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Save Your Budget: Big-Ticket Items That Are a Waste of Money

  • August 7, 2020

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Save Your Budget: Big-Ticket Items That Are a Waste of Money

Now more than ever, people are focused on saving money. The COVID-19 outbreak has transformed the world as we know it. For starters, the job market is very shaky right now. If you’re uncertain about your income, here are three big-ticket items that are a waste of money on which you should avoid spending your hard-earned money right now. Avoid making any substantial purchases while there’s so much uncertainty in the air.

Timeshares

Timeshares often aren’t worth the money that people pay for them. Every year, thousands of people around the world get roped into buying timeshares. Salespeople often manipulate vacationers into signing timeshare contracts that’ll only cause them headaches in the future. There are also continued maintenance fees when it comes to timeshares; no one can simply purchase a timeshare for a one-time payment and be done with it. You must pay to preserve the property and cover certain bills. Between the maintenance fees and astronomical interest rates, timeshares are big-tickets item that are a waste of money. Save yourself some dough and stress by avoiding timeshares altogether.

Luxury Cars

Luxury cars can also be bad investments. People who purchase these swanky vehicles often never want to drive them, keeping them in the garage so that they don’t get scratched or dirty. Plus, the vast majority of cars depreciate in value over time. It’s better not to buy one of these rides at all right now. Instead, you can check out a variety of luxury vehicles at a local car show (while following social distancing guidelines, of course). This way, you can view and enjoy many expensive automobiles at once without having to spend the money.

Designer Clothing

You don’t have to spend a ton of money to express your personality through clothing. Designer clothing can cost hundreds of even thousands of dollars per item. Some people spend so much cash just for the name on the tag, but the reality is, you can still be stylish without it costing an arm and a leg. Don’t be afraid to bargain shop online. Since most of us are stuck inside at the moment, you can try out different outfits without anyone even seeing. You won’t believe how much more money you’ll have in your wallet at the end of the month if you avoid buying designer clothes. When things reopen and you return back to work, most people won’t even notice your clothing is cheaper.

Saving money right now is vital. COVID-19 has created so much uncertainty; you must be financially prepared for the future if things get shaky. One way you can keep some extra dough in your account is to avoid splurging on big-ticket items for the time being. No one should be making extravagant purchases right now. You can still be happy even if you have to cut down on some luxurious items.

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