Business Insider has recently published a list of items and services that it advises people not to overspend on, offering helpful guidance to anyone seeking to manage their finances and build wealth.
One of the methods to achieve wealth is through hard work and wise money management. To assist with this, the Business Insider website has recently published a list of several services and products that should be approached with caution in terms of spending excessive amounts of money.
An image illustrating numerous services and products to be taken into consideration before making a purchase or using – Image source: Shutterstock
Extended warranty
Retailers frequently attempt to persuade customers to buy extended warranties, which can raise the price of products. In some cases, the cost of warranties can equal that of a new or used product.
Real estate
The Ministry of Construction and Development advises individuals to not spend more than one-third of their income on housing expenses.
Unnecessary smartphone features
When purchasing a new smartphone, it is advisable to consider one’s usage requirements in order to potentially save money.
Home delivery
Many stores offer home delivery services. Taking advantage of options like online shopping or researching stores that provide free home delivery can lead to saving money.
Fast food
According to Business Insider, one’s health and wallet are negatively impacted when regularly purchasing fast food.
Least important insurance
Instead of buying expensive insurance policies for accidents or health issues, it is worth considering purchasing comprehensive and catastrophic insurance policies as a means of saving money.
Unnecessary gifts
On occasions such as birthdays or holidays, it is advisable to reconsider before purchasing gifts that the recipient may already have in abundance or no longer need. Instead, setting aside a small amount of money to buy a meaningful gift for someone can be more impactful.
Weight loss products
Weight loss products and functional foods are often promoted as “miracle cures” for those seeking to lose weight while maintaining their usual eating habits. However, it is important to be aware that these products are typically expensive and may not be beneficial for one’s health.
Lottery tickets
Purchasing lottery tickets can be entertaining, but the likelihood of winning is generally very low. Instead of spending money on lottery tickets, it may be more prudent to treat oneself to a nice meal or save the funds for the future.
New cars
Opting for a used car can result in significant cost savings.
Home coffee maker
Investing in a home coffee maker can be more economical than regularly going to a café for morning coffee. In some cases, spending money on durable consumer goods can lead to long-term savings. Consider purchasing a home coffee maker rather than spending money at a café.
Cable TV
With the advancement of the internet and online services, there are minimal reasons to subscribe to cable TV. Nearly all television programs can be watched online.
An image illustrating numerous services and products to be taken into consideration before making a purchase or using – Image source: Shutterstock
