Struggling financially? We had! I know I had! Here are 10 things you shouldn’t buy when you are struggling financially and getting your finances in the right direction.
One thing is for sure, 2020 has proven to us that things can change overnight. It hasn’t been an easy year or experience for many.
Now, if you have been having issues managing your money before 2020 and continue to do so, the first thing you must do is reduce your spending and avoid spending on things you don’t need.
Often, when we struggle financially, the majority of the time is our fault, and the only way to tackle it is to make changes.
I speak from experience!
After learning and accepting the hard fact that I created the financial mess I was in, I had to really step up my game and change the way I viewed money and wealth and change my mindset.
When I sat down and took a real look as to why I was struggling financially, even with a good-paying job, the truth was that it was me.
And even as I was struggling financially, I continue to spend money on things that I shouldn’t have spent money on.
- To show off.
If you are struggling financially, wasting money on the things below will affect you even more. Instead of making these purchase, find an alternative that will save you money instead.
In return use that saved money to help you with your money goals instead.
Related Content on saving money:
- Frugal Living Tips From the Great Depression
- 10 Signs That Shows Your Financial Stability
- 9 Personal Financial Issues You May Face
Things You Shouldn’t Buy When You Are Struggling Financially
When struggling financially, avoid spending money on the items or services below.
New Books and Buying Magazines
Spending money on new books. You don’t have to spend money to enjoy a good book, and if you do, there are many ways to get books for free or at a reduced price.
The solution to this problem was to visit your local library, find them free online as eBooks, buy them used, or if your friend or family has it, ask to borrow the book.
Love magazines? Don’t buy them!
Do people still read magazines? Yes, people still read magazines still.
Printed magazines are not as popular as they used thanks to digital. A once $46 billion year industry is now down to $28 billion. People are purchasing physical magazines and digital.
Now, if you are paying for a subscription for magazines, then it’s time to stop and save that money elsewhere.
In an era of internet and information overload, you can get news and drama online and most of the time for free.
Music & Movies
The same can be said for music and movies. Head over to your local library and find a good selection of DVDs you can rent out.
Pluto TV is a free app with movies and shows and doesn’t ask for a credit card or bank information.
Why is Pluto TV free?
Pluto TV is free because it is supported by advertisers, which means it has commercials and ads.
Even YouTube has a large selection of free movies you can stream on their website!
The same can be said for music; you can listen to music for free on the radio or free online!
There are tons of streaming services online where you can listen to music for free.
If you are an Amazon Prime member, you can stream music for free and watch movies and shows as well.
Stop purchasing bottled water as this is a huge waste of money and bad for the environment. Millions of plastic bottles are thrown away daily!
The bottled water industry made more than $700 million in 2018! (source) For water and if you think that certain water is better than others, well, let me say that’s consumerism at its best.
To save money and mother earth, stop buying bottled water and buy a good non-plastic reusable bottled.
Many bottles come with filters, and some with amazing insulation keeps the water nice and cool for hours.
Don’t buy K-cup
Besides buying bottled water, you should avoid spending your money on things like K-cups if you are having financial problems.
When you buy K-cups for your special coffee machine, you are paying way more for coffee than when you purchase grounded coffee.
I have to say that I am not shy of closing a bank account when fees go insanely high. Some of these major bank institutions are out of their minds with their monthly fee to, um, maintain your money.
Can you find banks that will give you an account for free? Yes! You just have to look online. There are out there!
Many banks are now requiring minimum direct deposits a month and a certain amount of debit transactions. There are other restrictions you must follow, so please make sure you shop around for banks.
If you are looking for an entirely free fee bank, I use Capital One 360 and recommend it to anyone. I used this bank account for my Christmas savings. So far, I have never had any fees, and I am pleased with them.
Check out these other money posts:
- If You Act Like This, You Are Not Wealthy, You Are Broke
- 4 Destructive Broke Mindset Beliefs People Need To Get Rid Of
- Tips To Help Save Money When Money Is The Last Thing On Our Minds
Monthly Subscriptions Boxes
Subscription boxes are trendy, and chances are you have seen them promoted all over the place, even from your favorite star to YouTube influencers, but the truth is that when struggling financially, they are the first thing you need to stop.
In fact, subscription boxes are not a need, and even if you are purchasing food items or pets, when you calculate how much you spend on them an entire year, chances are you would not spend that amount of money at all.
Subscription boxes are not a need, and therefore should be avoided when struggling financially.
Attack major home improvements when not needed
This sometimes makes no sense, but it happens. When in debt, let’s take a loan and remodel the kitchen, the bathroom, or anything that just needs to be remodeled in the house. First, why are you accumulating more debt?
It is understandable if your sink broke and you need one. If your tub has a hole and it caused water damage.
Emergencies are understandable, but completely changing a room when you are paying off debt makes no sense.
If you don’t have the money, then a remodel is not at the top of the list. You will be able to do any remodeling you want after you take care of your debt (and can afford it).
A new cell phone
Instead of buying a new phone, there is nothing shameful by buying a used one.
There is no law that states that you need to upgrade your phone every 2 years.
Cell phones are expensive, and the majority of the time cell phone companies are now making you pay for your phone via installment payments.
If you don’t have money, you don’t need a new cell phone. You will be OK without a new cell phone.
If your old phone can still make phone calls, send texts, and do the basics, then you don’t need a new one.
Save the money and pay your debt.
If you are ready to make the switch from your expensive phone contract I recommend you check out Republic Wireless. I made the switch and pay less than $20 a month for my phone services.
A new car
If you have debt and are struggling financially, please don’t buy a new car. Can you afford it? Why would you do that yourself?
When you are struggling financially, buying a new car is such a terrible mistake. Your credit might not be the best, you are struggling financially, and now you are adding monthly payments.
Avoid buying a new car until you are done with your financial journey. When you do finish, you will realize that buying a new car might have been a terrible move.
Get your hair colored professionally
Box hair color will be your friend when you are paying your debt and trying to take care of your finances.
If you are struggling with your finances, paying to have your hair done professionally is not the smart thing to do.
I had to quit going to the hair salon because I couldn’t afford it when I was paying off my debt.
I learned to trim and color my hair on my own. That saved me money that I used to pay my debt. Once I was done, I budgeted to have my hair color done professionally, but not always. I kind of like to use my money for something else.
Extra credit bonus tip not to buy. I know I said 10 but I had to add this one below last minute!
Get a manicure or pedicure
The same things go for getting your nails done professionally. No need to pay for nails when you can do it yourself. This is how I see it: I was trying to impress others and trying to be something I wasn’t that got me in debt.
I survived and managed to look good without paying for hair and nails. The money I saved on these things added up and helped me to pay my credit card debt off.
In order to get out of my financial struggles, I avoided buying these 10 things.
It helped. It helped me not only to pay my debt but to understand what was important. I lived without spending money on these things, and I think you can too.
The road to financial freedom is not an easy one, I know for sure, but it is such a rewarding one. You will not only learn about your finances on this road, but you will learn about yourself and what’s important.