The current inflation situation has put a strain on our finances in recent years. Adding unnecessary purchases to this strain should be the last thing on our agenda this year. There are things we need to avoid buying this year in order to save more, invest more and enjoy financial freedom.

These unnecessary purchases are sometimes made at the expense of our health, the well-being of the environment, or both.

Here is a list of ten things you should avoid buying this year.

 

Take away/take out

If you find yourself ordering Chinese every weekend, you may want to stop. Buying takeaway food is okay once in a while when you are tired and do not feel like cooking. However, ordering takeout every week is a no-no.

Ordering take away of about £20, £30, or £40 four times a week would amount to about £150. Investing £150 in bonds, ETFs, or your child’s college fund would be more profitable.

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Bottled Water

There is no excuse for buying bottled water. Instead, buy yourself a nice fancy bottle as a one-expense and fill it with water each time you need to go out. If the tap water in your home is not drinkable, buy a filter.

You can attach a filter to your tap or your dispensable fridge. Another option is to get stand-alone water dispensers that come with filters.

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Duplicates

Avoid buying duplicates of beauty products, makeup, and toiletries this year. You don’t have to stock-pile tissue paper. We are not expecting a pandemic, so why are you stock-piling dishwasher tablets, washing machine powder, face wash, and face cream?

It is advisable to buy one or two pieces of items you need for the month instead of buying duplicates. Purchasing a lot of items as duplicates could lead to wastage. Instead of tying down your money with duplicates, you can save or invest the money.

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Unregulated Investments

Stop investing in companies that are not regulated. Run away from “come and join us and get 20% in 30 days” companies. Take unregulated investments off your list this year. Instead, invest in Exchange Traded funds, government bonds, real estate, and stocks.

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Fast Fashion

I used to shop at Shein before until I realized that their products would often fall apart, and the next year, you go back again. You might think it is just a little money, but you do not need it.

Repeatedly shopping for these fast fashion products makes your room full of garbage. Your Shein winter coat is most likely not keeping you warm right now, so why buy it?

Instead, invest in good durable pieces. If you need two or three pairs of jeans, go for good quality ones instead of ten inferior pairs.

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Costume Jewelry

Designer costume jewelry is a total waste of time. You can get one or two 21, 24, or 28-carat gold that has a resell value instead of buying twenty pieces of costume jewelry.

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Parking Ticket

If you have a car, stay away from speeding tickets and parking tickets this year. Do not speed to the point where you get a speeding ticket; stay within the speed limit. Before parking, check that you can park there and pay for parking if required.

Buy enough time if you know you will be there for a long period of time, and also display it properly. Stop dashing the council money by violating parking rules.

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Greeting Cards

There is no point in spending money on greeting cards that will end up in the bin. We are in an electronic age where payments, purchases, meetings, and transactions are being made online.

So, explore electronic greeting cards like Firacard this year. You can send a Firacard to someone dear to you on special occasions. There are free and paid options on Firacard. 

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Cheap Appliances

There is no need for cheap appliances. It is penny-wise, pound-foolish because it will fall apart after a short time, and you will purchase another one that will get spoilt again.

It is better to buy a high-quality appliance that will serve you and give you a positive experience. I used to purchase small regular blenders until I discovered high-quality blenders.

The same applies to microwaves, food processors, and other appliances. You don’t know how bad your cheap appliance is until you get a good quality one.

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Kitchen Appliances That You Will Not Use

Avoid buying kitchen appliances that you do not need. Why buy a bread maker when you have no baking desires? If you know that your only reason for owning a kitchen appliance is because you watched an interesting cooking show that excited you, don’t do it.

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Till next time.

With love,

Ronke O.