It’s always a good time to look at your spending — more specifically, what can you stop buying?
What should go on your “no-buy” list going forward? Consider cutting expenses that provide little value, have cheaper alternatives or enable bad habits. For example, eliminate subscription services you don’t use, stop ordering takeout when you can cook or quit buying expensive morning coffees and make your own.
Learn More: 9 Easiest Ways To Maximize Your Savings in 2024
Trending Now: I’m a Financial Advisor — 5 Things the Middle Class Wastes Money On
Even small spending changes add up over time. Going into the fall with an eye on cutting wasteful costs can set you up for financial success before the end of the year. So take a few minutes to identify some things to stop buying and redirect that money to what matters most to you. Here are 13 things to stop buying in 2024.
Single-Use Plastics
Not only are plastics eating away at the planet, but they’re unnecessary and a waste of money. Rather than single-use plastic water bottles, sandwich baggies and straws, find non-disposable products you can wash and reuse. Some estimates predict that it could take up to 1,000 years for plastic bags to become organic matter, according to a report from the Toronto Environmental Alliance.
Read Next: 9 Things the Middle-Class Should Consider Downsizing To Save on Monthly Expenses
Bulk Packaged Food
We are suckers for the seemingly great deals on food at the warehouse stores, but unless you have a few teenagers at home, think twice about buying in bulk, especially for perishable goods like fruits and vegetables. That bag of avocados looks like a bargain compared to the per-avocado price at the grocery store, but if you wind up throwing half of them out, that bargain is a bust.
You’ll also be reducing food waste. According to Feeding America, nearly 38% of all food in the country is wasted, amounting to a loss of $473 billion per year — that’s the equivalent of 145 billion meals.
Wrapping Paper
Who says a beautifully presented gift has to be wrapped in colorful paper? Quality wrapping paper is pricey, and that paper has a surprisingly large carbon footprint. Greenpeace found that just one kilogram of wrapping paper generates 3.5 kilograms of carbon dioxide during production.
Instead, reuse clean paper bags or newspaper to wrap small gifts and finish them off with twine or yarn and greenery. For larger gifts, use a festive reusable grocery bag instead of a gift bag, and you’ve given a second present that the recipient will use throughout the year.
Birthday and Greeting Cards
It really is the thought that counts when it comes to sending someone a nice birthday greeting, thank you note, or congratulations on a big life event, but no one said you had to do so in a formal card and envelope. Sites like 123cards.com have plenty of e-cards to choose from, with more designs than you are likely to find on display at a retail store.
Forever stamps have already had two price hikes in 2024 — they’re now at 73 cents, so save yourself some money and go electronic with greetings.
Subscription Services
From streaming services to meal kits to online newspaper subscriptions, it’s a real jungle out there. In fact, Americans spend an average of $133 per month more than they even realize on unused memberships, according to CNBC, citing survey data from C+R Research.
Use a tool like Rocket Money or PocketGuard to see what you currently subscribe to and where you can make cuts. However, be aware that some apps may charge fees for subscription cancellation.
Gas (Without an App)
Gas is one of those things that you really don’t have a choice about — if you commute to work or don’t live in a walkable area, you’re going to have to gas up at some point. According to the US Energy Information Administration, the average national price of gas is $3.28 — but you shouldn’t settle for paying full price.
Apps like GasBuddy and Upside will help you find the best deals in your area and even offer cash back rewards, further reducing your price per gallon.
Cleaning Supplies
Store-bought surface, bathroom and glass cleaners are loaded with harmful chemicals that may be toxic to breathe in over a long period of time.
There’s another option to get the same fresh feeling around your house without putting yourself in harm’s way — and you can save money in the process. Go DIY with your own concoction, such as a mix of vinegar or baking soda with water and some essential oils for a bright finishing scent.
New Clothes
The resale market is having a huge moment right now. According to a report by secondhand clothing platform ThredUp, the global secondhand market is expected to nearly double by 2027, reaching $350 billion.
Given the popularity, sites like ThredUp, Poshmark, eBay and even Facebook Marketplace are great spots to get deals on gently used clothing — some still with tags — rather than pay the markup for brand-new apparel.
ATM Fees
When you find yourself in need of some quick cash, resist stopping at the first ATM you see, because you could pay for the convenience. A 2023 GOBankingRates survey of bank ATM fees found that $2.83 is the average bank fee for using a machine outside of your bank’s ATM network in the United States.
Check your bank’s app for the location of local branches, or even better, switch to a bank that refunds your ATM fees. Or stop into a local drug or grocery store that offers cash back with a purchase, buy that shampoo you need and get an extra $20 back at the register.
Delivery
These days you can pretty much get anything delivered to your doorstep, usually without even having to look up from your phone. It comes at a cost, though. Fees, higher prices, and tips for the driver add up to a serious premium. Sometimes the convenience is genuinely worth it, but it’s all too easy to let it become a habit.
Opting to pick up that food order or making do until your next grocery run can add up to serious savings over time.
Cable TV
With the availability to watch live TV through services like YouTube TV and Sling TV, there really isn’t a need to hang on to your costlier cable plan anymore. The average cable TV plan costs about $83 per month, but a basic YouTube TV subscription is just $72.99. By switching to YouTube TV, you can save around $10 per month compared to traditional cable packages.
Supplement the service you choose with a streaming service like Netflix or Hulu, and you’ll come out way ahead at the end of the year.
Morning Coffee Runs
It’s become a cliche, but it’s true — those coffee shop lattes five days a week can really drain your wallet. Consider making coffee at home and bringing it with you in a reusable cup. You’ll save over $1,000 a year.
Even grabbing coffee two to three times a week instead of every day can lead to big savings.
Impulse Purchases
Impulse buys used to be limited to the cheap candy and knick-knacks right before the checkout stand, but the ubiquity of online shopping means that you can buy a new TV about as easily as you can grab a bag of Skittles. Never let yourself get swept up in the excitement of a sale. Instead, use the 24-hour rule.
That means before any unplanned major purchase, wait 24 hours and see if you still think you want or need that item. More often than not, the urge will pass, and you’ll keep that money in your wallet.
James Holbach, Selena Fragassi and Jami Farkas contributed to the reporting for this article.
More From GOBankingRates
- 6 Subtly Genius Moves All Wealthy People Make With Their Money
- America's 50 Fastest-Growing Suburbs With Home Values Under $500,000
- 6 Strategies Anyone Can Use to Pay Off Debt
- I'm a Debt Expert: Here's How Social Media Warps Our Perceptions of Debt
This article originally appeared on GOBankingRates.com: 13 Things To Stop Buying This Year
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
