7 Things I Will Never Spend Money On Again: (How To Practically Save More Money)

7 Things I Will Never Spend Money On Again: (How To Practically Save More Money)

In the pursuit of financial success, we all find ourselves looking for ways to save money and invest wisely. Over the years, I’ve identified seven everyday spending habits that, in my opinion, often prove to be terrible uses of money.

  1. Lottery Tickets
  2. Gambling in a Casino
  3. Credit card interest 
  4. Cable Television Package
  5. Gym membership
  6. Extended warranty
  7. Trying to impress people

We all crave the ability to build wealth, yet often find ourselves ensnared in spending traps that hinder our progress toward this goal. These traps might appear harmless at first glance, but they can slowly bleed our hard-earned money away, leaving us wondering where it all went. Do you want to break free from these financial pitfalls? These are common areas where money is often wasted, and the best way to avoid them is to understand why they are such poor uses for money. Keep reading to uncover insights to help you save money and pave the way to a more secure and fulfilling financial future. Let’s dive into these habits and explore why I’ll never spend money on them again.

1. Lottery Tickets

Ah, the dream of winning big. Lottery tickets can be tempting, promising riches beyond our wildest dreams. But here’s the catch: the odds of winning a significant amount are astronomically low. In essence, buying lottery tickets becomes a tax on hope and people that aren’t good at the math of probabilities. Instead of wasting money on a nearly impossible dream, putting that money into a savings account or investing can provide real and tangible growth over time.

The allure of lotteries lies in the dream of winning a life-changing sum of money with a minimal investment. However, when you delve into the mathematics and probabilities behind lotteries, you quickly realize why it’s a poor financial choice.

  • Astronomical Odds: Lottery jackpots often come with almost incomprehensible odds. For many large lotteries, the chances of winning the main prize can be 1 in 100 million or even worse. To put that in perspective, you are likelier to be struck by lightning or bitten by a shark than win the lottery jackpot.
  • Expected Losses: In probability theory, the expected value is a way to calculate what you can expect to gain or lose from a bet over time. With lotteries, the expected value is almost always negative, meaning that the more you play, the more you are statistically likely to lose. Lotteries raise tax revenue by giving lottery players an overwhelming negative expectancy. The math is in the favor of the ticket seller by a wide profit margin.
  • Subpar Investment Alternative: The money spent on lottery tickets over time can add up, especially for those who play regularly. A few dollars per week invested in a savings account or other low-risk investment vehicle would yield positive returns over time, starkly contrasting the consistent loss expected from playing the lottery.
  • False Perception of Luck: Human psychology often tricks us, leading us to believe that we can somehow beat the odds. This is known as the gambler’s fallacy. People might think that playing regularly or choosing particular numbers increases their chances of winning. However, each lottery draw is an independent event, and previous results have no bearing on future outcomes.
  • Low-Tier Prizes Misleading: While the main jackpot might have nearly impossible odds, smaller prizes with better odds are often advertised to entice players. However, these smaller prizes are usually insufficient to cover the ongoing expense of playing, especially if one plays regularly.

The mathematics behind lotteries clearly illustrates that they are not a wise financial investment. The odds are overwhelmingly against the player, and the expected value demonstrates a consistent loss over time. Rather than chasing an improbable dream, putting that money into sound financial practices will likely yield far better results. I prefer to play financial games where I can put the odds in my favor, like investing, trading, and business.

2. Gambling in a Casino

Like lottery tickets, gambling in a casino can be exciting but fruitless. The allure of fast money draws many in, but the house always has an edge. The more you play, the more likely you are to lose. Instead of throwing money away on games of chance, investing in a skill, education, or even leisure that gives you long-term satisfaction is a wiser choice.

Gambling in a casino can be an exhilarating experience, filled with the thrills of chance and the possibility of winning big. However, it’s a financially risky and often unrewarding pursuit for most people. Here’s why gambling in a casino is generally considered the wrong place to spend money:

  • The House Edge: Casinos are businesses designed to make money, and they do so through what’s known as the house edge. This statistical advantage is built into every game that ensures the casino wins more often than the players. Over time, this edge means that players will lose more money than they win.
  • Gambling Addiction Risk: For some individuals, the thrill of gambling can lead to addiction. This addiction can have devastating financial and personal consequences, leading to significant debt and strained relationships.
  • Lack of Investment Return: Unlike investing in stocks, bonds, or other financial instruments, money spent in a casino does not offer a return on investment. While there may be short-term wins, the odds are stacked against sustained success.
  • Opportunity Costs: The money spent on gambling could be used for more beneficial purposes, such as savings, investments, education, or experiences that offer lasting value. The opportunity cost of gambling in a casino can be significant when considering these alternatives.
  • Emotional Decision-Making: The casino environment is designed to stimulate and often leads to emotional decision-making. Bright lights, free drinks, and other enticements can lead to poor financial decisions and chasing losses, causing a player to spend far more than intended. Even when a gambler wins, they will tend to stay and lose it all back again as the house edge plays out.
  • False Perceptions: Similar to lottery play, gamblers may fall into cognitive biases that lead them to believe they have control over random outcomes or can somehow “beat the system.” These false perceptions only encourage further spending and losses.
  • Social and Ethical Concerns: Some individuals may have personal or ethical reasons for objecting to gambling, including concerns about contributing to an industry associated with problematic social issues.
  • Short-lived Satisfaction: While winning can provide a momentary thrill, the satisfaction is often short-lived, especially since most players lose in the long run. This contrasts with spending on experiences or items that may provide longer-lasting joy or utility. Be aware losing money hurts more than winning feels good; it’s a dangerous cycle to get caught in.
  • Financial Uncertainty: Gambling can lead to unexpected financial losses; without a disciplined approach, spending more than one can afford is easy. This financial uncertainty can lead to stress and difficulty in managing personal finances.

Gambling in a casino is often seen as a wrong place to spend money due to the inherent disadvantages built into the system, the potential for addiction, and the opportunity costs associated with spending that money elsewhere. While some may view it as entertainment and budget accordingly, the risks and potential negative consequences make it a financially unsound choice for many. You can only create your own edge in a casino by playing against other players in poker or blackjack, but that realm should be left to professional gamblers.

“The best way to make money in a casino is by owning the casino.” – N.N. Taleb

3. Credit Card Interest

Credit card fees can be a silent drain on your finances. Late fees, annual fees, and high-interest rates can quickly add up. Being diligent about paying off balances and shopping around for cards with low or no annual fees can save you a significant amount over time. It’s about using credit responsibly and understanding what you’re signing up for. I pay off any credit card debt before the billing date, so I never pay interest. If you are interested in investing, the first investment you can make is paying off all your credit card debt which can be a 20% return on the money you use to pay it off when you no longer have to pay the interest on the old debt.

“Compound interest is the eighth wonder of the world. He who understands it earns it; he who doesn’t pays it.” – Unknown

4. Cable Television Package

In the age of streaming services, cable television packages often come with channels you never watch and a hefty monthly bill. Cutting the cable and choosing specific streaming subscriptions for the content you love can save you money and offer a more personalized entertainment experience. I haven’t subscribed to cable television in over seven years. It is a better value for me to bundle my favorite streaming services now and use pay-per-view for movies I want to watch. I also use YouTube Premium and YouTube TV  for a lot of what I watch.

5. Gym Membership

Don’t get me wrong; physical fitness is vital. However, expensive gym memberships often go unused or underutilized. Many people are now turning to home workouts, online fitness classes, or outdoor activities that are either free or a fraction of the cost. Assess your needs and fitness habits before committing to an expensive gym membership. I have always been able to exercise at home or go running in a park for all my exercise needs. That’s just me. Sadly, many gym memberships are paid for but never used. Even most home exercise equipment is used as things to hang clothes on.

6. Extended Warranty

Extended warranties often prey on our fear of something going wrong. But statistically, most products don’t fail within the extended warranty period, and if they do, the repair cost is often similar to the warranty’s price. Instead of buying an extended warranty, consider setting aside a small emergency fund for unexpected repairs. I have done this for decades and am way again in savings as I have never needed a warranty for appliances or electronics.

7. Trying to Impress People

Trying to impress others with a big house, fancy car, clothes, or lavish vacations can severely drain your finances. Living beyond your means to meet others’ expectations is unsustainable and can lead to financial stress. Being true to yourself, living within your means, and prioritizing experiences and relationships over material possessions will lead to more genuine happiness and financial stability. I have never tried to impress anyone with anything I own. I focus on impressing myself with my bank statement and net worth.

Key Takeaways

  • Avoiding Illusionary Gains: Steer clear of deceptive delusions of winning big with lottery tickets and casino games, as they never lead to financial success.
  • Minimizing Unnecessary Charges: Be vigilant with credit cards to evade hidden charges and exorbitant interest rates.
  • Customizing Entertainment: Tailor your entertainment subscriptions to your preferences, skipping traditional cable for more cost-effective solutions.
  • Embracing Alternative Fitness Solutions: Explore various workout options outside costly gym memberships for your physical well-being.
  • Forgoing Needless Protections: Rethink purchasing extended warranties, as they often don’t offer real value.
  • Rejecting Superficial Impressions: Focus on authentic living rather than acquiring material possessions to impress others.


The path to genuine financial well-being isn’t merely about acquiring wealth; it’s about thoughtful stewardship and intentional choices. We cultivate a more fulfilling and economically sound lifestyle by recognizing and sidestepping common financial pitfalls like empty gambling endeavors, needless subscriptions, and superficial pursuits. The above principles urge us to assess what truly matters and encourage us to invest in ourselves and our future rather than fleeting desires and improbable hopes. The road to financial stability is paved with wisdom, reflection, and a dedication to purposeful living.

We can take practical steps toward more thoughtful and effective money management by identifying these seven wasteful spending habits. Saving money doesn’t always mean cutting back on the things you love; it means spending wisely and avoiding traps that don’t provide real value. We can take control of our financial future by making conscious decisions that align with our values and long-term goals. That’s what I do.