5 Money Saving Tips That are not Worth it

5 Money Saving Tips That are not Worth it

There are two kinds of money saving advice: the good kind and the bad kind. Be cautious and avoid following the latter because they will only cause you more cash in the long run. Here are five to put on top of your list.

1. Always going for the cheapest find.

Cheap shoes or tools may save you a few dollars in the short term but their poor quality will only mean you have to pay more to replace them later. If you pick up more cheap stuff, the cycle continues. The only time it is worth buying the cheapest price tag is if the quality is the same as the branded, more expensive items, such as certain generic items from your grocery store.

2. Not paying the parking meter.

Sure, you may only be out for a few minutes, but your top speed cannot be sustained every day. If you are late, you will receive a ticket that can cost up to $65. Spending a quarter in the parking meter does not look so bad now, does it?

3. Buying food in bulk and not eating them.

The prospect of bringing home more food for less is exciting but this only works for your wallet if you are able to eat all that food. Throwing half a bunch of rotten bananas or soggy carrots does not give you the best bargain. Buying in bulk is good for lots of things, but think twice if you are stocking up on perishables.

4. Grabbing buy-one-get-one deals on impulse.

BOGO free or BOGO half price is hard to resist. It is particularly great if you find a deal on something that you are really going to buy in that moment. Otherwise, think twice about your purchase. Ask yourself, are you really going to buy that many or spend that much on that item if it was not for the BOGO sign? Will you even have use for the second pair?

5. Buying a house too early.

Everyone’s first home is special. After all, owning a property is a sign of being established. But buying a home is not something you should rush. You can end up with too much mortgage or receive a job offer in a different city and be forced to make hard decisions. Clearly, there is nothing wrong with renting an apartment until you are certain where you are heading in life.

Ian Schindler