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GOBankingRates’ editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services – our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines<\/a> and our products and services review methodology<\/a>.<\/p>\n 20 Years Trusted by Money expert George Kamel tracks what experts and internet personalities say about personal finance, helping his audience separate fact from fiction. He recently made a YouTube video<\/a> based on an article about 11 purchases that he believes keep people broke.\u00a0<\/p>\n According to a MarketWatch survey<\/a>, 48.6% of Americans consider themselves to be \u201cbroke.\u201d Kamel looked at 11 questionable purchases a Your Tango<\/a> article pointed out to help these consumers and anyone else who feels that their spending habits hold them back<\/a>.<\/p>\n 1. Every Social Invitation<\/p>\n Kamel agreed that saying yes to every social event can keep you broke. Everyone needs friends and a healthy social life, but that doesn\u2019t mean opening your wallet for every night out.<\/p>\n Instead, Kamel urged, \u201cSurround yourself with the right people. They\u2019re not always going to be trying to go out and spend money, because they also have financial goals.\u201d If you find friends who can have fun on a budget, your social life and bank account can be healthy.<\/p>\n<\/p>\n 2. Buying Purely Because \u2018It\u2019s on Sale\u2019<\/p>\n Marketers know how to make a sale look tempting, but that can lead to uncontrolled spending<\/a>. Plus, those sales may not be as good as they appear. LifeLock by Norton confirms what Kamel said in the video: Many unethical retailers will inflate the original or suggested price of an item to make it appear to be on sale.<\/p>\n 3. Taking Every Upgrade<\/p>\n Upgrades are everywhere in consumer culture, from add-ons in e-commerce to flashy new versions of your current smartphone. It\u2019s easy to default to the upgrade and treat yourself, but Kamel has a more wary attitude. He suggested only getting the upgrade if it\u2019s necessary and provides genuine value.\u00a0<\/p>\n 4. Lending to Friends and Family<\/p>\n Lending money erodes trust and changes the dynamic of social relationships. Kamel has seen it happen repeatedly as a host on \u201cThe Ramsey Show,\u201d and he recommended people avoid it entirely<\/a>.<\/p>\n As an alternative, Kamel suggested replacing a loan with one-time gifts covering specific needs.<\/p>\n 5. Eating Out Frequently<\/p>\n One survey showed that spending on restaurants increased by 15% from 2023 to 2024, with 55% of respondents preferring dining in over takeout. That adds a significant amount to a person\u2019s food budget, given the markup restaurants have to charge to stay in business. As Kamel reminded his audience, it\u2019s cheaper to eat at home, and it doesn\u2019t have to take all day.\u00a0<\/p>\n 6. Accepting Every Credit Offer<\/p>\n Credit and buy now, pay later programs make it easier for people to overspend. Research shows that deferred payments make spending less painful. This mental separation distracts us from the long-term consequences of spending, making it easy to buy on impulse.<\/p>\n Discounts and credit cards aren\u2019t worth the danger of debt, Kamel said. It\u2019s safer to stick with debit<\/a>.\u00a0<\/p>\n 7. Buying Online Impulsively<\/p>\n Online shopping makes impulsive spending easier, especially when algorithms have learned a lot about you. \u201cThey know what you like,\u201d Kamel said. \u201cThey know what you\u2019re insecure about, and they will find a product to make you feel better about it.\u201d Limit your scroll time, and you limit your temptation.<\/p>\n 8. Picking Up the Tab<\/p>\n Whether you\u2019re treating your friends or avoiding the hassle of tracking down everyone\u2019s share, covering the bill can drain your bank account. Instead, Kamel suggested, agree at the start of the meal to split the check.<\/p>\n 9. Purchasing Extended Warranties<\/p>\n Warranties may feel like protecting your investments, but Consumer Reports states that they\u2019re rarely worth it. Kamel agreed with the Consumer Reports recommendation: Put that money into a savings account to cover repairs. More importantly, take care of your belongings.<\/p>\n 10. Bending to Peer Pressure<\/p>\n Kamel believes that peer pressure comes from the environment you create. He suggested opting out of social circles built around impressing each other. Instead, surround yourself with people who don\u2019t guilt you when you say no to a purchase.<\/p>\n<\/p>\n 11. Spending More With Every Raise<\/p>\n It\u2019s tempting to live more luxuriously as your income increases<\/a>. Money experts call this \u201clifestyle creep,\u201d and it\u2019s understandable. You\u2019re tired of living on the cheap, so you spend your higher salary on conveniences. You tell yourself that you deserve it.<\/p>\n \u201cYou deserve a lot of things,\u201d Kamel argued. \u201cYou deserve peace. You deserve freedom. You deserve options.\u201d<\/p>\n Instead of spending yourself into being broke, consider putting that money toward your financial goals. Create a budget and use your additional income to pay off debt, build your emergency fund or increase your investments.<\/p>\n By prioritizing your goals and financial health, you can avoid the traps that keep others from getting ahead.<\/p>\n LifeLock by Norton and GOBankingRates are both owned by GenDigital. The findings expressed in this article are based on publicly available data and independent analysis.<\/p>\n View Sources <\/p>\n Our in-house research team and on-site financial experts work together to create content that\u2019s accurate, impartial, and up to date. We fact-check every single statistic, quote and fact using trusted primary resources to make sure the information we provide is correct. You can learn more about GOBankingRates\u2019 processes and standards in our editorial policy<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"\u00a9Shutterstock.com Commitment to Our Readers GOBankingRates’ editorial team is committed to bringing you unbiased reviews and information. 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