Not all the money savings tips are good and effective. If you are not indifferent to your personal finance and from time to time you read various tips and articles to get some fresh money saving ideas, you must be careful because some of them are a waste of time and money. Money saving tips should help you to save money, but not to make you spend more! Let’s figure out which tips are not frugal at all and make you overspend.
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Take Advantage of BOGO Deals
BOGO (buy one get one) deals can be hard to resist. Yes, you just pay for one item and get another one for free! Also, you can be offered a second item with a 50% discount. In any case, it’s not worth buying something just because there’s a good offer. Stop and think if you really would have bought this much of this item at this price anyway. When you buy yoghurt and get a second package for free, there’s even nothing to think about, but when you buy shoes and get 50% discount for the second pair, stop and think if you really need it. Don’t be a victim of impulse buy, otherwise you can be one of the people who never have money.
Buy Bigger Packages, Buy in a Bulk
Companies try to make customers think that “bigger” means “better”. Many people think when they buy a bigger package of something, they save money but it’s not always true. Look at the unit price (it’s whatever you are measuring in the package). If it’s separately sized products in one big package, pay attention to how much each separate pack costs. You are not getting a good deal if every unit is more expensive if bought this way.
If you want to save money on groceries, buying in a bulk is a good thing and it really can help you save. But it’s not always a good advice. It can be that you buy in a bulk and after just throw products away. Be realistic of how much food you need and how much your family can eat, otherwise you’ll just waste your money.
Buy Cheap Furniture
It may seem a good idea if you’re short on cash but indeed if you buy cheap furniture, you don’t save money. Cheap is a synonym of a bad quality so get ready for repairs and buying new furniture soon again. Frugal shouldn’t mean being cheap. Act differently – check second hand stores and yard sales. Use secrets of successful second hand furniture shopping! Keep in mind that there are many people who want to sell their pieces buy different reasons, some of them want to do it urgently and ready to make good discounts, so look for your perfect seller!
Build an Emergency Fund
No, it’s not a bad advice. It becomes bad when after there’s a phase like “You’ll have time to contribute to your retirement plan later.” Building an emergency fund is important (don’t forget to check how to add more to your savings). Most financial experts say you need six months’ to one year’s worth of expenses. But also they say that it’s necessary to take care of your future. The thing is that we think that we always have time and many people make one of the worst financial mistakes and don’t save for retirement. Old ages are coming and we must take care of it!
Don’t Visit a Doctor without a Reason
Everybody knows that taking care of health and regular visits to a doctor are important. However, it’s expensive and for many people skipping visits to a doctor is a way to save money. They think that if nothing is wrong, why go to the doctor then? If you skip regular check-ups, you may miss an important problem and you’ll have to pay for a major work later. Take care of yourself and don’t try to save money this way!