When Money-Saving Practices Backfire

Some money saving practices seem useful at first; however, if you actually weigh the pros and cons, the price you pay or save is not really worth it. Below are seven techniques that can actually backfire.

Lifelong warranty

Changing brake pads usually costs around $120. But some car services may charge you as high as $300 with the promise of a lifelong warranty. Here is the reality: You are not going to be driving that car forever. In the future, job promotions, car breakdowns, random deals, and other life events will happen that may eventually substitute your present wheels. A person switches car every four years and careful drivers do not have to get new brake pads consistently. Avoid buying anything with “life warranty” since you never know whether the business will continue existing or you will be living in the same country.

BOGO

“Buy one, get one” free seems tempting, but think before you decide to spend the money. Do you really need that item? Is the second spending really that necessary? When you decide to get the second product, you end up overspending and it takes up more space. BOGO only if the extra addition will actually be useful.

Price over quality

Oftentimes, the price tags take control over us to the extent that we overlook the benefits of quality. When you walk into the store for a new pan, do not immediately aim for the cheapest option. Quality plays a crucial role when it comes down to pans and other kitchenware, unlike soap and water bottles. Buying cheap pans can result in tedious scrubbing, health hazards, and constant replacements that will cost more in the long run.

Coin abstinence in the parking meter

“Every passing minute is another chance to turn it all around.” Although this quote is from Vanilla Sky, it has truth to it. No matter how short that errand is, one minute is enough for a cop to stop by, write down a ticket, and place it on the window shield. Do not ever practice coin abstinence in the parking meter. It’s better to toss away coins than $50 or $100.

Bulk binging

In warehouses such as Costco, you get a sudden rush and excitement to spend more than your shopping list. The low prices, coupons, and bulky appearances felicitate you for saving money. There are certain products like toilet paper and toothpaste that are worth buying in bulk. But unless you have a family, you need to think twice before purchasing food since they have short expiration dates and end up getting wasted. To those who live alone or with very few people, avoid acquiring raw vegetables, fruits, and short-term lasting foods since you won’t be able to finish before the deadline. More is not always better.

Buying organic

Know the meaning behind the term “organic.” Just because an apple is labeled organic doesn’t mean it is chemical-free. The FDA sets a limit on the amount of chemicals that can be used on food for that category; therefore, an organic apple still has chemicals and pesticides. You might as well save a few more bucks by buying normal food since “organic” is just propaganda.

Prioritizing money over health

Working overtime, taking night shifts, or another job may seem productive, but the health risks associated to them may accumulate to illnesses later in life. Also, skipping regular checkups and dental cleaning may result in future surgeries or treatments that can cost thousands of dollars. You are earning money to live a stable, healthy life. So spend it on what’s really important.