7 Shopping Habits That Are Wasting Your Money (2024)

7 Shopping Habits That Are Wasting Your Money (1)

Yes, I'm a shopping fiend (just see my weekly picks for starters), but there's nothing I get more annoyed with myself about than wasting money on bad purchases. I want my hard-earned cash to be spent on decent fashion investments—things that lift my spirits and continue to do so for some time. There have been occasions where I've wasted money in the past, but I always endeavour to learn from them.

So in the spirit of our team's aims and ambitions for January—shop smarter, look better, feel our best—we're uncovering the common easy-to-slip-into habits that don't serve your bank account or your wardrobe. This is all good prep for an exciting season ahead—spring/summer 2018 is chock-full of tempting options, so it's good to double down and stay focused. Keep reading to see the seven shopping habits that are wasting your cashola, and how to remedy them.

When it comes to designer goods, it can pay to shop around. You may find that international retailers have pieces marked at different price points, and when you're spending the big bucks, this can make all the difference. A cursory search on Farfetch.com will reveal that the same Prada slingbacks come up as both £784 at one retailer and £740 at another. They're also £740 on Net-a-Porter and MyTheresa.com, giving you some clarity to choose the right price and your favoured store.

7 Shopping Habits That Are Wasting Your Money (2)

Prada

Leather Slingback Pumps

Well, whilst you're here, you may as well see which shoes I'm talking about.

2. NOT WEARING THINGS STRAIGHT AWAY

Unless you're buying something for a specific occasion and you're dead set on wearing your purchase then, I'm of the school of thought that you need to get some instant satisfaction out of your investments. If you don't feel like wearing them now (or forget about them and find them two years later with a tag on), you made the wrong choice, pal.

Related: Fact: These Are the Best Skinny Jeans Money Can Buy, According to Our Editors

3. NOT CHECKING SAID ITEM GOES WITH AT LEAST 3 OTHER THINGS YOU OWN

Ever take a piece home and rip out the labels only to discover they were never really going to work with the rest of your closet? Best to try on at least three different combinations to be 100% sure.

7 Shopping Habits That Are Wasting Your Money (4)

Monki

Dot Wrap Blouse

Statement enough to feel special, versatile enough to work with plenty of outfit combinations.

4. THROWING CLOTHES AWAY WHEN THEY'RE "OLD"

There's often new life to be found in old clothes—whether that's a case of getting something properly dry-cleaned, fixed up or transforming it into something else with a little DIY knowhow, don't be so quick to just chuck pieces away. A decent cobbler can give you advice on whether your shoes are past their sell-by date, and I'd recommend looking for crafty inspo over on the blogA Pair and a Spare.

7 Shopping Habits That Are Wasting Your Money (5)

Dior

Vintage Saddle Bag

If you're going to buy past-season stock look out for classic, quality pieces that are still trending. My money is back on Dior's iconic saddlebags for 2018.

Related: The 7 Coolest* Ways to Wear a Headscarf (*Instructions Included)

5. BUYING INTO TRENDS THAT AREN'T YOUR STYLE

We're all big fans of charting and experimenting with new trends here at Who What Wear UK, but we all have our limits. For example, I've never been into sportswear, so no matter how much of a sweeping influence athleisure has had on the fashion world, I've held steadfast in my refusal to adopt it into my own wardrobe. Therefore I've not wasted money on pieces I'd probably never feel comfortable in. Try to locate your own "classics" to cement your personal style and promote clarity when it comes to shopping.

7 Shopping Habits That Are Wasting Your Money (6)

Stand

Aria Leo Jacket Long

Leopard-printcoats are trending, but I've also always wanted one, so this seems like a wise trend-driven investment.

Okay, so here's a bit of a wild card that some of you may not relate to. If you're feeling the PMS creeping in, DO NOT GO SHOPPING. It will end in tears. It will probably end in some really poor decision-making. Which in turn could lead to a major dent in your wallet over a piece you don't even feel excited about. Instead, I'd use that time of the month to give into nesting—a new lamp never made anyone feel bad about themselves.

7 Shopping Habits That Are Wasting Your Money (7)

M&S

Dexter Table Lamp

Maybe even better than shoes.

Related: It's My Job to Find Amazing Shopping Picks—These 9 New Buys Are Too Good to Miss

7. BUYING UNCOMFORTABLE PIECES OR ITEMS THAT DON'T FIT (YET)

We're all guilty of this one, especially at this time of year when Christmas indulges have taken their toll. There may be a contingent that feels it's motivational to buy smaller sizes, but I'd generally advise that you just pick something that fits and flatters you already. More instant gratification. The same goes for shoes that pinch, for example—they may never wear in to the point thatthey're super-comfy, so just opt for a pair that feel glorious to begin with.

7 Shopping Habits That Are Wasting Your Money (8)

Red Valentino

Monkey Skirt

I'm always partial to a statement skirt, and this one feels like a real conversation starter.

7 Shopping Habits That Are Wasting Your Money (2024)

FAQs

What are big money wasters? ›

Shopping at convenience stores, wasting money on magazines, and high credit card and bank fees are easy ways to waste money. Taking some time to go over your spending habits could be well worth your time.

What three things you would never spend your money on? ›

Here are 7 things that smart people never spend their money on.
  • Late fees. Smart people absolutely refuse to throw their hard earned money away. ...
  • Paper products. ...
  • Brand new car. ...
  • Services they can do themselves. ...
  • Snack size convenience foods. ...
  • Full price clothing and accessories. ...
  • Unsatisfactory tax preparation.

What do Americans waste the most money on? ›

Money Wasting Trends and Statistics

Moreover, 35% of adults reported being financially worse off than the previous year. Some of the prominent things people waste the most money on in the US include food, dining out, alcohol, and impulse buying.

How do I not waste money when shopping? ›

Here are some ideas to help you stop spending money and build healthier financial habits:
  1. Create a Budget. ...
  2. Visualize What You're Saving For.
  3. Always Shop with a List. ...
  4. Nix the Brand Names. ...
  5. Master Meal Prep.
  6. Consider Cash for In-store Shopping. ...
  7. Remove Temptation.
  8. Hit “Pause"
Jul 10, 2024

What poor people waste their money on? ›

Warren Buffett: 12 Things Poor People Squander Money On
  • Neglecting Personal Development. ...
  • Relying On Credit Cards. ...
  • Frequenting Bars and Pubs. ...
  • Chasing the Latest Technology. ...
  • Overspending on Clothes. ...
  • Buying New Cars. ...
  • Unused Gym Memberships. ...
  • Unnecessary Subscription Services.
Apr 22, 2024

How much money does an average person waste? ›

$18,000 per year: the amount Americans spend, per person, on nonessentials according to a survey by Ladder and OnePoll, as reported by Vox.

What is the safest thing to have your money in? ›

Here are the best low-risk investments in July 2024:
  • High-yield savings accounts.
  • Money market funds.
  • Short-term certificates of deposit.
  • Series I savings bonds.
  • Treasury bills, notes, bonds and TIPS.
  • Corporate bonds.
  • Dividend-paying stocks.
  • Preferred stocks.
Jul 15, 2024

What is one thing that money Cannot buy? ›

In addition to the most often-heard things, money cannot buy time, health, and happiness.

What are the top three things you want to be spending your money on? ›

If you want to direct your financial resources toward pursuits that pay off in the long-run, choose to purchase experiences, prosocial giving, or buying time. Based on the studies, spending your money on those three things is the best way to increase happiness.

What do you call a person who spends too much money? ›

Answer. The word closest in meaning to what you want is spendthrift. Spendthrift is a noun that means "a person who spends money in a careless or wasteful way."

How much does the average couple spend per month? ›

Average Expenses of U.S. Households in 2022 and 2021
20222021
MonthlyAnnually
One person$3,693$40,859
Family of two$6,372$69,382
Family of three$7,189$79,163
3 more rows
Nov 14, 2023

What is the average American monthly budget? ›

According to the same 2022 BLS study, the average American's monthly expenses are $6,080, 1 which is about 77% of the average monthly income before taxes. This list of expenses covers everything from housing, health insurance and food to entertainment, personal care products and books.

How to fix a spending problem? ›

Nine ways to tackle compulsive spending
  1. Get to know your spending triggers. ...
  2. Track your spending. ...
  3. Work out your reasons for buying something. ...
  4. Control how you use your card. ...
  5. Avoid temptation. ...
  6. Get your retail highs another way. ...
  7. Set a realistic budget. ...
  8. Get help from a friend.

What is the biggest way that people waste lose money? ›

1. Paying for insurance you don't need. “This is one that often goes overlooked because many often think the more insurance, the better,” Tayne says. “But certain forms of insurance are just not necessary for most people and can lead you to spend unnecessarily.”

What are bad money habits keeping you broke? ›

But bad money habits (overspending, racking up debt and not saving) can hurt your financial health, turning small missteps into costly mistakes over time. With some awareness and knowledge on how to break these habits, you can improve your finances—now and well into the future.

What is the greatest waste of money in human history? ›

The Titanic was one of the most luxurious and expensive ships of its time and was also one of the biggest waste of money in human history. The ship cost $7.5 million to build, equivalent to over $400 million today. When it sank on its maiden voyage, it took with it the lives of over 1,500 people.

What is a bad money habit? ›

Relying on Lines of Credit

Credit cards and other “buy now, pay later” schemes can get you into financial trouble if you aren't careful. Credit card debt can be one of the most expensive bad money habits—and if you're frequently living above your means, it can be a tough habit to break.

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