Five Money-Saving Tips Which Might Not Work
There are lots of money-saving tips out there - but some of them could end up costing cash. Here are perhaps five of the worst offenders.
When searching for money-saving tips online, you’ll find a variety of articles containing advice related to cutting costs. In fact, we’ve published posts on the matter before. Yet, not all information available should be taken as gospel.
Here’s five money-saving tips which may do more financial harm than good:
- Buy value packs;
- Shop during the sales;
- Choose the cheapest option;
- Buy in bulk;
- Take out a store card
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01. Hunt for bargains during sales
When a business is having a sale, it seems like a no-brainer right? You can get the products you wanted at a fraction of the cost. However, due to all the tempting offers on display, it’s very hard to walk out of a sale carrying just one purchase.
Although a sale can be great value for money if you have amazing self-control, these events can become quite pricey if you’re not careful.
02. Always buy the cheapest option
If trying to save money, it makes sense to be more economical with your cash. However, there are some products which you just don’t cut the cost on – as they can result in consequences further down the line.
For example, a £10 pair of shoes sounds like a great idea but these may be completely worn out within a matter of months. Assuming you need to replace them every quarter, that’s £40 just spent on replacing shoes within 12 months.
A £30 pair, on the other hand, might last a year or more.
If you buy cheap, you usually sacrifice quality – which can harm your finances in the long run.
03. Buy food in bulk
There are times when it makes sense to buy in bulk but, sometimes, this strategy isn’t value for money. If you’re not careful, products may expire before you get a chance to use them. In this situation, you’re not only wasting food, you’re wasting money as well.
There needs to a balance between what you think you need and what you’ll actually use. Finding that middle-ground is the key to saving money.
04. Buy value packs
When fulfilling your grocery order, you’ll have spotted items claiming to be ‘value packs’ or similar. On the packaging, these usually advertise great prices but some detective work is required to make sure you’re getting the best deal.
Instead of looking at the price, take a look at the cost per unit. This usually breaks down the value of a product by weight and illustrates how much of a bargain something really is. You might discover the ‘value’ item is just as expensive as a premium brand.
05. Take out a store card
Businesses often advertise store cards as a great way to save money on frequent purchases. This product also regularly comes with special offers, introductory deals, or periods of no-interest. However, start missing payments on store cards and you could find this type of debt becomes very expensive indeed.
Store cards are a common form of unsecured debt and something we deal with on a regular basis. Learn more about store card debts…
Want a debt solution?
Money-saving tips are all well and good but if you’re struggling with unmanageable levels of debt, advice just won’t cut it. In this situation, you may need a debt solution to help you get back in control of your finances.
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