Vivian Tu, known as “Your Rich BFF,” offered a look into her spending habits. She revealed four things she cut out of her budget. These changes not only improved her finances but also aligned with her value system, ensuring that she spends only on what truly matters. Here are some of the ways Tu says people waste money.
1. Spending Money on Specialty Kitchen Tools
During the pandemic, many of us, including Tu, found solace in the kitchen. Starting from basic recipes, she soon ventured into the world of gourmet dishes. To aid her culinary adventures, she invested in a multitude of specialty kitchen tools.
While these gadgets saved a few minutes in food preparation, they ended up being more of a hassle during cleaning. Moreover, these tools often have a single use that can easily be replaced by common kitchen items like knives or wooden spoons.
As life returned to normal, Tu returned to her pre-pandemic habits, and those expensive gadgets were left collecting dust. “I totally gave up on cooking and those pricey tools have just sat collecting dust,” said Tu in a video on the Your Rich BFF channel. “So, no more specialty kitchen tools for me,” she declared.
The lesson? Think twice before splurging on those trendy kitchen tools.
2. Buying More Than You Need
Who hasn’t been tempted by those luxurious full-sheet sets? However, Tu argues it’s smarter to buy only what you need. For instance, if all you want is a fitted sheet, why spend extra on a complete set that includes items you won’t use? This logic extends beyond bed linens. Whether it’s a beauty package or a household item, being selective can save you money without compromising on your actual needs.
3. Choosing Brand Names Over Generics
Despite the pharmaceutical industry’s marketing tactics, there’s no reason to believe brand-name drugs are superior to their generic counterparts. Tu’s advice is simple: look for the active ingredients. If a generic drug has the same active ingredient, dose, and percentage as its branded counterpart, you’ll get the same benefits at a fraction of the cost.
The only exception, Tu admits, is convenience. If you’re in urgent need and only have access to limited choices, such as at a gas station, brand names might be the only option.
4. Buying Expensive Swimsuits
Swimsuits, especially the pricey ones, rarely hold up after multiple uses. Factors like chlorine, saltwater, and even frequent washing can degrade their quality. Tu’s experience confirms this; even a $180 swimsuit lost its shape after a few wears. Her solution? Opt for budget swimsuits. Not only do they offer variety, but they also don’t dent your pocket if they wear out after a season.
Prioritize Your Spending
Being financially savvy isn’t about depriving yourself. It’s about making informed decisions. As Tu wisely points out, “You can afford anything; you just can’t afford everything.”
By cutting back on non-essentials, you can allocate funds to what genuinely adds value to your life and future goals. Whether it’s investing, saving, or indulging in a passion, being intentional with your spending can lead to a fulfilling and financially secure life.
Editor's note: This article was produced via automated technology and then fine-tuned and verified for accuracy by a member of GOBankingRates' editorial team.
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