The Worst Ways to Save Money

Posted on 03/12/2014

Plenty of us are constantly looking for ways to save a buck or two. We're continually set on money-saving mode. But sometimes what we think will help us save some money actually can end up costing us in the long run. Here are five of the worst ways to save money.

Opening a Credit Card
Lots of intelligent, well-intentioned people have been lured into the promise of zero-percent financing as a way to save money on a purchase. But think about it-- unless it was a great money-making marketing tool, would companies use this tactic? No, they sure wouldn't. So while you may be disciplined enough to actually pay off that credit card before the balance comes due, just don't risk it.

Buying More Than You Need
Have you ever heard the saying "buy more, save more?" Retailers use this catchy phrase as a way to entice people into thinking that they really are getting a better deal when they buy three shirts instead of one or ten pounds of chicken instead of two. The truth is if you're buying more than you need than you're not really saving anything at all.

Choosing Cheap Over Quality
Buying generic can be a great way to save, but buying cheap generally isn't. If you plan to use a product often, wear it until it breaks or hold on to it for a long time, spring for the best one you can afford. Instead of replacing it quickly hopefully you'll earn your money back by owning a quality product.

Wasting Time
Does sitting on the phone for an hour with your cable company just to negotiate yourself out of a $5 fee make sense? No it does not. When saving money you need to keep in mind that your time is valuable. Is there something else you could be doing that will actually be making you more money than you'll be saving?

Going Out of Your Way
If the grocery store across town doubles coupons but the one down the street doesn't you may be tempted to travel for the extra savings. But don't fool yourself-- did the extra money you saved cover the added expense of gas and wear on your vehicle? Before you get too excited weigh the positives and negatives and make sure you're coming out ahead.

By Alison Storm

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