14 Things Warren Buffett Says You Shouldn’t Waste Money On
The Sage of Omaha is known for his immense wealth and indispensable tips on making money with investments. As one of the wealthiest men in the world, he knows what he’s talking about.
That’s why everyone should pay attention when he offers advice on avoiding things that waste money. Making these changes may involve a certain amount of sacrifice, but it’ll pay off in the long run.
1. Gym Memberships

Have you made a New Year’s resolution to get fit and signed up for a gym membership to meet your fitness goals? To be honest, how many times have you used it since then?
If you don’t use it regularly and are still paying the membership fees, you’re wasting money that could be better used. When it comes to a gym membership, use it or get rid of it.
2. Credit Card Debt

Credit cards are fine if you can pay the balances monthly. The problem starts when your balances carry over each month.
Credit card balances collect interest until paid off in full, and making late payments results in additional fees. Buffett advises against racking up needless credit card debt.
3. Subscription Services

Today, many services, beyond newspapers and magazines, require a subscription. Some examples include monthly and annual subscriptions for music, television, movies, and shopping sites.
Inventory all the subscription services you’re paying for, and decide which ones are necessary and can be canceled.You’d be amazed at how much you’ll save over a year.
4. The Bar and Club Scenes

Hanging out at bars and nightclubs with your friends makes for fun times. Those meetups can amount to a lot of money, especially if you go out a few times a week.
You don’t have to give up hanging out with your friends. Instead of going to nightspots and spending money on food, beverages, and gratuities, Buffett suggests arranging gatherings at home.
5. Unnecessary Grooming Items

There’s nothing wrong with personal grooming. It’s good for the mind, body, and soul. But if you’re not careful, it can be an overly expensive activity.
Spend money on personal grooming items you need to properly care for yourself. There’s no correct or incorrect amount to spend on yourself, but you must decide between what’s needed and what’s not.
6. New Tech Gadgets

Buffett understands the appeal of getting the newest tech gadgets. He also understands how pricey new technology is.
New tech devices tend to be the most expensive on the market, while older ones are less expensive. It is wise to stick with the devices that perform as you need instead of the shiny new toy you want.
7. Take Out and Dining Out

Take-out food is super convenient, especially when you’re on the go or have a busy schedule with no time to cook. Dining out also has benefits, such as having someone else cook for you and washing the dishes after you finish.
Making your meals at home takes more effort than take-out or dine-out meals, but you’ll reap the rewards in different ways. You’ll save money, and the meals you prepare will be healthier, and you’ll have leftovers for lunch.
8. Designer Clothes

Dressing nice makes you look and feel good. Wearing designer clothes makes you look and feel even better. Designer labels have a quality and fit that can’t be beat.
Buffett prefers to keep his wardrobe simple by purchasing the necessary clothes of good quality and not buying inwhat’s hot right now. Chasing designer clothing trends will drain your pockets, not fill them up.
9. Betting

There’s a certain thrill to playing games of chance. Whether you’re going to a casino, playing the lottery, or using a betting app on your smartphone, the excitement is still there.
Buffett believes that the momentary thrill that comes from gambling doesn’t make up for the inevitable losses. Remember, the house always wins. Invest those funds or put them in a savings account.
10. Cheap Products

Buying designer goods unnecessarily costs money, but that doesn’t mean you have to buy the cheapest items on the shelves. Too often, inexpensive means poorly made.
There is a middle ground between buying the most minor and most expensive things. Buy well-made items when they’re discounted. You’ll get the quality you want without the high price tag.
11. Gourmet Coffee

Like take-out food, buying coffee from coffee shops is fast, convenient, and tasty. However, if you buy coffee at least five days a week, it can also drain your finances.
To get the coffee shop taste on the cheap, invest in an excellent coffeemaker and prepare your coffee at home. The substantial savings can be used to build an emergency fund.
12. Expensive Homes

Homeownership is the cornerstone of the American dream. It’s an admirable goal for those who want to own a residential property.
It’s easy to get carried away while looking for a new home and buy one that’s too expensive. When shopping for a house, slow down and take a deep breath. Buy a home within your means.
13. New Cars

There’s nothing like that new car smell, and it’s one of the small joys of buying one. Being the first owner of a car is another thrill. However, Buffett cautions that there are downsides to buying new.
New cars are notorious for depreciating from the moment they leave the lot. A better option is to purchase a reliable used vehicle that holds its value better.
14. Tobacco Products

Using traditional or electronic tobacco products comes at a high cost in more ways than one. Besides the fact that they’re rather expensive, their health impacts can be devastating.
Kick the habit—I know it’s challenging, but it can be done! Next, set aside the money you would have spent on tobacco-related items. Watch how quickly the savings grow!
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