Saving money can sometimes be harder than it seems. Often times, the very things that you think are saving you money often come back to haunt you. Listed below are 15 common money saving mistakes that you should avoid if you want to really put cash back into your pocket. Use these tips to save money successfully.
- Going to the Dollar General. Some dollar stores stay true to their name by offering low priced items. Others, however, are simply using the name as a way to attract customers. Be cautious that the dollar store you visit isn’t actually marking up the price on some items in an effort to make a profit.
- Not paying attention to interest rates when borrowing money. From time to time you may need to borrow money or finance things like cars and furniture. To truly save money, you must ensure that the interest rate is as low as it can possibly be. Don’t accept loans with high interest rates or your will pay more than double what it is worth.
- Having a “general idea” of how much money you have in the bank. Do you know how much money you have in the bank? One money saving mistake that people make is assuming they have money in the bank when they really don’t.
- Buying poor quality products that you have to use more of. The quality of products does matter. Buying the cheaper option may not always be best.
- Making “saving” the focus of your life. While saving money should certainly be a part of life, it shouldn’t consume you. There are times to just sit back and enjoy life.
- Not having a savings plan. The other extreme is not saving any money at all. You will need to have money saved when you retire.
- Buying things on credit card with the intentions paying the card off. While you may think you will pay it off when the bill comes in, this can quickly cause your debt to add up.
- Not searching for the best deals. When saving money, you should always shop around for the best deals before you make a large purchase such as a car. Shopping around can lead you to significant savings.
- Falling for gimmicky sales tricks. Sales trick such as buy one get one free often trick customers. This is the same as saying “we are selling for 50% off.” Watch catchy wording so that you can truly save money.
- Buying things just because they are on sale. Be sure that if you are going to buy something, you will use it. People tend to buy things just because they are “on sale.”
- Using coupons on things that you don’t really need. Similarly, people tend to buy things that they have coupons for when in reality the item is still more expensive than the competitor’s brand.
- Shopping without a list. A list can help you save money each and every time you go to the store. Make a list each time you go to the store and don’t waver from it.
- Opening lines of credit just to get a discount. Learn to say “no” when the cashier asks you to open a line of credit at the store. Not only does this encourage you to spend more money, opening a line of credit at every store you purchase from increases the likelihood that someone may steal your personal information.
- Not believing that you CAN save money. Have the attitude that you can save money and you will. Just like anyone else, you must believe that you have the ability to save.
- Having the “get it now” attitude. If you truly want to save money, you want to show patience. Many people fail in saving because they have the “get it now” attitude. Save and be patient for the things you want to buy. It will probably go on sale and you can save even more money.
Are you falling victim to any of the mistakes listed above? Do your best to save money without
falling into these traps.
by Sarah Wood
Sarah Wood writes for JuteRugShop.com an online store that offers a large range of high quality and
eco-friendly jute rug.