When it comes to spending money, it's not always about how much money you have in your bank account. Even if you're a high earner or have a large net worth, that doesn't mean you can spend your hard-earned cash thoughtlessly.
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In fact, many financial experts warn against doing this and instead recommend making conscious spending decisions that prioritize needs over wants, perhaps splurging a little from time to time. Masu.
GOBankingRates spoke to several financial experts about the most important thing people should always do to spend as little as possible. Here's what they suggested:
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medicine
If you need medication, think twice about purchasing the most expensive option. Generic options may cost less and provide the same benefits.
“Generic drugs often contain the same active ingredients as their brand-name counterparts, but are usually much more affordable,” says Erica, a lawyer and personal finance expert and director of Erika.com. said founder Erika Kullberg. “Next time you go to the pharmacy, compare the ingredients of name brand and generic products to see how they differ.”
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vitamins and supplements
Just as you can get cheaper generic drugs without sacrificing quality, you can do the same with vitamins and supplements. Be sure to double-check ingredients and cross-reference brands to ensure quality.
“I'm not a medical expert, but if you can get a vitamin like B12 in a cheaper form, you should do it rather than paying a higher price for vitamin B12 from someone else,” says Sebastian, a financial expert.・Mr. Jania says. He is also the owner of Ontario Property Buyers.
groceries
Groceries are an essential expense, but food doesn't have to be expensive. In fact, many financial experts recommend not buying the most expensive material, but choosing cheaper alternatives.
“Unless you really know the difference between name-brand foods and store brands, choose store brands to save money,” says Kullberg. “The exception to this rule is if you have a coupon for a name brand product.”
Jania agreed, saying, “Groceries, especially 'off-brand' ones, are usually the cheapest.”
Book
“I'm never going to tell you not to buy books, but you don't have to buy the latest hardcover version,” Kullberg says. “Going digital with e-books always saves you money, even on the latest releases. If you like traditional paper books, always look for used books on Amazon or check out your local used bookstore and buy 20 Get the book for a dollar or two instead of a dollar.”
Another way to save money on books is to borrow them from the public library. If you're worried about late fees, check out audiobooks and e-books. These items will be automatically returned after the return deadline.
disposable items
If you need to replace items frequently, you want to buy them as cheaply as possible.
“Whenever possible, we like to invest in clothing and household items that we know will last a long time, but sometimes you have to accept that something is lost,” Kullberg said. “For example, if you change your shower curtain often and want to keep it clean, the Target version will work just as well as the Designer version. If your kids spill on your rug and you want to replace your rug every few years. If you know you have a need, choose the cheaper option instead of investing.”
baby clothes
Another thing to buy as cheap as possible to save money is baby clothes.
“Babies grow so fast that new clothes quickly become out of place. So buy cheap clothes and don't worry about quality,” said Diana Howard, financial analyst at Couponbirds. .
You may be able to do the same with items that don't last long, such as baby toys. Be sure to choose one that is safe for your child.
cosmetics
Cosmetics is another important area where you can get what you want while cutting costs.
“While you may never take off your favorite brand of foundation or lipstick, try to find drugstore alternatives for the majority of your makeup,” says Kullberg. “You can now find really great 'sucks' of designer makeup products at drugstores for a fraction of the price. I promise, no one will know if you spent $30 on mascara. ”
gym membership
Gym membership fees can be very expensive, especially when you consider the initial registration fee and monthly costs. Therefore, if you want to go to the gym to work on your fitness, choose the cheapest option that will give you what you need.
“A treadmill is a treadmill, so you don't have to add a triple-digit monthly gym membership to your budget just because of free Kiehl's products in the sauna or bathroom,” says Kullberg.
tea and coffee
Unless you have a favorite brand of tea or coffee that you just can't live without, you should focus more on the ingredients than the name when purchasing.
For tea drinkers, Jania suggested buying in bulk to get the lowest “per unit” price possible. Also, for those purchasing ground coffee, choose the lowest cost option that will get you what you need.
car
When it comes to cars, it can be a little difficult to know how much they will cost. In the end, you'll need to find the right balance between cost, condition, and quality. However, it is better to buy a cheaper car rather than an expensive one, as long as it is in good working order and serves its purpose.
“The main purpose of a car is to get you from one place to the next, not as a status symbol or something to show off,” says Jania. “If the vehicle is safe and performs as it should, it is best not to pay too much for a vehicle, especially as vehicle values have declined.”
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This article originally appeared on GOBankingRates.com: I'm a financial expert: Always buy the cheapest version of these 10 things
