So I found an article on Yahoo titled “6 Dumb Money ‘Saving’ Mistakes”. It talks about 6 things that people do to try to save money, but these 6 things don’t actually save you that much.
The first one is falling for free. The promotions that are absolutely free are alright, but it’s the ones that are buy-one-get-one-free or “free shipping with a $150 purchase”, that aren’t really worth it because we spend more money in the end. Dan Ariely wrote in his book Predictably Irrational that when something is free, it suggests to the consumer that there is no downside. This isn’t always the case because if the deal is buy 2 get one free, you are spending extra money if you didn’t plan on buying the first two items.
Buying in bulk is next on the list. Sure it can save you money with some things, but it’s a waste of money when you get too much that you can’t use it before the expiration date and it goes bad. I think that the best things to get at places like Sam’s Club or Costco is anything that has a long expiration date.
Fast-food dining doesn’t save you money? I would have never guessed that!! (Sarcasm..in case you can’t tell) Sure the dollar menus may satisfy your hunger for less today, but if you do it often it can carry a bigger price tag. Most items that are on value menus are high in saturated fat, sodium, and cholesterol. They are also linked to an increased risk of cancer.
The last one on the list is making repairs yourself. For services that take up a lot of your time or require a lot of expertise, it is just cheaper to pay a professional to do it. Some examples are re-flooring or re-carpeting your house, changing your car’s oil, and estate planning.
Be sure to check out the blog hop I’m hosting for the very first time and the other hops that I found from other bloggers. Have a great Tuesday everyone!!