Welcome to reThinkable - my Sunday newsletter where I share actionable money tips, strategies, and resources to help you make smarter money moves.

Read time: 3.5 minutes

friend, a question I get all the time is: “What are some things you should never waste money on?”

I could give you a loooooong list of popular and “essential” things that I think are a ripoff but I know you probably don’t want to sit here all day.

So in today’s newsletter, I’ll share 5 common things that I think are a complete waste of money.

1. Brand New Fresh Minty Cars

New cars depreciate immediately after you drive off them off the lot. Since 2020, the total price of owning a car (gas, repairs, parking, insurance) has jumped 43%... and it’s expected to go higher.

So here’s what you should do to save money:

If you already have a car:

1. Go on Youtube to learn basic car maintenance like changing air filters, wiper blades, and wiper fluids yourself 

2. Avoid overpaying for car insurance with this tool. It takes just 30 seconds to check.

3. Use apps like Upside to find the cheapest gas prices in your area

If you’re considering getting a car:

• Get a reliable, lowish-mileage vehicle from 2010-2012. Most cars from this time period are basically done depreciating

• Consider sticking with public transportation (yes, even if it smells weird)

• Split rides with friends or coworkers (even if they talk too much at 7 am

2. Double The Food?

Let me hold your hand for this one: food delivery apps are low-key robbing you.

I get it. After a long day of work, nothing soothes my soul more than ordering a big bowl of Thai Drunken Noodle with beef. But then my blood boils when I see all the additional fees added to my order. My $15 noodles now cost $32.77.

In most cases, you end up paying 2x what it would cost to just pick your food up, and 4x what it would cost to cook at home.

Food delivery should be a treat, not a lifestyle.

3. Overpriced Phone Plans

The average American spends $144/month on their phone bill, and the price tag is just going up every year because phone carriers bet you won’t switch.

And for a while, you probably didn’t have much of a reason to.

But now you do. 

Helium Mobile is the only carrier that offers free 5G cell phone service meaning you can immediately save hundreds every month. 

They offer a new Zero plan that gives you 3GB of 5g data, 100 minutes of calls and 300 texts each month for $0/month. Yes, zero.

The best part is you can earn points called Clod Points to redeem for gift cards for things like Airbnb stays, Uber rides, Apple products and more.

Get the app here and use code VINCENT to receive $10 of Cloud Points for free.

Note: you do have to share anonymous location data to help improve Helium Mobile’s network coverage to get the free plan

4. New Year’s Resolution

Do you still have a gym membership that you signed up for from your New Year's resolution? 

It’s time to ask yourself… are you still going to the gym at least once a week?

Maybe you’re still holding on to avoid the cancellation fee but if canceling saves you more than it costs, cancel it.

Don’t waste money on a gym membership if you’re not actually using it.

There are a lot of low-cost & free options like local run clubs or free workout plans on YouTube.

5. Branded Stuff

I didn’t grow up with money so my parents always bought generic store-brand cereal… I always thought only rich people bought name-brand cereal.

But the truth is that if you blindfolded me and made me try Kellogg's Frosted Flakes vs the store brand, I probably wouldn’t be able to tell the difference.

From medication to cleaning supplies to pantry staples—generic versions are 20–30% cheaper and nearly identical to name brands.

Consider making the switch the next time you go shopping.

Which of these things do you agree or disagree with? Reply to this email to let me know.

To making smarter money moves,

— Vincent Chan

Cool things I found this week

• These are the 3 traits of people who will NEVER get rich

• One of my favorite zombie show is finally back! The Last of Us Part 2 has officially taken over my Sunday nights. No spoilers but Episode 2 was kinda wild. I was not expecting that to happen at all.

• The government is coming for your student loans… and they might take the money from your paycheck: here’s how to prepare.

Vincent Chan

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