When you don’t have much money in the bank, it doesn’t necessarily mean that you’ll stop buying things you consider important. While you might think what’s important involves necessities, that’s not always the case. Here are 15 examples of things people still splurge on when they’re broke.
1. Expensive beauty products
You might be living off ramen noodles and generic brand everything, but when it comes to your face, you’re not about to skimp. You’ll gladly shell out half your paycheck for that miracle serum or designer lipstick, because hey, at least your skin will look good even if your bank account is crying. Never mind that you could probably achieve the same results with drugstore dupes – there’s just something about that fancy packaging and high price tag that makes you feel like you’ve got your life together, even when everything else is falling apart.
2. Coffee
It’s difficult to break the habit of buying coffee in favor of brewing it at home instead, and Americans spend about $40 per month on their morning lattes, per Statista — and that’s on the conservative side. It’s just so convenient and delicious! And yet, making coffee at home instead of hitting coffee shops every morning can save around $105 per month, Gen Biz suggests. It’s not gonna get you a house, by any means, but it can give you some considerable savings.
3. Cigarettes
If you’ve got a smoking habit, chances are you’ll jump through hoops to be able to purchase your favorite cigarettes every week, even if this means cutting down on other expenses. Smoking is an expensive habit, but when you’re broke and stressed, those little cancer sticks can feel like your only comfort. You know they’re slowly killing you, but at least they’re always there for you, unlike your flaky friends or nonexistent savings account. You tell yourself you’ll quit when things get better, but deep down, you know that’s just a pipe dream. For now, you’ll keep shelling out your last few bucks for that sweet, sweet nicotine fix, even if it means skipping meals or dodging bill collectors.
4. Alcohol
When reality is too harsh to face sober, alcohol is always there to take the edge off. After all, some bottom-shelf vodka isn’t all that expensive, and sometimes you feel like you just deserve a bit of a treat. The problem is that the “treat” often becomes a regular purchase, and those purchases add up.
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5. UberEats, DoorDash, and other food deliveries
Cooking is hard, and leaving your house is even harder. When you’re broke and lazy, food delivery apps are a godsend. Sure, you could probably make a week’s worth of meals for the price of one Uber Eats order, but where’s the instant gratification in that? You’ll gladly pay the exorbitant fees and tip your driver more than you can actually afford, just for the convenience of having your favorite greasy comfort food brought right to your door. Who cares if you’re sinking deeper into debt with every order? At least your stomach is temporarily satisfied. The downside? They’re unhealthy for your wallet, as those delivery fees quickly add up.
6. Lottery tickets
When you’re living paycheck to paycheck, the allure of a big jackpot can be impossible to resist. You know the odds are stacked against you, but that doesn’t stop you from dropping your last few dollars on a handful of scratchers or Powerball tickets. You tell yourself it’s just a bit of harmless fun, but deep down, you’re desperately hoping for that one-in-a-million chance to escape your financial struggles. And hey, even if you don’t win big, at least you can daydream about what you’d do with all that imaginary money. It’s a brief respite from the constant stress of being broke.
7. New phones
Your current phone might be perfectly functional, but it’s not the latest and greatest model, and that’s just unacceptable. You’ll happily sign away your soul to a two-year contract and pay an exorbitant monthly fee just to have the newest iPhone or Samsung Galaxy in your hand. Never mind that you can barely afford to keep the lights on – having a shiny new device is a status symbol that you can’t resist. You tell yourself it’s an investment, but really, it’s just a way to feel like you’re keeping up with the Joneses, even when you’re falling behind in every other area of your life.
8. Gym memberships
Every January, you convince yourself that this will be the year you finally get in shape. You’ll sign up for that expensive gym membership, buy all the trendy workout gear, and swear that you’ll go every day. Fast forward a few weeks, and you’re back to your old couch potato ways, but still dutifully paying that monthly fee. You tell yourself you’ll start going again next week, but deep down, you know it’s just money down the drain.
9. Streaming services
Netflix feels even more chill when you’re stressed about money, especially because watching you favorite shows helps to distract you from your financial worries. The problem is that streaming services can cost a lot, adding to more money woes. A Forbes study found that 48% of subscribers pay for services they don’t even use. Ouch.
10. Drinks at bars
You might not be able to afford a proper meal, but you’ll always find a way to scrape together enough cash for a few overpriced drinks at the bar. There’s just something about the atmosphere, the social interaction, and the chance to forget your troubles for a few hours that keeps you coming back, even when your wallet is screaming for mercy. You tell yourself you’ll just have one or two, but before you know it, you’re closing down the bar and stumbling home with a lighter pocket and a heavier head.
11. Trendy clothes
You’ll gladly drop a week’s worth of groceries on a single outfit, just to feel like you’re part of the in-crowd. Never mind that you have nowhere to wear these clothes, or that they’ll be out of style in a month – the thrill of the purchase is too hard to resist. You tell yourself you’re investing in your personal style, but really, you’re just feeding your fast fashion addiction.
12. Restaurant meals
Going out for dinner can be convenient and fun, but even if you’re being frugal with what they choose from a menu, you’re still spending more money than they would be if you purchased groceries and cooked dinner at home. After all, it’s not just the menu costs you have to think about — you’ll need to tack on a 20% tip, as well!
13. Concert tickets
If you want to see Taylor Swift or some other popular musician live, you might be prepared to cut down on necessities like food to be able to save up money for it. But, the thing with attending concerts is that they always result in additional costs, like food, merch, transportation, and more. Sure, those experiences will last a lifetime, but if you’re dropping hundreds or even thousands you can’t afford, is the experience really worth it?
14. Pets
When you love your fur babies, you obviously want to spoil them. However, you might be spending tons of money you don’t have on your four-legged friends, especially when it comes to unnecessary items. For instance, if you’re splurging on cute toys, clothing, and accessories your pets don’t even use, you’re not being smart about money.
15. New furniture
Everyone wants their home to look gorgeous, but it’s not a good investment to splurge on tons of furniture, especially if you’re paying for it with a credit card. After all, if you need to purchase furniture on credit, it’s clear you can’t afford it and this makes it doubtful that you’re going to be able to pay it off later. The result? Spiraling into (even more) debt.
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