While investing in a higher-cost item can be worthwhile if you get sufficient value, not everything with a big price tag is ultimately worth what it costs. Instead, they can bust your budget without giving you a suitable return on what you spent, largely making them a waste of money. If you want to spend more wisely, here are ten expensive items that don’t live up to their cost.
1. Cable Television
Cable television typically means paying for a lot of channels you’ll never watch, and the price of the services is rising over time. Today, with the high availability of streaming services – including options with live television stations – shelling out for cable simply doesn’t make sense for most people. Instead, finding a suitable internet plan and getting streaming services for entertainment can typically meet the needs of the majority, all while costing far less than cable.
2. Coworking Space Rentals
Coworking space rentals were once all the rage, but they don’t provide as much value as many freelancers or traveling professionals hoped. Membership can be surprisingly expensive. Plus, not all of them have quiet spaces regularly available
Instead, you may be in an open room filled with desks, and the overall atmosphere, level of noise, and amount of privacy can vary. Some come with a surprising amount of distractions, hindering productivity. As a result, the amount you pay may not feel appropriate based on your experience. And if you have a longer-term contract, you could ultimately be paying for a lot of unused days.
3. Latest Smartphone
While it’s true that having a smartphone is often deemed a necessity, paying the high prices associated with the latest models often isn’t. While the technology does improve with every iteration, choosing a new phone that’s the previous year’s model typically isn’t a significant downgrade. Plus, going with the slightly older model can save you a bundle, potentially several hundred dollars.
Similarly, getting a new smartphone every year – or even every two years – isn’t typically necessary. Most smartphones will last significantly longer than two years, so choosing not to upgrade the moment it’s an option can lead to notable savings.
4. Fine Jewelry
Many people believe that fine jewelry – particularly those featuring precious gems like diamonds or rubies – is an investment that has the potential to appreciate in value. However, that isn’t always the case. The stones found in most jewelry aren’t typically particularly rare.
For example, while many people believe diamonds are scarce, that isn’t true. They’re actually more common than many other stones, including rubies, emeralds, and tanzanite. Plus, there are many lower-cost stones that provide a near-identical look. Moissanite is a prime example, as it has characteristics similar to diamond for far less.
5. Unlimited Data Plans for Phones
Typically, smartphone users have options when it comes to their data plans, but many default to an unlimited one to avoid worrying about data overages. While that makes sense for anyone who routinely visits areas where Wi-Fi isn’t available, for everyone else, it’s potentially unnecessary.
Smartphone users should check their actual cellular data usage over the past six months or years and determine how much of their usage isn’t over Wi-Fi. Then, compare that to the available data plans through their provider. If they safely fall beneath a lower-cost tier, making the switch to that plan could result in some significant savings, all without diminishing the quality of their experience.
6. Food Delivery Services
Food delivery is expensive. Along with having to pay delivery fees, the cost of the various foods is often higher than what you’d pay if you went to the location yourself if you’re using apps like DoorDash or Uber Eats. The markups are both common and unavoidable. Then, when you add in a tip, you’re spending even more.
Couple that with the fact that delivery times can be surprisingly long. In some cases, your food will also sit quite a while before it makes it to your door, so it’s not getting to you in the freshest state.
While occasionally having food delivered as a treat or when heading out the door is legitimately not an option – such as when you’re ill–using it regularly adds up fast. As a result, it’s usually best to either pick up your own food or make something at home if you’re trying to keep your budget under control.
7. High-End Gym Memberships
While a high-end gym membership is potentially worthwhile for someone who’s an avid exerciser and will use it regularly, if you don’t actually go, you’re wasting money. Committing to a contract at a high-end gym isn’t worthwhile if you’re not sure that you’ll stick with it.
Instead, try a low-cost alternative to see if you’ll make going a habit first or design a home-based routine as a starting point. You might find that those options ultimately meet your needs, allowing you to stick with a money-saving alternative. But if they fall short and you’re genuinely committed to working out, you can consider a transition.
8. Storage Units
Getting a storage unit might seem like a smart move if you have excess belongings, but it’s generally not worth the cost. In many cases, items that end up there never make their way out, so you’re effectively paying to keep products that you’ll either store forever or ultimately throw away.
Instead of spending the money on a rented storage unit, go through your belongings and honestly assess whether they’re worth keeping. If so, pair down what you have in your home to find a place for it there, and sell, donate, or throw out anything that doesn’t make the cut.
9. Boats
In many cases, buying a boat is about trying to capture a dream life. But the reality of owning one isn’t typically what people expect. Often, boats don’t get used far as often as their owners think they might. Plus, the cost of maintaining and fueling them is frequently far more than people realize.
Instead, the better option is often renting. You get to enjoy taking a boat out when you want without the long-term expenses or hassles associated with ownership.
10. Bottled Water
Unless the water in an area is declared unsafe for consumption, bottled water is functionally a waste of money. Going with a water filter pitcher or faucet attachment is the far better deal, giving you clean, crisp water for a fraction of the price of buying bottled water.
Plus, using a pitcher or faucet filter is the greener option. Bottled water usually means you end up with a lot of plastic waste, and unnecessary waste is largely avoidable if you go with a filter instead.
Do you know of any other expensive items that don’t live up to their cost? Have you ever splurged only to regret it when the product didn’t provide the value you expected? Share your thoughts in the comments below.
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Tamila McDonald has worked as a Financial Advisor for the military for past 13 years. She has taught Personal Financial classes on every subject from credit, to life insurance, as well as all other aspects of financial management. Mrs. McDonald is a former AFCPE Accredited Financial Counselor and has helped her clients to meet their short-term and long-term financial goals.