Older Adults Are Calling Out Things They Think Are A Huge Waste Of Money, And I Never Considered Some Of Them
I have always loved reading perspectives from older adults. Their experiences from different times and wisdom gained over the years are so valuable and interesting, even when I don't agree with them. So, I was fascinated by this thread where older adults talked about things that they think are a huge waste of money. Here are some of the top comments:
1."Big weddings, in my opinion."
"THIS. As a pastor, I’ve officiated a lot of weddings. Whenever I do one that’s super-lavish, I think, 'These guys think that this is the finish line when the reality is that it’s the starting gun.'"
2."The first one that came to my mind: HOA fees. Somewhere out of the dark of human history, HOAs have taken over the world or at least America. They add ridiculous amounts of cost to home ownership; it's just wasted money that goes to someone else's bottom line because aren't we capable of mowing our lawns ourselves? I know people don't, but the one and only HOA I have deeply regretted living in did not do a thing to keep neighbors on track for yard upkeep."
"I know there are tons of people that love to live in a land of rules, and I may well get lambasted (you don't need to, by the way, because I respect everyone's decision to do what they want), but I for one do not like entities telling me which color of tan is approved to paint my home or what kind of and where it is allowed to plant a tree. I feel all the money pumped into an HOA could be pumped into my property or my loan principal to pay the loan off sooner, into a mutual fund for my kid's college education, and a million other things."
3."Timeshares. I got roped into a TS sales pitch once. They claimed it was $80k, but on sale for $40k, but just this one time $25k! I googled it. There were multiple listings for the exact same thing online for $500. Complete joke."
"I have a good friend that has seven timeshares, and since they have retired, they love them. His cost is around $7K a year, and they use their seven weeks for three weeks at a resort in Mexico in June, do Thanksgiving and Christmas at Lake of the Ozarks, and then two weeks in different places around the US. I think it's crazy, but they love it."
4."Expensive funerals. Really, you’re going to buy a $5,000 casket to put in the damn ground??? The whole burial thing is anathema to me. Look at all the old cemeteries full of dead people that are long forgotten. What’s the point? Cremate me and pay the fee to have them dispose of the ashes."
5."Being a brand snob can be wasteful, particularly related to food. Does it really matter if you buy store-brand baking soda or Arm & Hammer? Hunt's tomato sauce or store brand? It all tastes the same!"
6."A $100 water bottle."
7."Buying cheap things. Over time, you will pay more for the appliance or piece of furniture, etc, if you start cheap. Look for value, the balance between durability and cost. Research and waiting for sales is a good strategy. I also find that good quality second-hand furniture is a great deal."
"Depends on the item. The cheaper basic appliances are often more reliable than the more expensive options from the same brand. The cheaper ones are usually just the older, more simple models the company has been making forever. They’ve had more time to work out the kinks, and there’s less to break."
8."Designer clothes."
9."Going out to eat regularly."
"In the 1980s-90s, I never thought I was extravagant until the day I woke up to my 'Thirty Dollar Tuna Sandwich.' Often, when I'd go out shopping with a friend, we'd stop in a restaurant for lunch. Think Marie Callender's. A salad bar and a sandwich, followed by coffee and pie for two, and a tip was over $30 then. In 2024 dollars, that's about $67. Of course, I always told my friends, 'I'll pay this time. You can pay next time.' That never happened. I didn't even notice until my then-husband sat me down to talk about it."
10."Buying new cars."
"Leasing cars is also a complete waste. That's why it's called 'fleecing' a car."
11."Self-storage bins. A lot of the stuff thrown in them eventually gets thrown away or abandoned in the end. After a certain amount of time you're paying to keep a lot of stuff that could be replaced new for the amount of money you've spent. I'm not talking about short-term, where furniture needs to be stored while planning a move. It's amazing the amount of just worthless rubbish that ends up in them."
12."I will never say that books are a waste of money, but I will say that the library is your friend and completely free! Well, you pay for it with your taxes, but you get the picture. My library tells me how much I save every year by not buying books, and it's usually in the thousands. I've known people who only purchased books to read and then give them away, that's a total waste of money. I still do buy some books that I want to own and read again, but 99% of my books and a fair amount of my music I get from the library first. These days, libraries also have a ton of online resources you can use where you can even download music for free and get books for free digitally, there are just a ton of resources, all there for the taking."
13."Collections. I used to collect mermaid figurines, Tiki mugs (and figurines), and cat figurines. Collecting can get expensive, and it absolutely becomes clutter and a dust magnet. No one will want that crap when you die. I have a friend whose mother collected delicate teacups and saucers. My friend inherited all of it and hates it but also can't bring herself to part with her mother's 'treasures.' So they collect dust and take up room in her home. I had a neighbor whose wife collected china dolls. Their house looked like a creepy horror museum. When she died, he couldn't part with the damn dolls but also stopped caring for them. They grew dusty and even mildewy. When I moved to Spain, I left all my collections behind and swore never again. I have more money and my home is less cluttered and cleaner. Don't get caught up in collecting. Take pictures instead."
"I appreciate your point of view. Don't collect things if you're not going to get much joy out of it and if you don't have a plan for it when you die.
But if you do want a collection, take care of it, show it in your home appropriately, keep it clean, keep it curated, and keep it from overflowing into your family's space. And know what you want done with it when you're gone.
I have a teacup collection in a hutch in my kitchen. It's about 20 cups, and it fills the hutch. I know who gave me or where/why I bought each of those cups, and each is special to me. I use them when I have friends over for tea or when I just want to treat myself. When I'm gone, some cups will go back to the people who gave them to me as a remembrance, some will go to my nieces who used to have tea parties with me when they were little."
14."Buying coffee at Starbucks or Dunkin instead of making it at home."
15.And finally, "Expensive beauty products and treatments. We ladies should treat our appearance the way men treat theirs. Do the minimum, look in the mirror, and say, 'Good enough.' Life is too short to worry about how you look. Family and true friends will love you whether or not you spent $300 on Korean skin care products. The only ones benefitting from us paying for this stuff are the owners of companies that spend a lot of time with advertising, trying to convince us that we’re just not good enough without their products and services. We need to get our self-esteem from who we are and what good we do in the world, not from our appearance."
What's something you think is a big waste of money? Share your take in the comments!
