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Published Sep 3, 2019

Are You Wasting Money on These Popular Trends?

Explore the hidden financial costs of popular trends with Rachel Cruze, from the drama of reality TV with Caitlin Bristow to affordable wellness strategies with Susan Spencer, and learn practical money-saving tips to avoid overspending on clothing and subscriptions.
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Episode Highlights

  • Clothing Costs

    highlights the financial pitfalls of overspending on clothing, particularly trendy items that quickly lose their appeal or utility. She shares a personal anecdote about buying an expensive dress for her infant daughter, only to realize it was impractical and costly 1. Rachel advises investing in quality pieces that last longer, such as yoga pants that are both comfortable and durable 2.

    The rule of thumb for me is under twelve months old, baby, baby, baby, baby. Yes. Little boy. My rule is he gets to wear smock. Yes, he does.

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    By focusing on essentials and avoiding unnecessary purchases, one can significantly reduce clothing expenses.

       

    Financial Traps

    In the realm of financial products, warns against the hidden costs of timeshares and whole life insurance. She explains that timeshares are not only expensive but also difficult to exit, often leaving owners with ongoing fees 3. Whole life insurance, she notes, is significantly more costly than term life insurance without offering proportional benefits.

    The average timeshare will cost you around $19,000. Plus, you have annual fees every year, and they are basically impossible to get rid of.

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    Rachel encourages listeners to be cautious with such financial commitments and to prioritize savings over unnecessary expenditures.

       

    Subscription Costs

    Recurring subscription services are another area where sees potential for financial strain. She points out that Americans waste significant amounts on non-essential items, including subscriptions that add up over time 4. Rachel shares her own experience of being charged a large sum for a workout app, emphasizing the need to scrutinize these expenses.

    I may or may not have purchased workout app that I thought you had to pay a little bit each month. No, no. They charged old Rachel's account the entire amount.

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    By cutting back on such subscriptions, individuals can redirect funds towards more meaningful financial goals.

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