For most of us, the new year comes with renewed intentions to take care of our finances and buy wisely. With so many new products coming out, though, it’s hard to decide which of these are must-haves and which ones aren’t worth the money. You can start by considering their environmental impact or whether there will be a newer, better model coming in next year. You can also use our guide to 20 things you should definitely not buy in 2020.

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Bottled water
Even with increasing awareness of plastic pollution, the market for bottled water in Canada is still growing. However, as Environmental Defence says, about 1 billion plastic water bottles end up in landfills and the environment every year in Ontario alone. Canadian tap water is perfectly safe to drink but if you’re still reluctant, invest in a water filter instead and get yourself a reusable vacuum-insulated water bottle that will keep your water cold for hours.
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A new car
If you missed out on buying one of the best cars in Canada for 2019, don’t rush to buy new wheels in 2020. Instead, wait for 2021, when a host of companies will launch new models, many of them electric or hybrid cars that are better for the environment. These include the BMW i4, the Jaguar XJ, the Volkswagen I.D. Crozz and the Tesla Model Y. Better yet, invest in a bicycle and a monthly pass for public transport.

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Mothballs
Mothballs may be great at keeping bugs out of your stuff but they contain chemicals like naphthalene and p-dichlorobenzene that can be harmful to humans too. Instead, use natural alternatives like lavender or cedar chips.

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Mined diamonds
Pretty much all of the most expensive jewellery ever worn to the Oscars feature diamonds but would you really be able to tell the difference if those stones weren’t the real thing? Diamonds created in a lab are much cheaper and there’s zero chance that you’ll be buying conflict diamonds. The best part is that even experts can struggle to see that they’re not natural diamonds.

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New books
Of course there’s something about that new book smell but really, in the end it’s the content that counts, right? If you’re an avid reader, getting the digital version of that new book is usually cheaper. It also reduces your carbon footprint and saves a lot of trees. If you want to avoid the problem of e-waste, though, great alternatives are to buy used books or to get a library card.
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RELATED: 20 books by Canadian women writers.

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A new smartphone
Unless your old phone is beyond saving, there’s no reason why you shouldn’t wait to buy a new smartphone. For one thing, by 2021 there should be better 5G coverage to make the 5G connectivity of new smartphones worth the money. Then there’s also the issue of e-waste: do you really need a new phone in the first place if your old one still does the job just fine?

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High-cost mutual funds
Mutual funds are a great way to invest your money and make your nest egg grow. However, high-cost mutual funds aren’t really worth the money. It’s better to keep the total weighted cost under 50 basis points, and under 100 basis points for any single mutual fund. Before you invest, it’s also good to know how to find the best mutual funds in Canada.

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Conventionally grown strawberries
According to the Environmental Working Group, strawberries are covered in more pesticides than any other produce. While buying organically grown strawberries that are then flown halfway around the world to get to you isn’t more environmentally sound, you may want to try growing your own, pesticide-free strawberries instead.
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Cheap new clothes
If you want to stay on trend in terms of fashion, cheap new clothes may seem like the answer. However, those cheap items are often produced through questionable labour and environmental practices. Luckily the quintessential ’90s look is making a comeback. To really get grunge fashion right, you need to get your clothes second hand from thrift shops.

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Unnecessary life insurance
If you have dependents, you’ll definitely need to invest in life insurance so that they’re taken care of if something happens to you. However, don’t fall for all the bells and whistles when you buy life insurance. Stick with the most basic for your particular needs and invest the money you’re saving.

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Threatened medicinal plants
More and more people are opting for the healing powers of medicinal plants rather than conventional medicine and there are awesome medicinal plants that are native to Canada. However, many of these plants, including American ginseng and partridgeberry, are at risk of becoming threatened species due to over-harvesting. Before you buy or harvest a medicinal plant, check its conservation status.

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Coffee pods
According to a report by Mordor Intelligence, the global market for coffee pods and capsules is expected to grow by 7.1% between 2019 and 2024. The problem is that even the recyclable ones still end up in landfills. If you brew your coffee the traditional way or use a French press instead, you’ll help reduce plastic pollution while getting a superior cup of coffee at the same time.
SEE ALSO: 15 foods that are surprisingly high in antioxidants.
SEE ALSO: 15 foods that are surprisingly high in antioxidants.

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Air freshener
Mainstream air fresheners contain phthalates and other harmful chemicals while the more environmentally friendly options tend to be really expensive. There are many other ways to keep your home smelling fresh and clean, from growing fragrant herbs indoors to strategically placing sachets filled with odour-absorbing charcoal or baking soda.

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Disposable straws
More and more places are banning plastic, disposable drinking straws. If you prefer drinking through a straw, it’s wise to invest in a reusable one made of bamboo, stainless steel or glass. Businesses that need to provide drinking straws to their customers are also finding innovative new ways of doing this, such as providing pasta straws instead.

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Credit cards with annual fees
A credit card with an annual fee often comes supercharged with extras, but do you really need them? Some of the best credit cards in Canada for 2020 come with no annual fee at all and still give you access to great discounts, travel insurance and other benefits. Not having to pay that annual fee means you’ll be able to pay off your debt faster too.

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Individually packaged foods
Especially when you’re living on your own, individually packaged foods can seem like a lifesaver. However, they’re not only more expensive but tend to come with excessive packaging that will only end up in the landfill. Instead, if you can’t prepare something similar yourself, at least buy the food in bulk and then divide it into smaller portions that you store in reusable containers.

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Energy drinks
Energy drinks are pricey and they’re usually also loaded with sodium and caffeine that can wreak havoc on your blood pressure levels. There are much healthier and cheaper hacks to fight sleepiness and give you the boost you need to get through the day.

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Flushable wipes
While you may know about the environmental cost of disposable diapers and feminine hygiene products, you may not be aware of another common source of plastic pollution. According to Friends of the Earth, flushable wipes are actually not flushable and cost municipalities in Canada around $250 million a year just to unclog sewers and pipes. They also tend to contain plastic and aren’t biodegradable.

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Disposable razors
Disposable razors were one of the things you shouldn’t buy in 2019 and they’re still on the list for 2020 too. There are many hair removal alternatives that won’t contribute to plastic pollution, including eco-waxing and sugaring. You can also join the growing movement of women who decide to simply embrace their body hair.

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In-game purchases
You’re playing your favourite game and have come to a level that just seems impossible to beat. The easy solution is to spend a dollar or two to buy the boosters or other aids the game offers, right? However, these purchases quickly add up. If you really want to beat that level, you’ll normally find tips and tricks online to help you at no extra cost.
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RELATED: 20 money saving tips for people who struggle with saving.
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