8 Things You Should Stop Buying After 50: Personal Finance Experts

Constantly replacing gadgets can seriously strain your budget, says Todd Stern, founder of the online portal Money Management Guide. “New smartphones, laptops and watches are things you shouldn’t buy after 50. Stop acting impulsively – don’t buy new equipment just because it is popular or has just appeared in stores. Spending wisely after 50 involves analysis: ask yourself what you really need and whether another phone will improve your quality of life,” he says.

This doesn’t mean you have to use the same familiar, “reliable” smartphone for the rest of your life. Todd points out that you should be on the lookout for revolutionary new features that might prove useful, or ones that would be a problem if you didn’t have them, and also look out for gadgets that you don’t yet have that might. ‘be. extremely useful. “Remember, there is a general principle for spending wisely after 50: always analyze your needs before putting your hands on your wallet,” he says.

Stylists also have advice on personal finances for people aged 50 and over: buyer Leanne Lee believes that at this age, you should forget about fast fashion and focus on classics. “Want to know how to save money after 50? Forget trends. At the beginning of each season, “trendy” items appear in stores, but they are usually made from cheap materials and poorly sewn. Opt for timeless pieces that fit well and are well made to ensure you always look stylish and expensive. Plus, you won’t have to worry about where to put your new wardrobe because your old one is filled with clothes that are no longer worn out,” she says.

At age 50, adult children are leaving home, and according to personal budget expert Chad Gammon, one of the biggest financial mistakes after age 50 is continuing to help them with money.

“Unnecessary purchases after 50 will only harm you. If you continue to constantly spend money to meet the needs of an adult child, they will never become independent and you will not create a safety net that could be useful in retirement. That doesn’t mean you can’t give a gift or help in a difficult situation, but if something comes up every month that takes up a significant portion of your budget, it’s worth considering, says Chad.

“It’s not just important to know what purchases to avoid after 50. Remember another important rule: Never charge more on a credit card than you can pay off in two to three months without significantly changing your lifestyle. I would even say that financial education after 50 should include the complete rejection of interest-bearing loans, because they cause the most problems in retirement, ”says Gammon.

When you don’t have as much savings as you’d like, it can be tempting to invest it in risky projects with potentially big gains. According to Yasmin Purnell, creator of the minimalist lifestyle website, a financial strategy aimed at people over 50 should exclude such decisions. “At our age, it is better to focus on preserving capital rather than aggressively growing it. Choose reliable investment methods that guarantee a small but stable profit,” she advises.

“It’s a common problem: many people dream of living in a big house in retirement and save money their whole life to buy it. However, when they realize their most cherished desire, they are faced with an unsightly reality: a huge house is expensive and difficult to maintain, and in the end it does not bring joy, but only trouble. My financial advice as an expert is therefore not to invest in real estate that does not suit your lifestyle,” says Gammon. He also advises avoiding costly but unnecessary cosmetic renovations and opting for moderate, functional updates to your home.

Life insurance can protect your family from financial hardship in the event of an untimely death, but experts say it only works up to a certain age. “If you want to avoid unnecessary expenses after 50 years, refuse to take out an insurance policy – most likely it will be unreasonably expensive. Consider term life insurance instead: that might make more sense,” says Chad.

“At 50, both men and women generally have more free time than at 40: the children have grown up, their careers are made. As a result, many people spend hours in shopping malls, supermarkets and markets, putting everything in their shopping cart. In this case, the best saving tip for people aged 50 and over is to find a hobby. This may also require money, but it will be a much more significant expense than an impulse purchase,” says entrepreneur John Rampton.

So we’ve figured out what to avoid when shopping after 50. But what would be a good purchase? This is where experts advise investing.

Also read which dog breeds are ideal for people over 50, what items every woman of this age should have in her wardrobe and which diets will be most effective when you are over 50.

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