If you’re looking to be a smart spender this year, there are a number of things you might be really eager to buy, but which you really shouldn’t, not if you want to save money and meet more of your important financial goals anywhere. Here are some of those things:
Bitcoin and Other Cryptocurrencies
You might have heard a lot about Bitcoin and other cryptocurrencies and how they can make you rich in the past few months, but there are many, including the savviest of all smart spenders, Warren Buffett, who believe that they are nothing but a bubble, and a bubble that is about to burst. So, if you want to invest your money, put it in something safer like commodities. You can visit Commodity.com for some decent advice on investing in a safer way. If, however, you simply cannot refrain from investing in Bitcoin, make sure it’s just a small part of your overall portfolio.
The Latest Smartphone
Whether you’re a fan of Apple or Android, chances are you can’t wait to get your hands on the newest phones whenever they’re released, but buying a new phone as soon as it comes out is rarely a sound financial decision. I mean, if you already have a phone and it’s working well for you, spending hundreds of dollars on a new one, which probably has a few kinks that need to be ironed out anyway hardly makes sense, does it?
Smart Speakers
Smart speakers might be really inviting right now, but they are still pretty new, and they still have a lot of issues to be dealt with. Not only that, but the market is practically dominated by Amazon and Google, which means they can charge a premium for their products. If you can hold off until next year, chances are you’ll get a better smart speaker at a better price.
Smart Luggage
Smart luggage, which you can find at http://www.bluesmart.com/, is now a thing, and because it has GPS tracking. Lots of USB ports and can even be locked electronically, it as those of us with a nerdier side practically drooling, `the thing is, if you invest in one, chances are you’ll end up regretting it because they’re pretty expensive and a lot of airlines are restricting their use due to worries over the potential fire risk that their batteries could pose.
A New Car
Smart spending is all about knowing when it’s worth paying more and when it isn’t, and when it comes to buying cars, it is pretty much never the best option because new cars lose up to 11 percent of their value the second you drive them off the lot. So, buy a used car and invest the rest of the cash you were planning to spend on that brand new model in something that will make you money instead of throwing it down the drain.
Bottled Water
Unless you’re living somewhere the tap water is undrinkable, not only are you literally throwing money down the drain, but those plastic bottles you’re drinking from are seriously damaging the environment. So buy a reusable water bottle and actually use it.
What are you going to hold off buying this year?
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