- Whether you’re overpaying for cellular data each month or choosing a large cable plan over streaming services, there are several ways you can cut costs and pay for only what you use and need.
- We spoke with several financial planners about common, expensive things that most people can do without, and we came up with a few of our own, too.
- Visit Business Insider’s homepage for more stories.
Showing off lavish items is an undeniable aspect of American culture. But when it comes to making sound investments in expensive items, there are some purchases financial planners say you should exclude from your budget.
Several expensive items are becoming obsolete based on the age of their likely consumers. Millennials, for instance, are opting for streaming services instead of cable packages with hundreds of channels that will never be watched. Other things like unlimited-data plans are also not worth the money, according to one expert we spoke to.
Before making an expensive purchase, ask yourself whether you can find a cheaper product that will bring as much joy, Jeremy Straub, the CEO of Coastal Wealth, told Business Insider. He said that while asking for joy from a product may be cheesy, it could help you think of a big purchase differently.
Another question to ask yourself, Straub said, is: “Could I use this money on an experience that would last a lifetime?”
Business Insider spoke with several financial planners over email about common, expensive things that most people can do without. Take a look at 12 expenditures they say aren’t worth the money, plus another three we’ve come up with.