Rachel Cruze: 7 Things I Didn’t Spend Money on in 2023

©Rachel Cruze

You know you need to cut certain expenses out of your budget so you allocate the money coming in towards building wealth. What expenses are the smartest to cut out of your yearly budget?

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Take a cue from personal finance expert Rachel Cruze who shared a YouTube video breaking down seven things she’s done spending money on. According to Cruze, she hasn’t spent money on the following items this year because they’re not valuable or necessary. See if you’re in the same camp and didn’t spend money on these seven things.

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Subscription Boxes

There’s a subscription box for just about everything from meal prep to styling services. Cruze said she didn’t spend money on subscription boxes because when the box arrived she didn’t use everything inside the box. Cruze used beauty boxes as an example. While there are great ideas on how to use the beauty products inside, most products end up unused on the bathroom counter.

The cost of subscriptions increases fast and may even be overlooked as an excessive expense. “Studies show a third of consumers underestimate how much they’re gonna spend on subscriptions by $100 to $199 every month,” said Cruze. “And 42% have forgotten they’re still paying for subscriptions they no longer use.”

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Extravagant Kid’s Birthday Party

Cruze said it’s not her thing to spend a ton of money on birthday parties for kids. Parents can buy a few balloons and bake a cake from a box for a three-year-old — and it’s perfectly fine for a celebration.

Valentine’s Day Gifts

Cruze cited a statistic from a National Retail Federation (NRF) survey which suggested people spend $175 per person on Valentine’s Day.

While Cruze said she did celebrate a little bit for Valentine’s Day, such as providing her kids with valentines to pass out in school, she drew the line at lavish gift giving and dining out at expensive restaurants.

Trendy Tennis Shoes

Three years ago, Cruze said she bought a pair of trendy, stylish tennis shoes. She only has this one pair — not 10 or more pairs — and is determined to keep it that way in her closet.

Apps

This is an easy thing to spend money on, especially if you have kids. Much like subscription boxes, you may find you end up buying apps you don’t use and eventually wind up deleting them from your smartphone.

Name Brand Kitchen Basics

This year, Cruze said she bought just generic brands instead of name brands when shopping at grocery stores. Some of the items she switched to for generic store brands included sour cream, cheese, flour and oils.

“Some reports said you can cut 15-30% off of your grocery bill by buying generic over name brand groceries,” said Cruze.

Multiple Kids’ Sports, Camps and Extracurriculars

Parents with kids know just how fast expenses and recurring costs for sports, camps and extracurricular activities all add up. Even paying for gas to drive the kids to various games and meets can get out of control.

To curb costs, Cruze recommended having kids pick one activity they want to do instead of multiple expensive activities and sticking to it.

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This article originally appeared on GOBankingRates.com: Rachel Cruze: 7 Things I Didn’t Spend Money on in 2023