If you want to be financially fit, it’s important to learn all the easy ways to save money. However, don’t fall for the most common mistakes. Take a look at these four things you should avoid when trying to save money.
Using Coupons to Buy Brand-Name Items When Generics Still Cost Less
You’re better off buying the generic brand in most cases, regardless of a coupon. Brand-name items cost more money, and often it’s for the exact same product as the generic brand. Therefore, don’t waste your time collecting coupons for brand-name products, especially when there is already a significant cost difference between the brand name and generic items. For instance, it doesn’t make sense to buy a $30 box of diapers just because you have a coupon for $3 off if the generic box of diapers is still only $25.
Buying Cheap Goods that Don’t Last
You might think it makes sense to always buy the cheapest item available, but remember that quality should also be a consideration. You won’t be saving money if you end up having to replace the cheap item when a different item would have lasted much longer. There are times when it’s perfectly fine to choose the cheapest item, but price should never be the only deciding factor. For example, instead of spending tons of money on air filters that only last one to three months, buy reusable air filters you can clean. You’ll get much more bang for your buck.
Finding Quick Fixes Instead of Going for Long-term Solutions
When something breaks, it’s tempting to find a quick fix that is cheaper than replacing the item, but this won’t actually save you money. In the end, you’re still going to have to pay for a solution, so just spend money on that instead of money on quick fix after quick fix. For instance, if your lawn mower breaks down, it’s tempting to hire someone to mow your lawn for a week or two, but that costs more than taking your lawn mower to be fixed so you can mow your lawn yourself.
Not Shopping Around When Making a Big Purchase
The number one rule to learn when you’re trying to save money is to shop around. This is easy to do when you have the internet at your fingertips, so there are no excuses. Shopping around is important when you’re looking to make a big purchase because the money difference could be in the hundreds or thousands. For instance, the same car might cost as much as $5,000 less at another car dealership, but you won’t know this unless you shop around. Plus, there might be a better car at a lower price if you’re willing to keep looking when you’re getting pressured to buy.
Hopefully, these tips will help you avoid the most common mistakes when you’re trying to save money. Do you have any other advice for people who don’t understand frugality? Tell us in the comments below.
Article Submitted By Community Writer