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We all love a good money-saving tip, but not all advice is created equal. Some commonly touted financial “wisdom” can actually keep you from achieving your financial goals. Here are 13 “money-saving” tips that might be doing more harm than good.
Buying in Bulk Without Need
While buying in bulk can save money, if you’re purchasing items you don’t need or can’t consume before they expire, you’re wasting money.
Always Going for the Cheapest Option
Opting for the cheapest option can sometimes mean compromising on quality, leading to more frequent replacements or repairs.
Cutting Out All Luxuries
Depriving yourself of all treats can lead to burnout and binge spending later on.
Avoiding Necessary Expenses
Skipping regular car maintenance or doctor’s appointments to save money can lead to bigger, more expensive problems down the road.
Clipping Every Coupon
Spending time clipping coupons for items you wouldn’t normally buy isn’t a saving; it’s an unnecessary expense.
Not Investing in Yourself
Avoiding courses, books, or opportunities that can enhance your skills and career might save money now but can cost you potential earnings in the future.
Sticking to a Strict Cash Diet
While using only cash can help some people control spending, it also means missing out on credit card rewards, protections, and building a credit history.
Always Waiting for a Sale
If you’re always waiting for a sale, you might end up buying things you don’t need just because they’re discounted.
Not Reviewing Monthly Subscriptions
Holding onto multiple subscriptions or memberships “because they’re a good deal” can drain your finances if you’re not using them.
Counterfeit or low-quality items might be cheaper, but they often wear out faster and don’t provide the same experience or satisfaction.
Not using apps or tools that can help manage and save money means missing out on easy savings and financial insights.
Ignoring Small Daily Expenses
Believing that your daily coffee doesn’t impact your finances can lead to overlooking how small expenses add up over time.
Not Setting a Budget
While it might seem like a way to avoid restrictions, not having a budget can lead to overspending and not knowing where your money is going.
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Michelle Harler is the founder of Guide2Free, a website dedicated to finding and sharing freebies, product testing opportunities, and other ways to save money. With over a decade of experience in the industry, her expertise in finding quality offers makes Guide2Free an invaluable resource for anyone looking to try new products and save money.