12 common, expensive things that aren't worth your money

• Whether you're overpaying for cellular data each month or choosing a large cable plan over streaming services, there are several ways you can cut costs and only pay for what you use and need.
• We spoke with several financial planners about common, expensive things that most people can do without.

Showing off lavish items is an undeniable aspect of American culture, but when it comes to making sound investments in expensive items, there are some purchases financial planners say you should likely exclude from your budget.

Several expensive items are becoming obsolete solely based on the age of their potential consumers. Millennials are opting for streaming services instead of cable packages with hundreds of channels that will never be watched, for instance. Other packages including unlimited data plans are also not worth the money, according to one expert we spoke to.

Before making an expensive purchase, ask yourself if you can find a cheaper product that will bring as much joy, Jeremy Straub, CEO of Coastal Wealth, told Business Insider. He said that while asking for joy from a product may be cheesy, it could help you think of a big purchase differently.

Another question to ask yourself, Straub said, is: "Could I use this money on an experience that would last a lifetime?"

Business Insider spoke with several financial planners over email about common, expensive things that most people can do without. Take a look at the 12 items they say aren't worth the money.

Unlimited data plans

Unlimited data plans look attractive on the outside, with a lure of saving, but the average person's mobile data usage in the United States is 2.8 GB per month, according to the Organization for Economic Cooperation and Development.

"People should stop paying for data that they don't use," said Rob Webber, savings expert and founder and CEO of MoneySavingPro.

One key thing to remember is that unlimited data doesn't mean unlimited LTE or 4G data, Webber said. Major carriers provide between 22 and 50 GB of high-speed data before reducing speeds.

"This money could be allocated elsewhere in their budget," Webber added.

Gourmet coffee

The difference between crafted gourmet coffee and coffee you make at home is the price and place of consumption. While many people prefer high-end coffee, it can be a spending trap, especially when you're paying for the coffee to be made in front of you. Going to Starbucks once a day, for example, and spending anywhere from $3 to $5 on a latte could cost you hundreds per month and thousands a year.

"You can make it yourself at home for much less," said Megan Luke, Senior Vice President and Retail Distribution Sales, Service and Operations Director at PNC Bank.

Name brand everything

Making an investment in a luxury handbag or designer shoes can be worth the money if it spends more time on the streets than in a closet. However, purchasing an entire wardrobe of name brands clothes is not worth the investment, said Jeremy Straub, CEO of Coastal Wealth.  

"Mix and match price points and only invest in a few designer staples you can wear often and with multiple outfits," Straub said.