13 Times When Paying for an Upgrade Is a Waste of Money
Let's be honest: We get so wrapped up with having the best of everything that sometimes we are suckered into buying things that aren't actually better. These are the upgrades that you're better off skipping, experts say.
Purchasing sheets with a high thread count
Truth be told, quantity does not guarantee quality in the bedroom. While thread count does indicate a sheet set's comfort and durability, beware of thread counts that are too high or too low. The Wirecutter, a product review site owned by the New York Times, writes that the best sheets have a thread count of 200 to 600. Any higher, and you're not actually paying for better bedding, textiles experts say. The bottom line? Those 800-count satin sheets are just one of the things rich people never waste their money on.
Putting premium gas in your car
If you regularly fill up your vehicle's tank with premium gas, we have some bad news: It's not doing your car—or your bank account—any favors. In fact, The New York Times reports that "there is no advantage in performance, fuel economy, or emissions control" to use premium gas, unless your car is one of the rare few that require it. And with premium gas running around $0.50 more per gallon than the normal stuff, car owners waste about $2 billion per year on an unnecessary expense. Watch out for more ways you're wasting money without knowing it.
Using sunscreen above SPF 50
Most of us assume that the higher a sunscreen's SPF, the better it protects our skin. But when it comes to sunscreen, less could actually be more. "SPF is not a consumer-friendly number," Florida dermatologist James M. Spencer, MD, told WebMD. "It is logical for someone to think that an SPF of 30 is twice as good as an SPF of 15 and so on. But that is not how it works." According to Spencer, SPF 15 blocks about 94 percent of UVB rays, SPF 30 blocks 97 percent of UVB rays, and SPF 45 blocks about 98 percent of rays. Any SPF higher than that is not much more effective.
Flying first class
When The Economist calculated the price of flights between Heathrow and JFK airports, they found that the average economy ticket costs about $1,544. The price to fly across the pond in first class, by comparison, was a whopping $10,735. Think about it: Are the perks of flying first class really worth paying seven times more? Unless you can use frequent flier points for a seat upgrade, it's best to tough it out in economy—especially for flights that are less than three hours long. That extra cash can be put to better use on a fancy hotel or upscale dinner once you reach your destination.
Replacing your old smartphone
The launch of a new tech product does not, by definition, make your old tech outdated. Though it's tempting to get the latest and greatest smartphone every couple of months, skipping an upgrade is often the wiser (and wallet-friendly!) choice, financial experts say. "Sure, you'll miss a few new bells and whistles, but in the grand scheme of things, today's smartphones are fully equipped" to last at least one year, Louis Ramirez, senior editor at DealNews, told Bankrate.com. Plus, there are plenty of simple tricks to upgrade your old tech—no purchase required.
Installing a backyard swimming pool
You might think that adding a backyard pool will make your home look expensive. But believe it or not, having a swimming pool can actually lower the value of your home and turn off future buyers. Not only are pools costly and time-consuming to maintain, but parents of young children view them as a safety risk. Experts recommend installing a pool for your own entertainment and pleasure, rather than potential resale value. You should skip these home upgrades that are a waste of money, too.
Shopping for organic foods
It's no secret that organic foods and beverages can carry a hefty price tag. According to Consumer Reports, organic items cost 47 percent more, on average, than conventional alternatives—and in some cases, the markup can be more than 300 percent. To make your grocery dollars go further, shop for organic produce that would otherwise contain high levels of pesticides, like spinach and strawberries. Produce with a skin you discard, such as bananas or avocados, are generally okay to buy non-organic.
Buying brand-name medications
Get this: You could be paying up to 85 percent more by purchasing brand-name medication instead of its generic counterpart. Aside from the cost, however, there are virtually no differences between the two. The Food and Drug Administration (FDA) requires that generic medication must have the same dosage, effectiveness, strength, safety, stability, and quality as the original. Talk to your doctor about swapping your brand-name prescriptions for generic ones, and check out generic over-the-counter meds as well.
Adding express shipping
Itching for your latest online shopping spree to arrive? A few extra bucks for faster shipping may seem like no big deal, but those little charges can add up fast. If you are truly in a rush to receive your order, check out FreeShipping.org to get free shipping codes for popular brands or consider buying the items from a brick-and-mortar store, instead. In the end, express shipping is just one of the 14 tiny splurges that end up costing you way more than you thought.
Choosing a faster internet speed
Companies like XFINITY and Google offer home internet speeds of up to 2,000 Mbps (or 2 Gbps), but unless you are a hardcore online gamer, that blazing fast internet service is probably waste of money. The Federal Communications Commission (FCC) recommends internet speeds of 12 to 25 Mbps for families or those who frequently stream games or videos. Anything faster won't make a big difference for your everyday online browsing, but it will make a big difference for your bank account.