If you feel like your financial health has room for improvement, you’re not alone. Despite economic uncertainties and financial concerns, many people will be thinking about how they can feel financially more free. While it's tempting to indulge in luxuries and frivolous expenses, the key to achieving financial freedom lies in making wise choices about where you allocate your hard-earned money, according to one expert.
Jason Higgs, senior deals strategist at Bountii and an expert on saving money, says there are five things you should never spend money on if you want to be rich. Impulse purchases Impulse buying is a surefire way to drain your bank account. While it's tempting to think a little treat here and there won't make a difference, think again.
Jason said: “Resist the urge to buy things you don't need and stick to a well-planned budget.” Expensive subscriptions From various streaming services to premium gym memberships, subscriptions can quickly add up. Jason said that one study found the average value of unused paid subscriptions per month was around £32.
84 in 2024, an increase from £25.34 the previous year. Jason said: “Evaluate which ones you truly need and cancel the rest.
” Branded products While brand loyalty can be tempting, generic or store-brand alternatives often offer the same quality at a fraction of the cost. Switching to generic products can save you up to 30% on your grocery bill, according to Consumer Reports. If you’re a family spending £60.