Here are 5 ways people try to save money that just are not worth it. They either are ineffective or have negative consequences that outweigh the savings.
Staying In and Watching TV
When presented with the option to go out, some people decline with the idea in mind that they’ll save more if they sit on their couch. It’s true, they won’t be temped to spend money on drinks or food, but what they don’t realize is that they’re also missing out on experiences which brighten their day and interactions that lift their spirits. It’s hard to put a price on human interaction and the value of going out with friends, but in my opinion, it’s a no-brainer.
Skimping Out on a Bill
When you do go out with friends and buy a sandwich and drink, don’t just pay for the actual price of your food, but throw in extra for tax and tip. Sure, it’s very likely that someone else will pick up the extra two dollars, but if you cheat people out of money, it will come back to bite you. It may seem like you’re being smart at the time, but is your friends harboring ill will towards you worth it? And trust me, everyone knows who was short.
Passively Looking for Great Deals
When there’s something you need and you find a coupon, your action is rewarded in a lower price. But when you constantly check sites for great deals, and when the items you see are for things you don’t really need, you could get yourself into trouble. You’ll very often see such great deals that you’ll be more prone to make purchases. If it’s not something you’re already looking for, no matter how great of a deal it is, you’ll spend more if you buy it. While you may think you’re saving, you’re actually spending more.
Eating Fast Food
That burger may only cost you a dollar and those fries and soda may fill you up for cheap, but you may be costing yourself in the long run. Eating unhealthy food may have future consequences that include higher medical costs. It may cost an extra dollar now, but making food for yourself at home could benefit you in several ways.
When buying bulk means you have extra you won’t use, it’s not really such a great deal. When “get one free when you buy 4” means you’re buying 4 when you only wanted 2, it means you’re wasting money, not saving it! Think really hard before you get that “great” deal that’s making you think you’re such a genius.
What other saving tactics are effective but simply not worth it?