Published On Feb 5, 2024
Many people are overpaying for things and here are 12 of those things!
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Chapters
00:00 Start Here
00:30 Groceries
01:31 Name Brand Products
02:22 Gym Memberships
03:38 Measured Cleaning Products
05:08 Water
06:46 Home Cleaning Sprays
07:36 Internet Speed
08:40 Bills
09:20 Your Phone Bill
09:57 Cars
11:11 Healthcare
12:16 Fun
When presented with various options on products, many people choose to spend money on the more expensive item and overpay. In this video, I share 12 common things people are overpaying for.
1. Groceries
Where you choose to shop for groceries will affect you a lot more than inflation will. Prices between grocery stores can vary over 100% for the exact same product. Choose to shop at cheaper grocery stores to avoid overpaying for products.
2. Name Brand Products
Sometimes there is a difference between name brand and generic products, but oftentimes the only difference is the packaging. And you could paying two times more for that packaging. Default to buying generic to avoid overpaying for packaging.
3. Gym Memberships
You don't need to spend money to be healthy; however, some people like going to gyms. If you are one of those people, choose to go to a cheaper gym because gyms can sometimes cost over $100/month.
4. Measured Cleaning Products
Measured cleaning products like dishwasher and laundry pods don't really create an easier experience, but they drastically cost more. Don't overpay to have your products measured.
5. Water
In the United States, we have the luxury to drink water from the tap, which is not common everywhere. People reject this idea and overpay for way buying getting bottled water and the price difference can be 2000 times more.
6. Home Cleaning Sprays
Many people have multiple cleaners for different areas of their house. If you get one all purpose cleaner, you can use it for every area of the house.
7. Internet Speed
Many people are paying for more internet than they need by getting a high mbps. The average person needs about 25mbps unless they are using many devices at once. Check your internet speed to make sure you're not overpaying.
8. Bills
If you take the time to go through your bills, you can find discounts for doing very simple things like setting up autopay and paying through your bank account. People overpay on bills because they don't take the time to look for these discounts.
9. Your Phone Bill
Most people choose to go with a main carrier for their phone and overpay. If you switch to Mint Mobile, you can easily cut your bill in half.
10. Cars
Cars are one of the biggest wealth killers as they are a huge financial burden. Many people overpay on their cars getting features they don't use.
11. Healthcare
In the US, it is more common to be unhealthy than healthy and this is because of how our society is set up. We view healthcare not as prevention, but as cure, which makes people overpay.
12. Fun
Many people run into financial problems because all of their activities are connected to spending money. There are many activities, however, that do not involve spending money and you can avoid overpaying on fun if you find some activities.
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