10 Things to NEVER Buy! | Money Saving Tips | Summary and Q&A

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September 24, 2018
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Let's Talk Money! with Joseph Hogue, CFA
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10 Things to NEVER Buy! | Money Saving Tips

TL;DR

Don't waste money on premium gasoline, vitamins, bath salts, timeshares, credit monitoring, single-serving snacks, expensive haircuts, luxury cars, unnecessary purchases, or large houses.

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Key Insights

  • πŸ‡²πŸ‡¬ Premium gasoline is unnecessary for most cars and switching to regular gas can result in significant savings.
  • ❓ Vitamins are unnecessary for those with a balanced diet and are mostly excreted without absorption.
  • πŸ§‚ Opting for bulk Epsom salts instead of expensive bath salts can provide the same relaxation experience at a fraction of the cost.
  • βœ‹ Timeshares are expensive and come with high annual maintenance fees, making hotel stays a more cost-effective option.
  • πŸ’³ Freezing credit reports provides better protection against identity theft compared to credit monitoring services.
  • πŸ›Ÿ Single-serving snack packs are costly and can be replaced with more affordable options like regular-sized products.
  • πŸ’‡ Haircuts can be expensive, and opting for shorter hairstyles or cutting hair at home can save significant money.
  • 😨 Luxury cars come with high costs of ownership, and choosing more affordable options can result in substantial savings.
  • πŸ˜… Unnecessary purchases, such as hot tubs, boats, and other seldom-used items, are wasteful expenditures.

Questions & Answers

Q: Is premium gasoline necessary for all cars?

Premium gasoline is not necessary for most cars, as regular gasoline won't damage the engine or affect performance. Opting for regular gas can save an average American $360 a year.

Q: Are vitamins a waste of money?

If you have a balanced diet, vitamins are unnecessary as our bodies can't absorb the excess and they are mostly passed in urine. Spending $73 a year on vitamins is a waste of money.

Q: Are timeshares a good investment?

Timeshares are expensive and come with high annual maintenance fees. Selling a timeshare is difficult and often results in financial loss. Opting for hotel stays can save over $1,400 a year.

Q: Are credit monitoring services effective in preventing identity theft?

Credit monitoring services only alert you when something fishy is happening but won't stop identity theft. Freezing your credit reports provides better protection and saves $213 a year.

Q: Are single-serving snack packs worth the cost?

Single-serving snack packs, like cereal packs, are expensive compared to buying in bulk. Choosing cost-effective options like regular cereal can save over $207 a year.

Summary & Key Takeaways

  • Premium gasoline is unnecessary for most cars and won't damage the engine or affect performance. Switching to regular gas can save an average American $360 a year.

  • Vitamins are unnecessary for those with a balanced diet and are mostly excreted without absorption. Spending $73 a year on vitamins is a waste of money.

  • Buying expensive bath salts is unnecessary as they are essentially just Epsom salts with fragrance and coloring. Buying bulk Epsom salts can save $179 a year.

  • Timeshares are expensive and come with high annual maintenance fees. Selling a timeshare is difficult and often results in significant financial loss. Opting for hotel stays instead of timeshares can save over $1,400 a year.

  • Credit monitoring services are costly and provide limited protection against identity theft. Freezing your credit reports can provide better protection at a fraction of the cost, saving $213 a year.

  • Single-serving snack packs, such as cereal packs, are expensive compared to buying in bulk. Choosing cost-effective options like regular cereal can save over $207 a year.

  • Haircuts can be costly, especially for families. Opting for shorter hairstyles or cutting hair at home can save up to $700 a year.

  • Luxury cars, such as sports cars, come with high costs of ownership, including repairs, maintenance, and insurance. Opting for more affordable cars can save over $8,500 a year.

  • Unnecessary purchases, such as hot tubs, boats, and other items rarely used, lead to wasteful spending. Consider if the purchase will truly be used before making the investment.

  • Large houses are not always necessary and come with high costs. Downsizing to a smaller home can save over $68,000 on the purchase price and significantly reduce monthly mortgage payments.

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