Huh??? Here I am writing day in and day out about earning and saving your way to financial stability, and I am telling you that I sometimes pass on opportunities to save money??? That seems counterintuitive doesn’t it. If you take a closer look though, you will see why passing up savings can make sense.
1.Pass Up the Savings if On an Inferior Product That Will Not Hold Up to Repeated Use. If it comes down to a choice between a product that is significantly less expensive but poorly made and one that is of better quality but will set you back more cash, I say choose the better made product. When you look at items that you are purchasing to use over the long term, having to replace a shabbily made product after only a few uses will cost you more than having purchased the better one in the first place.
2. Pass up the Saving if the Generic Not as Good. On many products, I am quick to buy the generic over the brand name because I find the taste comparable and the price pleasing. There are some products though where the taste or texture is substantially different enough for me to choose to pay the extra for the brand name. One that immediately comes to mind for me in particular is mayonnaise.
3.Pass up the Saving if “Time Costs” Outweighs the Monetary Value of the Savings. Will snagging $5 in savings require you to travel to 3 different stores and eat up an hour and half of your time. In this case, what else could you have been doing with your time that might outweigh that savings. Example, say you are a freelance writer. Could you have written an article during that time that a publication would pay you $20 for?
Or could you have spent that hour and a half in the backyard with the kiddos having a picnic and some laughs. Can’t even put a price on that on.
4.Pass up the Savings if the Item is a Bargain, But Not Something You Really Need. Yes, that t-shirt may look like a great bargain at $2.50, but if you already have 15 other t-shirts that you rarely wear, is it really a bargain or just a drain on your wallet. Resisting the urge to make impulse buys can really add up to big savings.
Sometimes not jumping on advertised savings can actually help you come out ahead in the long run.
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