Have you ever felt ripped off by how much money you spend during a Starbucks run or movie theater date?
You aren’t alone—many consumers pay for items without realizing how grossly overpriced they are. To prevent sticker shock, maximize your budget and avoid needlessly expensive purchases with these money-saving strategies.
Overpriced: Coffee Chains
Vox reports that coffee shop prices have soared recently due to inflation and high labor costs. Coffee chains must follow suit as suppliers raise the price of beans, syrups, milk, and other essentials. A grande specialty latte at Starbucks can cost upwards of $8, an exorbitant price for a relatively small cup of coffee.
How to Save: Perfect Your At-Home Barista Skills
Learn how to recreate your favorite coffee drinks at home to save money in the long run. An automatic espresso machine is a kitchen staple for lattes, cappuccinos, and more. CNET estimates consumers can save over $300 annually by making cups at home.
Overpriced: Bottled Water
Bottled water is bad for the environment and your wallet. Consumer Reports identifies the health concerns of drinking water from a plastic bottle due to the potential presence of harmful toxins. Additionally, a Beyond Plastics report estimates around 85% of plastic water bottles end up as waste rather than being recycled.
How to Save: Invest in a Reusable Bottle
Reusable water bottles have significantly less impact on the environment. They offer the same convenience as water packed in plastic, but you can use them multiple times. There are many water bottles for all budgets, from simple squeeze styles to fancy, self-cleaning options.
Overpriced: Amusement Parks
Prepare to spend big on a trip to Disneyland, the so-called Happiest Place on Earth. The Points Guy shares that popular amusement park companies like Disney and Universal have reported massive spikes in per-person spending.
A family of four can expect to spend over $2,400 on park entry and ride fees alone during a three-day Walt Disney World vacation. This staggering number doesn’t include additional costs for food, lodging, transportation, and other activities.
How to Save: Plan Your Visit Strategically
Consumers can drastically reduce their amusement park spending by planning trips well in advance. Discover recommends hunting for ticket deals ahead of time rather than buying at the gate. Grocery stores local to the area may offer discounts, though online savings are also frequently available.
Some amusement parks, like Disney, utilize a dynamic pricing model, with lower prices on slow dates and higher rates on busy days. Use this system to your advantage and plan a trip outside peak times to score the lowest prices possible.
Overpriced: Designer Fashion
High-end brands continue charging unbelievably high prices for luxury goods. For instance, shoppers could snag a legendary Hermes Birkin Bag for $2,000 when it was first released in 1984. Sotheby’s reports that the current price of a Birkin is anywhere from $10,000 to $200,000.
This trend shows no signs of stopping, as a Statista analysis of the U.S. luxury goods market projects over $77 billion in revenue by the end of 2024, an annual growth rate of 1.9%.
How to Save: Buy Used
Buying used luxury goods can help fashion lovers save money without compromising style. Resale platforms like TheRealReal and Vestiaire Collective offer authenticated brand-name pieces at discounted prices.
If kept in good condition, you may profit from investing in used items and reselling them several years later. Vogue reports that the Louis Vuitton Pochette Bag has increased in value by 379% since 2001.
Overpriced: Movie Theater Snacks
The cost of a movie theater outing can quickly skyrocket if you purchase snacks and drinks. Reader’s Digest claims cinemas often mark popcorn up by a whopping 1,275%.
According to Fox 8, a lack of competition contributes to these hefty price tags. Since movie theaters control the available concessions, they can charge any price for candy, chips, and other snacks.
How to Save: Eat Before or After
Grab a treat elsewhere before or after showtime rather than overspending on movie theater snacks. Enjoying a meal beforehand will keep you full and satisfied while movie-watching. Alternatively, have a bite to eat afterward with your fellow moviegoers to discuss your thoughts on the show.
Overpriced: Diamonds
Due to clever marketing tactics, diamonds have become one of the most overpriced modern-day products. In the 20th century, the De Beers Corporation launched a global campaign to popularize the gemstone and promote sales.
The Australian Diamond Portfolio reports that by the late 1980s, the company controlled nearly 90% of the world’s diamond market. Green Matters says supply and demand largely dictate the industry today, with more demand resulting in higher prices.
How to Save: Shop for Lab-Grown Diamonds or Moissanite
Consider lab-grown diamonds or moissanite to achieve the diamond look for less. Gemstones created in a lab are identical to natural diamonds to the naked eye. According to Nathan Alan Jewelers, lab diamonds are 30-35% less expensive than their naturally-formed counterparts.
Moissanite, a silicone carbide mineral, is also an excellent diamond alternative. The International Gem Society says you can get 8-20% more carats for your money with a moissanite gem compared to natural diamonds.
Overpriced: Name-Brand Cosmetics
Due to inflation, Women’s Health reports, cosmetics prices are at an all-time high. Comper estimates the average woman spends more than $15,000 on makeup in their lifetime.
Luxury makeup brands like Gucci charge hundreds for simple products. Furthermore, celebrity makeup lines are notoriously overpriced for their big-name appeal.
How to Save: Research Sales and Affordable Alternatives
If you don’t want to sacrifice your makeup routine but can’t justify the hefty price tag, consider shopping exclusively during sales. Retailers like Ulta and Sephora host annual savings events, allowing customers to reduce their spending.
Many affordable brands also have alternatives to expensive products that work nearly the same for a fraction of the price. Dedicate some time to research customer reviews and ratings to find the best option for your budget.
Overpriced: Concert Tickets
Seeing your favorite musician perform live will cost you a pretty penny. Apollo Academy reports the average ticket price for a North American show has increased 34% since 2018.
In particular, international superstars like Taylor Swift charge sky-high ticket prices. Based on SeatGeek data, CNN revealed the average ticket resale price for her 2023 Eras Tour is over $1,600, a 741% increase from 2018’s Reputation Tour.
How to Save: Utilize Discounts
CNBC suggests using a credit card with entertainment rewards to purchase concert tickets. For instance, the Capital One Savor Cash Rewards Credit Card offers 4% cashback on entertainment purchases. Meanwhile, you can often score discounted tickets through membership programs like AAA.
Overpriced: College Textbooks
Textbooks can be a surprisingly expensive component of college. A 2023 study by Education Data Initiative found that the average undergraduate student spends $339-600 annually on course materials. According to Study.com, publishers charge hefty prices to increase their profit margins since textbooks are mandatory for most college courses.
How to Save: Opt for Rentals or E-Books
Renting a textbook for the semester is considerably cheaper than purchasing one outright. Chegg, an online learning platform, claims students can save up to 90% with textbook rentals and used editions.
Digital book versions can also help you cut costs if your professors allow. BestColleges reports that, in some instances, e-books can be 40-50% cheaper than physical copies.
Overpriced: Eyeglasses
Accrue Savings says consumers without insurance can expect to spend hundreds on a pair of glasses. Using data from VSP Vision Care, Accrue estimates the average price of single-vision lenses to be over $100, with frames being an additional $230. Progressive lenses, meanwhile, can cost up to $600, not to mention add-ons like lens coatings.
How to Save: Compare Prices Online
According to GoodRx, one of the top ways to save money on eyeglasses is by browsing prices online. A CNET study of online eyewear retailers such as EyeBuyDirect and Warby Parker revealed average savings of over $100 compared to in-store shopping. Many companies streamline the process by sending you frames so you can find your perfect pair at home.
Overpriced: Greeting Cards
You may experience sticker shock next time you pick up a greeting card. The greeting card industry is surprisingly lucrative, with Yahoo Finance reporting the U.S. market value at $5.1 billion in 2022. A simple birthday or anniversary card that costs cents could be priced anywhere from $2 to $7.
How to Save: Make Your Own
Make your own greeting cards rather than purchasing them at the store. You can recreate many cute and easy online card designs with everyday household products. A handmade card saves you money and adds a thoughtful and unique touch.
Overpriced: Fresh Produce
Maintaining a healthy diet can be challenging as fresh produce becomes increasingly expensive. A 2023 study by the International Fresh Produce Association showed a 6.8% increase in fresh produce prices from 2022. According to CBS News, inflation, supply chain issues, and labor shortages contribute to these higher price tags.
How to Save: Shop In-Season
Maximize your grocery budget by shopping for seasonal produce. The Home & Garden Information Center says eating seasonally is more cost-effective since crop yields are better when grown in optimal conditions. Farmers may also have a surplus of fresh produce, resulting in competitive prices at your local grocery stores.
Overpriced: Furniture
Furnishing a home has never been more expensive. Based on data from the U.S. Bureau of Labor Statistics, the Official Data Foundation estimates furniture prices have soared by an average of 217% since 1959. According to Modern Resale, material harvesting and manufacturing times are the leading reasons why some home goods companies charge a premium.
How to Save: Refurbish Pre-Owned Pieces
Shopping for secondhand pieces can drastically reduce your furniture budget. Browse online platforms and visit local antique stores to find affordable, pre-owned pieces that you can give a second life.
Furniture made with quality craftsmanship can last for years, making your money go further. Savvy shoppers can also use simple DIYs to transform the appearance of used furniture, helping it match their aesthetic.
Avoid overspending on your next family vacation
Makeup, clothes, and food aren’t the only things that have increased in price recently. As airfare and hotel costs rise, money-saving tips and tricks can help you plan an epic vacation without blowing your budget.
16 Travel Hacks for Family Vacations: Save Money on Flights, Accommodations, and Activities
Elise Armitage is an entrepreneur and founder of What The Fab, a travel + lifestyle blog based in California. At the beginning of 2019, Elise left her corporate job at Google to chase her dreams: being an entrepreneur and helping women find fabulous in the everyday. Since then, she’s launched her SEO course Six-Figure SEO, where she teaches bloggers how to create a passive revenue stream from their website using SEO. Featured in publications like Forbes, Elle, HerMoney, and Real Simple, Elise is a firm believer that you can be of both substance and style.
