While we think little things don’t make a difference, ditching them could set you on a path to building wealth
Let’s be honest, most of us would like more money. However much you earn or seem to spend, there’s usually never enough.
According to one expert, the key lies in adopting a mindset. It’s about making wise choices and not frivolous spur-of-the-moment decisions.
Jason Higgs, senior deals strategist at Bountii and an expert on saving money, says there are five things you should never spend money on if you want to be rich. Essentially it revolves around having some discipline and often thinking twice about making a purchase, whatever it may be.
If you want more money, think about these changes
Impulse buying
Impulse buying is a surefire way to drain your bank account. While it’s tempting to think a little treat here and there won’t make a difference, think again.
Jason said: “Resist the urge to buy things you don’t need and stick to a well-planned budget.”
Expensive subscriptions
From various streaming services to premium gym memberships, subscriptions can quickly add up. Jason said that one study found the average value of unused paid subscriptions per month was around £32.84 in 2024, an increase from £25.34 the previous year.
Jason said: “Evaluate which ones you truly need and cancel the rest.”
Branded products
While brand loyalty can be tempting, generic or store-brand alternatives often offer the same quality at a fraction of the cost. Switching to generic products can save you up to 30% on your grocery bill, according to Consumer Reports. If you’re a family spending £600 every month on groceries, that’s a savings of about £180 monthly.
Frequent dining out
Eating out regularly with your family can be a huge drain on your personal finances. A 2022 study by the U.S. Bureau of Labor Statistics found that the average household spent more than £3,639 annually on dining out, or about £300 monthly.
“Cooking at home and packing lunches can save you thousands of dollars each year,” Jason said.
Unnecessary upgrades
Whether it’s the latest smartphone or a luxury car, resist the temptation to upgrade unnecessarily. Jason said: “Embrace the mindset of ‘good enough.’ Constantly chasing the latest and greatest will only hinder your ability to build wealth.”
By avoiding these five expenses, you can redirect your money toward more productive investments, such as retirement accounts, emergency funds, or income-generating assets.
“Remember, building wealth is a marathon, not a sprint, and every dollar saved today can compound into significant wealth over time,” said Jason.
