Indulgence is giving way to one's desires, something granted as a privilege, or something enjoyed out of gratification. As a self-diagnosed impulse spender, I must fight my urge to indulge in the ‘little' things I often want to buy, which are huge money wasters.
As a mother, I've learned that wasting money on that second pair of sunglasses just because they're cute isn't an effective use of my finances, especially if one of my children needs something essential.
That doesn't mean there aren't some big-time money siphons that are extremely hard to resist, and I'm not alone. After someone surveyed a popular online forum for examples of huge wasters, these are some of our biggest money snatchers.
1. Warranties
Having a cashier try to upsell you a warranty is widespread among larger retailers, particularly if you're purchasing anything electronic — the more expensive the product, the pricier the warranty.
And as one individual points out, companies that force their workers to sell these items are stressing their workers so badly that one cashier was trying to sell a warranty to them when a customer had already decided they wanted one.
2. Edible Gold
There are some differing opinions about whether or not edible gold is over-indulgence. One person claims it's less expensive than most restaurants want you to believe.
Yet another observer makes a good point that you're still, technically, flushing literal gold straight down the toilet. Still, it would make a special occasion extra-fancy if you sprinkled a little bling-bling on the food.
3. Get Rich Quick Scams
Tempting as they might be, especially for anyone struggling, the craze over get-rich-quick schemes does nothing but take the money you already can't afford.
By promising a profit for completing a certain level of sales or signing up x-amount of people, these shysters get you to invest your hard-earned dollars in a pipe dream while they pocket all the cash.
4. Big Life Events
When discussing significant life events, like weddings and funerals, there's a temptation to splurge on unnecessary items.
For instance, a casket costing $2500 works just as well as a $10000 casket. Unless you have to line it specifically for where you live, the need to purchase extravagantly.
And renting a wedding dress over purchasing one doesn't make a bride less beautiful on her big day. That doesn't, however, stop people from spending exorbitant amounts of money on everything from venues to flower arrangements to food.
5. Brand New Vehicle
The average depreciation of a brand-new car, the minute it leaves the dealership, is around 10-15%. Depending on the make and model, it can be even more, and regardless of the make and model, you're still losing money on your investment.
Either way, your return on your investment is seeping money out with every day that passes and likely isn't worth it when you turn around to sell it unless you're making serious upgrades to the model you bought.
6. The Lottery
That long-held dream of winning millions in the lottery is easily one of the most recognizable long-term places to bet your money.
While you're not likely to see a return on your spending, you're buying into the hype of the possibility of winning that massive Powerball or Mega Millions payout. Unless, of course, you're just looking to support public schools.
7. Modern Art
We're not talking about Picasso or even Banksy, but rather that style of art that doesn't fit into any art category and is only art because some “wannabe artist” who dreams of a breakout piece deems it to be.
A better splurge of your money might be a lesson to tell the difference between real art that's worth paying for and everything else.
8. Micro-Transactions
Those mini-purchases for items like the latest Fortnite battle pass or your favorite free-to-play game can suck the life out of your money.
As we all know, free-to-play games only get you so far before you wait for the next character drop or your preferred event to start.
By buying those small micro-transactions, you advance faster in the game, and before you know it, you've spent your discretionary funds on that ‘free-to-play' game.
9. Recreational Vehicles
Much like a brand-new car, spending money on a recreational vehicle (RV) can backfire if you only use it once or twice a year.
These mobile homes lose their value so quickly that even six months after purchase, you'd have to drop your asking price by thousands to get anyone to bite on taking it off your hands.
10. Amusement Parks
Amusement parks have massive out-of-pocket costs to get through the gate for a day of walking, where you'll inevitably spend more money on food, drinks, and a special momento.
If you take children to your favorite amusement park, you can multiply the expense exponentially by the number of children you have.
This thread inspired this post.