When Savings Strategies Backfire

backfire

We all want to be able to put more money away for the future, rainy days, or those special goals that are dear to our hearts. Unfortunately, sometimes in our zeal to save money, we devise some strategies that end up backfiring. This usually happens when we feel like we have a discipline problem with money. We think that if it’s in a bank account we’ll spend it, so we resort to playing mind games to cure our discipline problems. It also happens when we try to take advantage of “too good to be true” offers or offers where the deck is stacked in the stores’ favor (such as is the case with rebates). Our intentions are good, but the results are disastrous. Here are

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One Response to When Savings Strategies Backfire

  1. Jared says:

    These are excellent tips, especially when it comes to having enough in your checking account to avoid overdraft fees. It makes no sense to earn a couple of dollars in interest when you pay a $30 overdraft fee in another account. This kind of financial foolishness adds up quickly.

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