First impressions can be deceiving, especially when it comes to saving money. There are many instances when people believe they are saving money when in reality they are actually wasting it. This usually occurs because the person focuses on a specific aspect of what they are doing rather than looking at the situation with a wider view that encompasses all the information. Here are 5 common ways people waste money when they think they are saving:
Buying gas at the least expensive gas station: This only works if the gas station is on your regularly traveled path, not if you have to go out of your way.
Going to different stores to get sale items: In most instances, the cost of driving your car between stores will be more than the savings achieved.
Buying the cheapest: There is a difference between the cheapest and the best value.
Purchasing items on sale: This works if the items was something that you were going to buy anyway. It doesn’t if the items is something you would have never purchased if it wasn’t on sale.
Buying in bulk: This only works if you consume all the of bulk item before it goes bad and you don’t consume it quicker because you have it in bulk.
This is certainly not a comprehensive list. It is simply a few common mistakes people make to get you thinking about some of the assumptions you might be making. It’s worthwhile examining the ways you save money to make sure you really are. There is nothing worse that to do something for years thinking it was helping your finances when in reality it was hurting them.