9 Things To Get Rid of Now If You Want To Save Money
Written by
Cindy Lamothe
Edited by
Gary Dudak
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Sometimes, the key to saving money is simply cutting out stuff that quietly drains your budget. Frugal people are known to hold onto things well beyond their expiration date, but that habit can come with a higher price tag than you think.
Some goods require more energy and cause more trouble than they’re worth. With that in mind, here are nine items you should get rid of now if you really want to save some money.
Old Appliances
Old appliances, particularly refrigerators and air conditioners manufactured before 2001, are prominent energy vampires, according to Abid Salahi, co-founder of FinlyWealth. “A 20-year-old fridge can consume up to 1,700 kWh annually, costing around $200 per year in electricity,” he said.
Replacing with Energy Star-certified models can cut energy use by 15% or more, saving hundreds over the appliance’s lifetime. Simply put, older appliances and electronics drive up your utility bills. Replacing with energy-efficient models saves money in more ways than one.
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Oversized Homes
Oversized homes often lead to inflated utility bills, higher property taxes and increased maintenance costs. Downsizing to a more appropriately sized living space can slash these expenses dramatically.
“For instance, moving from a 2,500 sq ft home to a 1,500 sq ft home could save upwards of $10,000 annually when reducing utility costs, property taxes, and maintenance expenses,” Salahi said.
Rarely Used Vehicles
“Rarely used vehicles in the driveway aren’t just depreciating assets; they’re money pits,” Salahi added. Even when unused, he noted that cars require insurance, registration fees and periodic maintenance.
“Selling an extra vehicle can save an average of $5,000 annually in ownership costs, not to mention the potential cash influx from the sale.”
Oversized Lawns and Complex Landscaping
Oversized lawns and complex landscaping may look impressive, but they come with hefty maintenance costs. Between water, fertilizer, equipment and potential professional services, Salahi stated that a large, manicured lawn can cost upwards of $3,000 annually.
“Consider replacing portions of your lawn with low-maintenance native plants for xeriscaping to reduce these ongoing expenses dramatically.”
Unused Gym Equipment or Memberships
“Unused gym equipment takes up valuable space and represents a sunk cost that could be recouped,” said Salahi. He added that a high-end treadmill or elliptical machine can fetch $500 to $1,000 on the resale market.
Eliminating these energy-hungry devices can also save upwards of $100 annually on your electric bill. In addition, gym memberships, fitness apps or any other unused subscriptions can add up fast. Review your monthly charges and cancel anything you haven’t used in the last 30 days.
Outdated Home Office Equipment
Home office equipment, especially for those who work remotely, often includes redundant or outdated technology. Old printers, scanners and fax machines consume energy and require expensive ink or toner.
Salahi advised consolidating to a single, efficient, all-in-one device that can save hundreds in energy and supply costs annually.
Vintage or High-Maintenance Clothing
Vintage garb and secondhand steals are great, but if you have clothing items you will not wear in your closet or they are difficult to maintain (like if they require dry cleaning), you should definitely consider donating them or selling them.
The same goes for costumes and other one-off items that you probably won’t wear again. Sell gently used clothing on platforms like Poshmark, ThredUp or Facebook Marketplace, and avoid impulse fashion purchases going forward.
Timeshares
“Timeshares are notorious money drains, with average annual maintenance fees exceeding $1,000, not including special assessments or travel costs,” Salahi explained.
While selling a timeshare can be challenging, eliminating this financial burden can save thousands over the years and remove a source of stress and obligation from your life.
Excessive Smart Home Devices
“Excessive smart home devices seem convenient but can significantly increase your energy bill,” Salahi observed. “A house full of always-on smart speakers, displays and other IoT devices can add $50 to $100 to your annual energy costs.”
Streamline your smart home setup to include only the most valuable devices to reduce these hidden energy expenses. Eliminating these items isn’t just about immediate savings, it’s about adopting a mindset of intentional ownership by critically evaluating the cost of your possessions.
Caitlyn Moorhead contributed to the reporting for this article.
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