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2024-04-09 14:26:06

9 Things Poor People Waste Money On _ Frugal Living _ Financial Education

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It's easy to fall into the trap of spending money on things we think we need or that promise to make our lives better .

From the latest tech gadgets and brand name sneakers to eating out too often or accumulating subscriptions we barely use , these spending habits can quickly drain our wallets , leaving us wondering where all our money went .

But here's the good news .

You have the power to change your spending habits and take control of your financial future .

Here are 9 things poor people there waste money on .

Number 1 .

Expensive beauty products .

Expensive beauty products can seem like they're the best choice because of their price and fancy packaging .

However , you don't need to spend a lot of money to look and feel great .

There are plenty of affordable beauty products that work just as well , if not better than the expensive ones .

It's all about finding what works for your skin and sticking to it .

Start by reading reviews online or asking friends for recommendations .

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Sometimes , a less expensive product has the same ingredients as the costly one .

Also , some drugstore brands are known for their high quality yet affordable products .

Don't be fooled by the brand name .

The effectiveness of a product is what truly matters .

You can also look for multipurpose products like a moisturizer with sun protection factor to save money .

Remember , a high price tag doesn't always mean better quality .

By choosing wisely , you can keep your skin healthy and your wallet happy without sacrificing your beauty routine .

Number 2 .

Luxury accessories .

Luxury accessories like designer handbags , watches , and jewelry can be really tempting .

They look nice , and it feels good to have something fancy , but they can cost a lot of money .

Sometimes people buy these expensive items thinking they need them .

But often it's more about wanting them because of their brand name or because they're fashionable .

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It's important to think carefully about whether you really need a luxury item or if you just want it .

Needs are things you must have to live safely and comfortably like food , a home , and basic clothes .

Wants are things that are nice to have , but you can live without .

Saving money by not buying expensive accessories means you can spend it things that are more important or save for the future .

There are many affordable and good looking alternatives that won't empty your wallet .

Remember the value of something isn't always determined by its price tag .

Number 3 .

Latest smartphone models .

Getting the latest smartphone model right when it comes out is exciting , but it can also be really expensive .

These new models often have cool new features , but they might not be that different from the older ones .

Plus , the price usually goes down after a few months , or a newer model comes out , making the one you just bought less special .

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Instead of buying the newest phone right away , waiting a bit can save you a lot of money .

The older model's prices drop when a new phone comes out , so you can get a great phone for less money .

Another smart choice is buying a refurbished phone .

Refurbished means it's been used before but fixed up to work like new , and it's much cheaper .

By choosing to wait or buy refurbished , you can still get a fantastic smartphone without spending all your savings .

Plus , you're making a more environmentally friendly choice by not always going for the newest thing .

Number 4 .

Extended data plans .

Extended data plans for your phone can seem like a good idea because you get a lot of Internet data to use each month .

However , they can be really expensive , and you might not even use all the data you're paying for .

It's like buying a huge bucket of popcorn at the movies and only eating half .

You paid for the whole bucket but didn't get your money's worth .

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To avoid wasting money , it's smart to check how much data you actually use .

Look at your phone settings .

It can tell you how much data you've used in the past month .

You might be surprised to find out you're using less than you thought .

If you're using less data , switching to a cheaper plan with less data can save you a lot of money over time .

Plus , you can always use Wi Fi at home or in public places to save on data usage .

This way , you're only paying for what you really need .

Number 5 .

Cable and phone insurance .

Cable and phone insurance might seem like a smart move because it promises to fix or replace your items if something bad happens .

But this insurance can actually cost more than it's worth , especially if you never use it .

It's like carrying an umbrella all the time just in case it rains , but it hardly ever does .

Before signing up for any insurance , think about how much you're paying every month and what it really covers .

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For phones , many times , the cost of insurance over a year or 2 can be as much as buying a new phone , especially if there's a high deductible , which is the amount you pay before the insurance helps out .

It might be better to set aside a little money each month into savings .

That way if something happens to your phone or cable , you can use your own savings to fix or replace them without paying for unnecessary insurance every month .

Number 6 .

Expensive college courses .

Going to an expensive college might seem like the only way to get a great education , but there are cheaper options that can save you a lot of money .

Community colleges offer many of the same courses as expensive universities , but at a fraction of the cost .

You can take classes there for 2 years , and then if you want , transfer to a university to finish your degree .

This way , you get the same diploma but spend much less money .

Another option is taking courses online .

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Many websites and colleges offer online classes that can be way cheaper or even free .

These courses can give you the skills and knowledge you need for your future job without the huge price tag .

Both community colleges and online courses are great ways to learn without spending a ton of money on tuition .

They can be just as good as expensive colleges , helping you save money for other important things in your life .

Number 7 .

Unneeded textbooks .

Buying brand new textbooks for school can be super expensive , but there are cheaper ways to get the books you need without emptying your wallet .

One smart move is to buy used textbooks .

Often , you can find them at your school's bookstore or online at lower prices .

Since textbooks don't change much from year to year , a used book can be just as good as a new one .

Another option is to go digital .

Many textbooks come in digital versions that you can read on a tablet or computer .

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Digital books are usually cheaper than physical ones and are easier to carry around .

You won't have a heavy backpack , and you can quickly search for key information in your books .

Choosing used or digital textbook saves money and still gets you the information you need for your classes .

Plus , it's better for the environment since it means fewer books are produced and thrown away .

Number 8 , workshops and seminars .

Workshops and seminars can be really helpful for learning new things or improving skills , but they often come with a high price tag .

The good news is there are tons of free resources and webinars available online that cover the same topics without costing you a dime .

Libraries , community centers , and even online platforms offer free workshops on everything from coding and photography to writing and business skills .

These sessions are often taught by experts who are passionate about sharing their knowledge .

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Plus , many websites and educational platforms host webinars .

These are online seminars where you can learn and even ask questions just like in a real classroom , but from the comfort of your home .

By choosing free resources and webinars , you get to save money while still learning and growing .

It's a smart way to keep improving yourself without spending a lot on expensive courses or events .

Remember the best investment you can make is in your own education , and often it doesn't have to cost anything .

Number 9 .

Credit card interest .

Credit card interest is like a sneaky extra charge that adds up when you don't pay off your credit card balance every month .

Imagine you buy a video game with your credit card and don't pay the money back right away .

The credit card company will start charging you interest , which is extra money on top of what you already owe for the game .

Over time , you could end up paying a lot more for that game than its original price .

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The smart move is to pay off the whole balance on your credit card every month if you can .

This way , you avoid paying any interest at all .

Think of it like this .

If you can't afford to pay for something in full by the end of the month , It's probably better to save up for it first rather than using your credit card .

This will help you save money and avoid falling into a trap of growing debt .

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