The Risks of Saving Money

vacuum cleaner

I’m amazed at how often I hear people say they are afraid to invest in the stock market because they believe it is too high-risk. Often, the same people are already taking financial risks – albeit smaller ones – in order to save money. In fact, risk taking is an essential part of many means of saving money.

Take, for example, the saving opportunities presented by a broken vacuum cleaner, which our family had recently. Repairing something is generally less expensive than replacing it, so a repair has money-saving potential, but there’s also a risk. I have to risk the cost of new parts and possibly a repairperson in order to save the cost of a new vacuum cleaner.

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4 Responses to The Risks of Saving Money

  1. Ann says:

    I reduce my purchace risk when I see it by shopping at “nearly every return accepted” stores. Then, if something is to go wrong, I can return the part/purchace, and be out nothing more than the gas.

  2. Joanna says:

    As for clothes, it is generally better to buy excellent quality fabrics that is flattering and can be worn for a long time.

  3. Amy F. says:

    I could really relate to this article. For me, the main risk I take when making a purchase is time. I often spend a great deal of time researching what to buy and how to get the cheapest price for it. Sometimes I wonder if I would be better off adopting a spendthrift mentality and just buying the first thing I found that suited my needs.

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