As we all feel the pinch of rising prices this year, everyone constantly looks for ways to save money. Unfortunately, cutting corners sometimes leads to bigger expenses. Some of these money-saving hacks can end up costing you precious money and time without the huge savings to make it worthwhile.
There is a fine line between being frugal and wasting your time with frugal hacks that honestly don’t end up saving you all that much. Of course, if these money-saving hacks do save you lots of money and work for your lifestyle then you should absolutely do them! Every money-saving trick works for some people and doesn’t work for others, so think about your specific circumstance before making a decision on which hacks you should embrace and which you should leave in the past.
Jason Higgs, the Senior Deals Strategist at Bountii, discusses four money-saving ideas that could cost you more in the long run.
Buying the Cheap Version of Everything
Jason explains, ‘While economy products reduce your outlay, they’re often lower in quality, meaning the need for frequent repairs or replacements outweighs the initial savings. If you’re buying something that needs to last, like an electronic device or an appliance, it’s often a much smarter idea to make a bigger upfront investment in a quality product.’
Bulk “Bargains”
Buying items in bulk can mean the individual unit price of each item decreases drastically, but this isn’t the case in all stores. The main danger of bulk buying is that you’ll buy too much, and items will start to go off before you can eat them. If you’re throwing away food, you’re throwing away that ‘saving.’ And of course, if you are spending even more money to store the bulk items you are buying then perhaps your better off leaving them on the shelf in the store.
Couponing
Jason explains, ‘Although coupons claim to be a great money-saver, many of the items manufacturers make coupons for are their high-markup brands. It’s also common for coupons to have restrictions and limitations that can make them useless, and it’s a waste of money to buy things simply because you’ve found coupons for them.’
Remember, your time is money; the hours you spend clipping coupons to save tiny amounts on your groceries could be better used on other ways to save money.
Doing Your Own Repairs
It’s expensive to pay people to install or fix things in your home, so doing it yourself can seem like a great way to save money. However, DIY projects pose risks if you’re unfamiliar with the task or lack proper tools and safety measures.
In 2020, the Consumer Product Safety Commission said emergency room visits linked to DIY projects increased by 27%. This no doubt led to medical bills and lost wages for many. If you’re not sure what you’re doing, it often costs more to fix DIY errors than to pay a professional in the first place.
Cutting Out the Small Costs
Jason says, ‘Common advice I see everywhere includes things like ‘cut back on your daily latte’ or ‘cut down on the number of subscriptions you’re paying for’. While these are good ideas, how much will they really save you in the long run? Learning how to plan your financial future properly – whether that’s through savings, pensions, or investing – is a much better use of your time than denying yourself small treats.’
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