Sometimes I look back on my life and cringe thinking about some things I’ve wasted my money on. (Like that car I bought but couldn’t afford as soon as I got my first job. The car price was half my measly salary!)
But Buzzfeed takes it even further and lists 19 things older adults tell younger adults not to waste their money on.
Have you bought and regretted any of these 19 things?
Let’s discuss.
1. Extended warranties
I’m not usually a sucker for extended warranties, but I did extend the warranty on my Peloton.
Just in case.
And it was a total waste of money.
My Peloton has been working just fine.
I think cars are different. We always get extended warranties on our cars, and it’s come in handy a couple of times.
2. Whole-life insurance
My husband and I have life insurance, but it’s the cheap kind. I don’t have any experience with whole-life insurance, but I know it’s something that Ramit Sethi yells about often on his I Will Teach You to Be Rich podcast.
He constantly talks about how it’s a rip-off and not to buy into it.
3. Sales
I was just hit with this a few minutes ago while making an Amazon purchase.
My cart gave me a message:
Spend $3.30 more on qualifying orders to get free overnight shipping.
“$3.30 is not that much. I bet I can find something.”
It was so tempting!
But I didn’t need anything else and knew I would spend more than $3.30.
And do you know what happened?
All my orders got overnight shipping anyway.
4. The latest tech device
“Wait six months, and it will be cheaper. You may not even want it anymore, especially once the hype is over.”
— Anonymous from the Buzzfeed article
Are you someone who can wait for new technology, or do you need it as soon as possible?
My son, husband, and I just upgraded our iPhones to the 16. It was “free” with our T-Mobile account, and we’re happy to upgrade every couple of years instead of yearly.
But I understand the urge to get the latest and greatest when available.
5. Cars
Of course, having a car is practically a necessity unless you live in the city. But I agree that you don’t need a brand new one. The value goes down as soon as you drive it off the lot.
I drove my Nissan Pathfinder for 10 years before it finally broke down, and I recently got a new-to-me car.
It was off a 2-year lease so the mileage is low, but since it’s a 2021 and not brand spanking new, it didn’t sink us financially.
Some people pay more for their monthly car payments than their mortgages. And that’s wild to me!
6. Single-use kitchen gadgets
Woah. I’ve got a bone to pick with the person who said this. I might agree if I didn’t love my kitchen gadgets so much.
This person mentions storage as the main reason not to get so many things and that’s a good point.
If you don’t have enough space, pick just one or two things to make your life easier.
I would choose between a toaster oven, Instant Pot, or air fryer. You can use any of these to make a solid meal without turning the oven on.
7. Getting into debt to impress others
I 100% agree with this person on this one. It’s crazy how important status is to people.
My daughter takes Positive Psychology in school, and she brought home a fascinating question from that class.
“Would you rather make $100,000 a year but your friends and neighbors make less than you? Or $150,000 a year but your friends and neighbors make more than you?”
I thought the answer was simple.
Make $150,000 because you get to make more money.
Not so fast.
Most of the students in her class, and both my husband and son, said it would be better to make $100,000. The status of being a higher earner amongst their peers was more important than the extra $50,000.
So I can understand why it’s tempting to buy things to impress others. It’s in our human nature.
But going into debt to do it is a very bad idea.
You’ll constantly be in a state of stress trying to outdo your friends.
As someone who was formerly in a lot of debt, I can assure you, it’s not worth it.
8. Timeshares
I don’t have any experience with owning a timeshare, but I know all the financial people on YouTube say not to do it.
My husband and I went to a timeshare presentation once when we were in Hawaii because we wanted the free thing. Bad idea!
You’ll waste a good 2–3 hours of your time with the most high-pressure salesperson you’ve ever met, and it’s hard to say no.
And I don’t even remember what the free thing was!
Avoid everything about timeshares.
9. Home warranties
Warranties are mostly a terrible waste of money.
10. A fixer-upper house
If you’re handy and love to build and fix things, maybe this is a good idea. But fixing a house costs a lot of time and money.
Buying a fixer-upper house will almost always cost you more than you originally planned because as you fix things, new problems appear.
(Have you seen those shows where they update houses? It always happens.)
One of the commenters on the Buzzfeed article advised to wait and save up more money for a house that doesn’t need a lot of updates.
That’s sound advice.
11. Don’t buy a house unless you know you really want to live there
Moving is a pain in the ass.
And costly.
12. Expensive-Ass Weddings
If you can afford it, go for it. But don’t go into debt over one day. Yes, it’s an important day, but it goes so fast you’ll barely remember it!
My nephew recently had a wedding, and they got the price down from $80k to $50k. Holy moly!
The families could afford it, so good for them. (It was an unbelievably gorgeous wedding.) But if they had to put that on their credit cards, they’d be paying it off forever.
In case you don’t realize it yet…having debt is stressful.
Avoid it as much as you can!
13. Formal wedding china
Yes, yes, yes to this!
We requested formal china as a wedding gift because it’s traditional and that’s just what you did.
I wish I would have requested nice, but less formal everyday plates and glasses.
But…
Here’s what I decided a few years ago.
“I have it, and I’m using it. And screw it. I’m putting it in the dishwasher, too.”
My family and I use it every night at dinner time.
It was better than letting it sit there.
And so far, so good with the dishwasher!
However…
I never use the wine glasses, water glasses, or coffee cups. I’m thinking of selling them because those are just sitting there unused, taking up space.
14. A swing set for your kids
We live in a townhouse, so we never had a swing set for our kids. But we have a trampoline at my mother-in-law’s. So I totally understand this sentiment.
Because now my kids are older and don’t use the trampoline, and the grass is growing all around and under it. We need to chuck it, but it’s so big that it’s a daunting task.
If you live near a park, it’s much better to go there.
That way, the kids won’t get tired of it too quickly, and you won’t be the one to mow around it.
15. Anything with a store credit card
Dave Ramsey and Ramit Sethi would both agree on this one. It’s that “getting into debt is stressful” thing.
I don’t think it’s a terrible idea to use store credit if you can get a good discount and pay it off right away.
16. Only Fans or p*rn subscriptions
I don’t have any of these, so I can’t comment.
But…
You do you.
17. Designer shoes & bags
The person who commented isn’t judging others for buying these things. But it was something she regretted wasting her money on.
18. Starbucks
While I agree spending $3 for a small cup of coffee is dumb, I do it.
I like the coffee I make at home, but sometimes it’s nice to get that Starbucks jolt.
19. Stuff you don’t need
I think we’re all guilty of this one. I used to love watching those infomercials on TV that sold exercise equipment or kitchen gadgets. They are amazingly good at convincing you that your life will be in ruins without that thing.
And, like most impulse purchases, they sat in the back of the closet collecting dust.
Before you buy something, make sure:
you’ll actually use it
it’s the best quality you can afford
it’ll make your life better in some way
Visualize yourself using it. Visualize yourself a few months down the line. Do you see yourself still using it?
If you’re going to spend your hard-earned cash, make sure to spend it on things that will help you get the most out of life.
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