11 Things You Should Get Rid of Now If You Want To Save Money
When it comes to saving money, frugal people are know to hold onto things well beyond their expiration date. However, that habit can often cost them more over time.
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“Unfortunately, some goods cost more energy and cause more trouble than they are worth,” said Adem Selita, CEO and co-founder of The Debt Relief Company. With that in mind, here are several items you should get rid of now if you really want to save money.
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Old Appliances
Old appliances, particularly refrigerators and air conditioners manufactured before 2001, are prominent energy vampires, according to Abid Salahi, finance expert and co-founder of FinlyWealth.
“A 20-year-old fridge can consume up to 1,700 kWh annually, costing around $200 per year in electricity,” he said.
Replacing these with Energy Star-certified models can cut energy use by 15% or more, saving hundreds over the appliance’s lifetime.
Oversized Homes
Oversized homes often lead to inflated utility bills, higher property taxes, and increased maintenance costs. Downsizing to a more appropriately sized living space can slash these expenses dramatically.
“For instance, moving from a 2,500 sq ft home to a 1,500 sq ft home could save upwards of $10,000 annually when reducing utility costs, property taxes, and maintenance expenses,” Salahi said.
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Rarely Used Vehicles
“Rarely used vehicles in the driveway aren’t just depreciating assets; they’re money pits,” Salahi added. Even when unused, he noted that cars require insurance, registration fees and periodic maintenance.
“Selling an extra vehicle can save an average of $5,000 annually in ownership costs, not to mention the potential cash influx from the sale.”
High-Maintenance Clothing Items
According to Salahi, high-maintenance clothing items, such as ‘dry clean only’ garments, can cost $30 or more per cleaning cycle. “An entire wardrobe of these pieces could quickly rack up $500 or more in annual cleaning costs.”
For this reason, he recommended transitioning to a wardrobe of easy-care, machine-washable clothes that can eliminate this expense.
Oversized Lawns and Complex Landscaping
Oversized lawns and complex landscaping may look impressive, but come with hefty maintenance costs. Between water, fertilizer, equipment and potential professional services, Salahi stated that a large, manicured lawn can cost upwards of $3,000 annually.
“Consider replacing portions of your lawn with low-maintenance native plants for xeriscaping to reduce these ongoing expenses dramatically.”
Unused Gym Equipment
“Unused gym equipment takes up valuable space and represents a sunk cost that could be recouped,” said Salahi. He added that a high-end treadmill or elliptical machine can fetch $500-$1,000 on the resale market.
Moreover, eliminating these energy-hungry devices can save $50-$100 annually on your electric bill.
Physical Media Collections
Collections of physical media — think DVDs, CDs or books — often gather dust in the streaming era. Selling these items can generate immediate cash and reclaim valuable space.
Salahi said, “More importantly, it removes the temptation to purchase expensive storage solutions or larger living spaces to accommodate growing collections.”
Selita agreed and added that many people tend to keep these kinds of items in storage. “A lot of times letting go of the items is more beneficial than holding onto them,” he said. “Sometimes we need to take the red pill and realize that some items we hold onto just simply won’t ever get used again in our lives.”
Vintage Clothing
Vintage clothing is great. However, Selita pointed out that if you have clothing items you will not wear in your closet or they are difficult to wear and clean (like if they require dry cleaning), you should definitely consider donating them or selling them.
The same goes for costumes and other one-off items that you probably won’t wear again.
Timeshares
“Timeshares are notorious money drains, with average annual maintenance fees exceeding $1,000, not including special assessments or travel costs,” Salahi explained.
While selling a timeshare can be challenging, eliminating this financial burden can save thousands over the years and remove a source of stress and obligation from your life.
Fancy Home Office Equipment
Home office equipment, especially for those transitioning to remote work, often includes redundant or outdated technology. Old printers, scanners and fax machines consume energy and require expensive ink or toner.
Salahi advised consolidating to a single, efficient, all-in-one device that can save hundreds in energy and supply costs annually.
Excessive Smart Home Devices
“Excessive smart home devices seem convenient but can significantly increase your energy bill,” Salahi observed. “A house full of always-on smart speakers, displays and other IoT devices can add $50-$100 to your annual energy costs.”
Salahi recommended streamlining your smart home setup to include only the most valuable devices to reduce these hidden energy expenses.
“Eliminating these items isn’t just about immediate savings; it’s about adopting a mindset of intentional ownership,” he stressed. “By critically evaluating the cost of our possessions, we can make more informed decisions about what truly adds value to our lives and financial health.”
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This article originally appeared on GOBankingRates.com: 11 Things You Should Get Rid of Now If You Want To Save Money