In our attempts to make our money stretch as far as possible, we humans will go to great lengths. Some of the things that we do to keep our spending in check are actually counterproductive. Check out these 6 Silly Ways That We Try To Save Money.
Chase Bargains All Over Town
Grocery Store A has a great deal on frozen chicken breasts, while Grocery Store B can’t be beat this week on their prices for chips. Health/Pharmacy/Food Store C has red hot prices on band aids and contact lens solution. So you zig zag around town making stops at all three stores to snag all the low-priced items. But turns out the prices are not that low after all.
How’s that? By the time you calculate in the gas, wear and tear on the car, and your time, the true cost of your purchases just climbed significantly. Generally, the smarter play is to shop at one store that price matches or pick one store with the week’s most bargains and stock up.
Buy Things That You Do Not Need Just Because They Are On Sale
This temptation looms especially large around the holidays when we tend to spend more time in stores. One way to beat the” I am going to miss out, if I don’t grab this gadget” fever is to always go shopping with a list. The list will keep you focused on what you need to purchase, not on impulse buys.
Also, along these lines, just because you have a coupon for something does not necessarily make it a deal. If you are not going to use the product the 5 dollars you have to pay instead of 10 dollars is not worth it.
Skip Routine Maintenance Because It Costs Money
The good ole quote by Benjamin Franklin really applies here. “An Ounce of Prevention is Worth A Pound of Cure.” When you put off regular maintenance on your vehicle or home, it generally tends to cost you many times more down the line. By spending along the way for smart preventative maintenance, you avoid the cost of major repairs due to inattention later.
Purchase Something That Looks Flimsy or Gets Bad Reviews Simply Because It is Cheaper
I have been there myself several times on this one. Thinking to yourself, “This one does not look like it is made quite as well, but is is so much cheaper. Surely it will do.” Only to have your purchase break within a week and you end up having to buy the more expensive one anyway.
DIYing Simply Because You “Think” It Will Be Cheaper and Save Money.
Believing that a DIY project will necessarily be cheaper and better than buying a product at the store is a common fallacy. Take clothing for example. The cost of some patterns and fabrics make sewing those clothing pieces from scratch much more expensive than when store bought. The only way to know if DIY is a smart choice is to price out materials and honestly assess your expertise beforehand.
Take On Complicated Home Improvement Projects Yourself Without The Expertise
Reading one book does not make you an electrician. Watching an episode of “Flip or Flop” does not give you the skills to redo all the plumbing in your home. So many people get themselves into a huge financial and emotional mess by taking on projects that are way over their heads to try to save cash. Not to mention, some of these projects. when done wrong, can be hazardous. Resist the urge!
If you have used any of these 6 Ways to Try to Save Money before, no worries. Most of us have, whether we care to admit it or not. Knowing what to avoid on your savings journey is just as important as knowing where to direct your efforts.
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