Intro
Do you find yourself looking at a near-empty bank account just before your next payday? Are you confused as to how it happened? You try to save; you attempt to spend less, but it never seems to work.
Some of that is on us—we have to be in control of our spending—but a good part of it is the fact that our economy is built on spending. The system is against you. Let’s talk about 7 consumer trends that are seemingly designed for your convenience but are really keeping you broke.
Trend #1: New Tech
The new smartphone, smartwatch, that sleek laptop, or the newest gaming console. Every year, there’s something bigger, faster, and shinier, and the pressure to keep up with the latest tech is undeniable.
But constantly upgrading and chasing after the latest technology can quietly drain your accounts. Tech companies are brilliant at making us feel like we need to upgrade every year or buy into their entire ecosystem of products. But these upgrades rarely improve your life in meaningful ways, yet they cost a small fortune.
That $1,200 for a new phone every year or two? Imagine if you invested that money instead. That’s the real cost of always buying into the next big thing—not just the immediate hit to your wallet, but the long-term wealth you’re missing out on by spending instead of investing.
Be mindful of the financial trap consumerism creates. The more we focus on acquiring things, the easier it is to go broke and remain broke. Focus instead on your long-term financial goals and resist the urge to keep up with the latest tech trends. Often, last year’s model works just as fine and can save you a lot of money. Otherwise, constantly upgrading your gadgets can wreak havoc on your finances.
Trend #2: Food Delivery Services
After a long day, the last thing you want to do is cook. You open an app, scroll through, and your favorite meal is delivered to your door in minutes. Super convenient, but that convenience is costing you big time.
It’s way more expensive than just cooking your own meals. Delivery fees, service fees, and …a tip. A $12 meal suddenly becomes $25 or even $30. Do that a few times a week, and by the end of the month, you’ll have spent hundreds of dollars on something you could’ve cooked for a fraction of the price.
$50 a week on delivery is $200 a month, or $2,400 a year. If you took even half of that and put it towards your savings, investments, or even debt repayments, it would help you reach your financial goals faster.
When food delivery becomes a habit, it’s a silent money leak that’s keeping your wallet empty. Instead, try meal prepping or cooking at home more often. It’s often the healthier choice, it’s cheaper, and you’ll be shocked at how much money you’ve been giving away.
Trend #3: Subscriptions
These sneaky little expenses are probably the most common items that quietly drain our accounts and have us asking, “Where did my money go?”
Streaming platforms, monthly box deliveries, or fitness apps—these services are designed to feel convenient and affordable. But over time, they’re poking a hole in your savings.
Let’s say you sign up for a video streaming service that costs $15 a month. At first, that seems manageable, but then you add music streaming, a fitness app, and maybe a meal kit delivery service. Before you know it, you’re spending $50 or more every month—just on subscriptions.
They might seem small individually, but together they can significantly impact your finances. Subscriptions have become the ultimate ‘set it and forget it’ expense, and companies know that. They make it so easy to sign up for a free trial, and before you know it, months—or even years—go by and you’re still getting charged.
Take a hard look at which ones you’re actually using. Cutting out just a few of these unused or underused subscriptions can free up serious cash. Go through your bank statements, list out every subscription you’re paying for, and decide which ones are truly adding value to your life. If they’re not, cancel them.
Trend #4: Credit Card Rewards
They sound great—free travel points, cashback on every purchase, discounts on your favorite stores. But credit card rewards can be keeping you broke.
Credit card companies are experts at making you feel like you’re winning. Every time you swipe, you’re racking up points, miles, or cashback. But the more you spend, the more likely you are to carry a balance—and that’s where credit card companies make their real money.
If you’re not paying off your balance in full every month, those “free” rewards are actually costing you big time in interest charges. And some rewards cards have annual fees that you’re paying just to access those perks, which can quickly eat into whatever benefits you’re getting.
Credit card rewards are only helpful if you’re not carrying debt. The real win is being smart with your spending, paying off your balance on time, and never falling for the trap of overspending just to earn a few points.
Trend #5: Buy Now, Pay Later
Companies like Affirm and Klarna are incredibly popular lately, but these are some of the worst culprits at robbing you of your money.
Buy Now, Pay Later makes you think that you can afford anything when you actually can’t. It’s designed to make you feel like a purchase is way more manageable by breaking it into smaller chunks. But that quick dopamine hit from shopping feels good in the moment, and those payments start coming due.
If you miss a payment, those “interest-free” plans can become very costly. Suddenly you’re hit with predatory interest and fees that can be as high as 35%. Instead of using Buy Now, Pay Later, focus on saving up for what you want.
Trend #6: Online Convenience
Features like Apple Pay, Google Pay, or saved credit cards in your browser make shopping way too easy. With one click, scan, or tap, you can buy just about anything.
But when you remove friction from spending, you also remove the time to think. Small purchases add up quickly, and it’s way too easy to lose track of your spending.
To take control of your spending, remove some of that convenience. Turn off the ‘remember my card’ feature or wait 24 hours before making non-essential purchases.
Trend #7: Social Media Influence
Social media could be one of the biggest reasons you’re staying broke. The constant stream of comparison is dangerous to your finances.
Seeing curated lifestyles creates a fear of missing out (FOMO), making you feel like you need to spend to keep up. But most of what you see online is exaggerated or filtered.
Take a break from social media and focus on living within your means. Wealth is built by the choices you make—not by the likes or comments you get online.
Thanks so much for reading! If this article resonated with you, share it with a friend. Let’s help each other become smarter with our money!
