Whether you are a student, graduate, or a mum of four, we all could do with saving some money right now! But what should you stop buying to save money?
Learn how to start saving immediately by cutting out these 15 things that waste your money.
Of course, there are many things that we have to spend money on, such as food and bills. But there are so many more things that are now considered modern day “needs” that are completely unnecessary and wasting all your money.
Why you should start buying less
As someone who became addicted to online shopping at university, I know how hard cutting back on spending can be. But the first step to stopping spending is always finding your “why”. Here are a few reasons why cutting out these 15 expenses will benefit both your wallet and your life.
Save more
Obviously, if you spend less, you’ll save more.
Whether that means you can save up for something you have always dreamed of, or just take the pressure off your monthly bills, saving is always a good idea.
Stress less
Have you ever made a purchase that you are really happy with, only for that happiness to quickly turn into guilt?
Me too.
Once I became more aware of my finances, it seems every purchase I made would make me more stressed- even if it was a “need”.
Cutting back on unnecessary purchases and separating them from your necessities will help reduce your daily, financial stress and alleviate the guilt.
More Prepared for unexpected costs
I am a big believer in creating an emergency fund. This is like a savings pot but it is primarily there to be used when you are hit with unexpected bills. These can be things like your car breaking down and needing a really expensive new part you have never heard of, or something even more unpredictable like a decrease in income due to a global crisis.
Whatever it is, if it is not planned for, you can really get caught short of money for the month if you don’t have some money saved up somewhere.
Assigning a portion of your monthly income to your emergency fund will put it to much better use than mindlessly spending it.
Less clutter = clearer house = clearer mind
The less stuff you buy, the less stuff you will have cluttering up your space. As clutter is one of the major players when it comes to daily stress for some people, having a clearer house can truly help you live a better life.
So by not buying certain items, you can not only improve your finances but your whole life too!
What to stop buying now
Now we have found our motivation to stop spending, let’s see what 15 things you should stop buying today, to save money.
I have split them into categories so you can see what category you are most likely to overspend on.
Food and Drink
Takeaway Coffee
I know how enticing a cup of coffee from your favourite coffee shop can be, especially when it helps motivate you out of bed in the morning!
But why spend hundreds of pounds a year on something that you could just as easily make at home?
If you need a little convincing, perhaps consider buying a better quality of coffee for your home or even your very own coffee machine as this will be much more cost effective in the long term.
Meals out/Takeaway
This is possibly the hardest one to give up.
Going out for dinner or having a takeaway is so convenient and is often regarded as a “treat” for working hard or getting through a tough week.
But imagine how much you could save if you gave them up. Astonishingly, brits spend over £4000 per year eating out! That’s 25% of their average annual income.
Figuring out what to cook each night now seems quite doable if it can save you £4000.
Meat
According to this Oxford University study changing to a vegetarian or vegan diet can reduce your food bill by up to a THIRD.
This is great news for those of us already on one of those diets, or those who want to change their lifestyle to a more environmentally friendly approach.
I understand for a lot of people meat and fish are the most important part of any meal. So maybe start off small and go meat free for one meal or one day per week.
Remember, even small changes can significantly improve your finances over time.
Prepacked/Prechopped food
Following on from adapting to a “healthier” diet, we have prepacked, processed foods.
Prepacked “convenience” foods are not only typically less healthy for you, but they are much more expensive. You really are paying for the convenience of it, when preparing it yourself could cut the price in half!
Prechopped food is even worse! You could save so much just by spending an extra couple of minutes chopping ingredients yourself.
For example, at my local supermarket, you can buy a block of Mature Cheddar Cheese at a cost of £5.63/kg. However, for the exact same brand and type of cheese that is pre-grated for you, it costs £8.00/kg!
I believe this is one of the easier changes you can make, and believe me, your grocery bill will be so much better for it.
Bottled Water
Apart from being horrendously bad for the environment, bottles of water are a terrible thing to waste money on.
Especially when you are in a restaurant or café where you could easily ask for tap water.
Instead of buying water out of convenience when you are out and about, invest in a BPA Free Water Bottle that you can refill and take with you (affiliate). This is sure to help save the environment and your wallet!
Hobbies and Leisure
Gym membership
Am I the only one who thinks the price of a gym membership is completely absurd? I understand the equipment you can use is expensive but there is no way one person’s membership should cost over £40 per month.
I have recently become a home workout junkie and it saves so much money, time and effort. You don’t have to travel anywhere, buy expensive gym clothes or see anyone when you are embarrassingly sweaty and out of breath.
For me it is a no brainer!
And although you may not have the machines at home, I have yet to find a muscle group or fitness target I can’t reach without use of specialist gym equipment.
Start with researching a few home workout videos and see if you can adapt your routine.
Afterall, it could save you nearly £500/year.
Eyeshadow palettes
If you are like me, then you have resigned yourself to the fact makeup is expensive. Though for some reason we keep buying it! Whether it’s for confidence or as an artistic outlet, makeup can be a “need” for a lot of people.
I’m not going to tell you to stop buying makeup completely… I know I could never do that!
Instead try not to buy eyeshadow palettes. They are usually one of the pricier items in a makeup bag and are less of a necessity.
Unlike other makeup products, you rarely run out of eyeshadow. Most of us use a palette for a few months, then get tempted by a new release, buy it, then forget about the last one.
So instead of giving into FOMO, try to use the eyeshadow you already have before considering another purchase (but check it hasn’t expired first!).
This method has honestly saved me hundreds!
Cinema Tickets
Although there is no other experience like going to the movies, it has become very expensive and a little redundant.
Most newly released films are made available on a streaming service a month or so after the cinema.
You don’t have to wait very long anymore to see the next blockbuster, and you can save a lot of money on tickets, popcorn and drinks!
Unused Subscriptions
Although we are in the age of streaming services, and subscriptions, I bet you not all of yours are necessary.
Check how many services you pay for and see if there are any you don’t use anymore, or you simply do not use enough to justify the expense.
Also, take time to check for any better bundles or deals you could get. That could be having a student account or splitting the cost of a couples or family plan. It’s always worth checking for a better deal if multiple family members use the same service.
Technology
Cable TV
Now that you’ve got your top streaming services, maybe its time to realise paying for hundreds of tv channels is just not worth it anymore. Nearly every big new show is being released online instead of on tv, so you probably won’t be missing much!
Top Range Phones
As smartphones came out and became mainstream, every advert and salesman were selling you the latest and greatest model, and we all fell for it.
At that time, the top phones really were so much better than the rest. However, now midrange phones have arrived and have really come into their own.
You can now get the latest operating system and nearly all the new tech that the average phone user would need, for a fraction of the cost of the top range phones.
I recently bought my first ever mid range phone for £329, instead of the next generation of my previous phone which would have cost me £769.
I am so happy with my purchase, it performs just as well as any top range phone I have used and it saved me so much money and financial stress.
TIP: If you can, try to buy your phone outright as opposed to getting a contract because this will often work out much cheaper over time.
Cheap Earphones
I know this sounds backwards but bear with me. During my school and early university years, I would buy the cheap £4.00 no brand earphones you can order online. To me they did the job and were nice and cheap.
But over that time I must have bought and discarded at least 30 pairs!
One ear would break and have no sound, or the wire would snap, or because they were so cheap I wouldn’t worry about them and would lose them.
Then a friend told me that I had to buy more expensive ones, so I caved to the peer pressure and paid out £60 for a pair.
Not only was the sound quality unreal compared to the ones I was using, but they are still working perfectly 5 years later!
I can’t believe I thought I was saving money by endlessly replacing cheap, poor quality earphones.
Please avoid my mistake!
Some things are worth paying more for.
Miscellaneous
Sale items
Of course, everyone loves a bargain, and so you should!
But when you don’t need anything and then get drawn in by the sale prices that creates the problem.
Always be careful around sales and “once in a lifetime” discounts. Although there may be good deals, you probably had no intentions of buying anything, and instead of saving money, you are actually just spending more.
But if you have planned to buy something that you need and find it in the sale then Go for it!
Unnecessary Birthday Presents
This one especially applies to students or graduates who have a lot of friends in the same financial boat as you.
If you and a friend are both watching your spending and trying to cut back, perhaps have a conversation and stop giving gifts for a year or two.
We all love to give and receive gifts but if you are both quite stressed when it comes to spending extra money, it could be worth a chat.
Even just setting a spending limit on presents could help significantly.
Anything you have wanted for less than a month
To finish I want to share my favourite tip that really helped me beat my online shopping addiction.
If you want to buy something (that is not a necessity) then you must wait 30 days before you can buy it.
More often than not, after 30 days you probably won’t feel like you need it anymore. And if you do still want it then you know it is worth it and that you won’t regret your purchase.
This really helps to stop impulse purchases and stops you buying the “next big thing” just because everyone is talking about it.
This method cut my makeup spending by 85% within the first month and made me realise how much I was being influenced by the social media and “viral” hype.
Find out the other methods I used to crush my shopping addiction here.
Over to you– It’s time for you to take control of your spending and cut out all of your unnecessary spending!
Did you find this post helpful? What is the first thing you will be cutting from your bills?
- 7 Tips you Need to Stop your Shopping Addiction
- 5 Websites and Apps you Need to Save Money
- 7 Unusual Ways to Save Money that you haven’t thought of!
- 19 Passive Income Ideas for Beginners in 2023
Disclaimer: This post may contain affiliate links and/or referral links which means I may earn a small commission or incentive if you choose to purchase or signup (at no additional cost to you). Please note that I will only ever promote products that I truly believe in and would recommend with or without earning a commission. As an Amazon Associate I earn from qualifying purchases.
