What things do Aussies think are major money wasters in the modern-day?
- Replies 41
Many people are rethinking their spending habits these days. With the COVID-19 pandemic and now inflation, it has become important, more than ever, to maximise the power of your savings.
But are you sabotaging your attempts at managing your finances by buying these ‘money-wasting’ items?
A user from the social news website Reddit asked Australian Personal Finance forum members what they thought was a waste of money. Obviously, this is going to be up to personal preferences and values.
They said: ‘What is something a lot of people buy but is a waste of money in your opinion? And what is something you can't believe people spend money on?’
They included their answer: ‘For me, it’s cigarettes. They’re basically burning money.’
According to the Australian Institute of Health and Welfare (AIHW), Australians spend an average of $13 per week on tobacco products, which include cigarettes. The main reasons Australians smoked was for personal enjoyment and relaxation. While there has been a downward trend in the frequency of smoking in the past decades, tobacco use is still the leading cause of cancer in the country, holding 44 per cent of the cancer burden.
Using an e-cigarette, or ‘vaping’, has become a popular cigarette alternative. However, it is illegal to sell e-cigarettes with nicotine in the country. Credit: Gustavo Fring/Pexels
Other Redditors joined the discussion to share their thoughts.
One wrote: ‘For me, it’s expensive clothes for babies and kids. They’re just going to grow out of them in a few months anyway.’
A response to the comment said: ‘I understand from friends that it is incredibly easy to get perfect second-hand baby clothes for this exact reason.’
Having babies is expensive. The Australian Institute of Family Studies found that in the first year, parents have spent between $3,000 to $13,000 on baby essentials. Because of this, many parents are opting to go for secondhand items instead of getting all brand-new products. Others have loved ones who provide hand-me-down clothes, cots, car seats, and other necessary items.
Another Redditor said: ‘Gambling. Hilariously, a sports betting ad is actually showing for me on this thread telling me to “Go on, have a dabble”. No thanks, I’d rather keep my money.’
One user pointed out that gambling is actually a pressing issue: ‘Australians seem to lose the most money per capita to gambling in the world. And the gambling lobby has a lot of money and influence in politics. It's scary. It doesn't help that the government can make good money taxing it, even without lobbying.’
Estimates say that Australians lost approximately $25 billion back in 2018-19, and that was only on legal venues for gambling. But besides the financial losses, gambling can also impact mental health, relationships, and productivity, a toll that was estimated to reach $7 billion in Victoria alone.
However, one Redditor suggests that it is not gambling alone that should be blamed: ‘It depends on how you look at it. If you gamble to win money, like it's some form of income, it's a slippery slope to a very tragic ending.’ For some, gambling can be a form of participation in certain interests: ‘I like to make small bets on sports I'm already watching to make it more interesting. Throwing $2 on anytime a scorer is great, it makes me really want him to get the ball, etc. I basically count the money as spent to increase my engagement with a sport.’
Are we really a nation of gamblers? Watch this ABC feature that discusses just that:
Another answer said that upgrading gadgets annually is a waste of money. They commented: ‘New iPhones last like four years easily without a problem. I change my iPhone every three years, though, but I could go on for another year easy on it.’
Aussies change their phones every 3.5 years, on average, but Baby Boomers hold onto their phones even longer. This may be a good thing, especially when we see a yearly electronic waste of at least 20-25 million tons. Australians usually replace gadgets once their phone contracts are up, but it’s completely fine to stick with your device as long as it works as needed.
So folks, what do you think? Are they any purchases that you consider to be not worth your dollars? Let us know in the comments below!
But are you sabotaging your attempts at managing your finances by buying these ‘money-wasting’ items?
A user from the social news website Reddit asked Australian Personal Finance forum members what they thought was a waste of money. Obviously, this is going to be up to personal preferences and values.
They said: ‘What is something a lot of people buy but is a waste of money in your opinion? And what is something you can't believe people spend money on?’
They included their answer: ‘For me, it’s cigarettes. They’re basically burning money.’
According to the Australian Institute of Health and Welfare (AIHW), Australians spend an average of $13 per week on tobacco products, which include cigarettes. The main reasons Australians smoked was for personal enjoyment and relaxation. While there has been a downward trend in the frequency of smoking in the past decades, tobacco use is still the leading cause of cancer in the country, holding 44 per cent of the cancer burden.
Using an e-cigarette, or ‘vaping’, has become a popular cigarette alternative. However, it is illegal to sell e-cigarettes with nicotine in the country. Credit: Gustavo Fring/Pexels
Other Redditors joined the discussion to share their thoughts.
One wrote: ‘For me, it’s expensive clothes for babies and kids. They’re just going to grow out of them in a few months anyway.’
A response to the comment said: ‘I understand from friends that it is incredibly easy to get perfect second-hand baby clothes for this exact reason.’
Having babies is expensive. The Australian Institute of Family Studies found that in the first year, parents have spent between $3,000 to $13,000 on baby essentials. Because of this, many parents are opting to go for secondhand items instead of getting all brand-new products. Others have loved ones who provide hand-me-down clothes, cots, car seats, and other necessary items.
Another Redditor said: ‘Gambling. Hilariously, a sports betting ad is actually showing for me on this thread telling me to “Go on, have a dabble”. No thanks, I’d rather keep my money.’
One user pointed out that gambling is actually a pressing issue: ‘Australians seem to lose the most money per capita to gambling in the world. And the gambling lobby has a lot of money and influence in politics. It's scary. It doesn't help that the government can make good money taxing it, even without lobbying.’
Estimates say that Australians lost approximately $25 billion back in 2018-19, and that was only on legal venues for gambling. But besides the financial losses, gambling can also impact mental health, relationships, and productivity, a toll that was estimated to reach $7 billion in Victoria alone.
However, one Redditor suggests that it is not gambling alone that should be blamed: ‘It depends on how you look at it. If you gamble to win money, like it's some form of income, it's a slippery slope to a very tragic ending.’ For some, gambling can be a form of participation in certain interests: ‘I like to make small bets on sports I'm already watching to make it more interesting. Throwing $2 on anytime a scorer is great, it makes me really want him to get the ball, etc. I basically count the money as spent to increase my engagement with a sport.’
Are we really a nation of gamblers? Watch this ABC feature that discusses just that:
Another answer said that upgrading gadgets annually is a waste of money. They commented: ‘New iPhones last like four years easily without a problem. I change my iPhone every three years, though, but I could go on for another year easy on it.’
Aussies change their phones every 3.5 years, on average, but Baby Boomers hold onto their phones even longer. This may be a good thing, especially when we see a yearly electronic waste of at least 20-25 million tons. Australians usually replace gadgets once their phone contracts are up, but it’s completely fine to stick with your device as long as it works as needed.
So folks, what do you think? Are they any purchases that you consider to be not worth your dollars? Let us know in the comments below!
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