste of money items is usually a reflex action that we don’t really give much thought to and they can end up costing us a lot of money over a lifetime. Here I’ve not highlighted individual products because there are undoubtedly bargains to be had but generally these categories are waste of money items and it’s money we could use for the better. Learn from this list of 7 Waste of Money Items you Should be Aware Of:

1. Bottled Water

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Unless you live in a country where the water supply isn’t controlled and sanitized there really is no need to drink expensive bottled water. Even the cheapest brands cost more than tap water. Bottled water is one of the greatest marketing coups of the 20th century and one of the biggest waste of money items. If you are drinking your recommended eight glasses a day and that is bottled water add up how much it costs you – even annually it will be a frightening sum. If you are concerned about the quality of your tap water buy a test kit. Alternatively, buy a water filter jug. For $30 and the coast of infrequent refills you can have fresh clean water whenever you want it.

2. Health Products

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To be more specific, it’s those “wonder” health products you should be avoiding. Very few of these health products are recognized by science to actually work, and those that do are usually called medicines. Some of these wonder products are no better than the snake oil medicine men used to peddle around the old West. Following a healthy balanced diet and regular exercise is far most cost efficient than miracle products that don’t work and are just a waste of money.

3. Retailer Extended Warranties

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Unless you are purchasing a high value electrical item, extended warranties are a waste of money. Most every time it works out that the amount you’ve spent on warranties is more than it costs you to replace the item or having it repaired if it fails during its lifetime. In the case of large appliances, if you are buying a reliable brand, the purchase shouldn’t fail in the first three years anyway. You should be able to enjoy your products for a good couple of years and then consider taking out a warranty with a general provider rather than the retailer – invariably the general provider does it cheaper.

4. Magazines

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In this digital age I remain a die-hard fan of the printed word but unless you are investing in a magazine specific to your job or hobby, most magazines are a waste of money. It is rare that there is a feature in a magazine that is not on a website, if indeed not even their mag’s own site. Think about what it is that makes you enjoy your magazine fix and check it out online. Of course, that doesn’t mean there’s a substitute for the glossy you grab from the rack as you’re about to board a plane or train but that comes under the heading of occasional luxuries. If you must buy magazines – do it on prescription and save money.

5. Fitness Equipment

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In the case of fitness equipment it just isn’t worth the hassle. Getting your bikini body ready for the summer is important, but buying just one piece of equipment can be the equivalent of multiple years of gym membership fees in one. Just go to the gym and save yourself hundreds of pounds, and the space in your spare room. Even better, ignore the gym and invest in an exercise DVD or console game.

6. Unlimited Cellular Plans

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Did you know that you might be paying out up to $336 a year for unused air time for your cell phone? Unlimited cellular plans may seem like a good deal but for many they are a waste of money because we overestimate the number of minutes we talk and the texts we send. Even lowering your plan by one pay bracket can save you up to $20 per month – that’s more than $200 a year.

7. Ultra-High SPF Sunscreen

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We all know the importance of protecting our skin from the sun which is strangely at odds with the view that a tan enhances a healthy look. If you are one of the unlucky ones who is prone to sunburn, you are probably very tempted to reach for the sun cream with the highest SPF. A preparation with an SPF of 60 and above certainly sounds impressive but, FDA regulations now state that the highest factor should be 50. There is no scientific proof that anything beyond SPF 45 is more effective. Put that expensive SPF 80 back on the shelf, it’s just a waste of money.

While the economy is in the toilet and everybody has less money, every little bit of saving is a help. Not buying these waste of money items is actually also a lifestyle choice. It says you are a confident money manager, you understand value and you know how to make your money work for you. If you still buy these Waste of Money Items you Should be Aware Of the damage they can do to your finances and make the decision to stop. Is there a waste of money item you wish you could find the will to give up?

Top Photo Credit: weheartit.com

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