These 'money-saving' habits can actually cost you more
- Replies 5
As savvy shoppers, we always look for ways to save money—wherever and whenever possible. In the current economic climate, this has never been more important.
After all, the costs of nearly everything have been skyrocketing, making it challenging to keep up. Yes, even with carefully curated money-saving habits and strategies in place!
That's why we always appreciate a few valuable money-saving tips and tricks here and there. However, not all 'money-saving' habits save us money; some do quite the opposite.
So, what are these, and are you unknowingly practising them regularly? Let's dive in!
Spending just because something is on sale
It can be exciting to buy a product you've been considering for a while when it's on sale—after all, you're getting a discounted price!
But don't be fooled: retailers often promote discounted items to encourage customers to spend more money, using tactics such as creating a sense of 'scarcity' ('Few stocks left!') or contrasting the product's price with its original price before the discount.
If you hadn't actually planned to buy the product before, avoid the temptation of buying it simply because it's discounted. After all, you don't want to be stuck with items you don't need!
Shopping at multiple stores to collect deals
It's great to take advantage of deals at multiple stores, especially if it saves hundreds of dollars annually. However, this approach is practical and efficient only if executed properly; otherwise, it can become a time-consuming and costly endeavour.
It may not be worth the effort if you're travelling all across town to benefit from small-dollar deals at each store. Keep in mind the costs of petrol and time, as they both contribute to the overall expense. Remember, time is also money!
Driving out of the way for cheaper petrol
We're all for saving money, but the habit of seeking cheaper petrol, which is particularly tempting during high petrol prices, can cost us more.
Travelling across town solely for cheaper petrol will result in costs in terms of time and resources. The price difference would have to be significant to make it worthwhile, especially if you're driving a car with poor mileage.
Buying everything in bulk
Another attractive money-saving habit is buying items in bulk. Certain products make sense to purchase in larger quantities, such as toilet paper and staple foods that can feed a large family.
However, be mindful of the hidden costs associated with bulk buying, as you may end up wasting money if you don't have immediate plans for the items—especially products that spoil, such as food items and ingredients! Also, you need to have enough storage space for them, so you must keep that in mind, too.
Buying cheap
This might sound obvious: buying cheap can help you save! While it's definitely tempting, it's important to consider the long-term costs of purchasing a cheaper product.
Cheaper items of lower quality tend to wear out or break more easily, which means you'll have to replace them sooner than you would with a pricier, better-quality item or service.
Instead of opting for a poor-quality item with low prices, consider the actual value of what you're purchasing. For instance, investing in a more expensive, higher-quality piece of clothing may allow it to last through multiple seasons, ultimately providing a better cost-per-wear ratio.
The same principle applies to gadgets and electronics. Sometimes, it's wiser to consider well-known brand names known for their quality and services.
Taking on (some) DIY projects
It can feel great to save money by taking on DIY projects like home improvement or car repairs. However, some DIY projects don't save you money in the long run because they require the skills of a professional or expensive tools you don't have.
Before you begin a project, it's important to understand what's involved. Calculate the upfront cost of materials and tools and consider the required time. This will help you decide if it's worth saving money by doing it yourself.
Also, not everyone has the time and energy to do these projects. Once again, time is money!
As we've learned, not all money-saving habits are equal. The ones mentioned above might be popular but won't always save you money in the long run.
It's important to practice mindful spending and consider both the value of your time and your money when managing your finances. While everyone's budget and resources are different, it pays to develop healthy money-saving habits that will indeed pay off!
What do you think, members? Do you have other habits that help you truly rack up some savings? What about those that you've found counter-productive? Share them with us in the comments below – we'd love to know more!
After all, the costs of nearly everything have been skyrocketing, making it challenging to keep up. Yes, even with carefully curated money-saving habits and strategies in place!
That's why we always appreciate a few valuable money-saving tips and tricks here and there. However, not all 'money-saving' habits save us money; some do quite the opposite.
So, what are these, and are you unknowingly practising them regularly? Let's dive in!
Not all so-called frugal habits are equal, nor will they save you money in the long run. Credit: Shutterstock.
Spending just because something is on sale
It can be exciting to buy a product you've been considering for a while when it's on sale—after all, you're getting a discounted price!
But don't be fooled: retailers often promote discounted items to encourage customers to spend more money, using tactics such as creating a sense of 'scarcity' ('Few stocks left!') or contrasting the product's price with its original price before the discount.
If you hadn't actually planned to buy the product before, avoid the temptation of buying it simply because it's discounted. After all, you don't want to be stuck with items you don't need!
Shopping at multiple stores to collect deals
It's great to take advantage of deals at multiple stores, especially if it saves hundreds of dollars annually. However, this approach is practical and efficient only if executed properly; otherwise, it can become a time-consuming and costly endeavour.
It may not be worth the effort if you're travelling all across town to benefit from small-dollar deals at each store. Keep in mind the costs of petrol and time, as they both contribute to the overall expense. Remember, time is also money!
Driving out of the way for cheaper petrol
We're all for saving money, but the habit of seeking cheaper petrol, which is particularly tempting during high petrol prices, can cost us more.
Travelling across town solely for cheaper petrol will result in costs in terms of time and resources. The price difference would have to be significant to make it worthwhile, especially if you're driving a car with poor mileage.
You must find the balance between the value of your time and the value of your money. Credit: Shutterstock.
Buying everything in bulk
Another attractive money-saving habit is buying items in bulk. Certain products make sense to purchase in larger quantities, such as toilet paper and staple foods that can feed a large family.
However, be mindful of the hidden costs associated with bulk buying, as you may end up wasting money if you don't have immediate plans for the items—especially products that spoil, such as food items and ingredients! Also, you need to have enough storage space for them, so you must keep that in mind, too.
Buying cheap
This might sound obvious: buying cheap can help you save! While it's definitely tempting, it's important to consider the long-term costs of purchasing a cheaper product.
Cheaper items of lower quality tend to wear out or break more easily, which means you'll have to replace them sooner than you would with a pricier, better-quality item or service.
Instead of opting for a poor-quality item with low prices, consider the actual value of what you're purchasing. For instance, investing in a more expensive, higher-quality piece of clothing may allow it to last through multiple seasons, ultimately providing a better cost-per-wear ratio.
The same principle applies to gadgets and electronics. Sometimes, it's wiser to consider well-known brand names known for their quality and services.
Taking on (some) DIY projects
It can feel great to save money by taking on DIY projects like home improvement or car repairs. However, some DIY projects don't save you money in the long run because they require the skills of a professional or expensive tools you don't have.
Before you begin a project, it's important to understand what's involved. Calculate the upfront cost of materials and tools and consider the required time. This will help you decide if it's worth saving money by doing it yourself.
Also, not everyone has the time and energy to do these projects. Once again, time is money!
As we've learned, not all money-saving habits are equal. The ones mentioned above might be popular but won't always save you money in the long run.
It's important to practice mindful spending and consider both the value of your time and your money when managing your finances. While everyone's budget and resources are different, it pays to develop healthy money-saving habits that will indeed pay off!
What do you think, members? Do you have other habits that help you truly rack up some savings? What about those that you've found counter-productive? Share them with us in the comments below – we'd love to know more!
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