Categorized | Save Money

How You Can Actually Lose Money when Trying to Save Some

Save - Green ButtonThey say you should save at least 10% of what you earn every month. If possible, in the best months, even more. In addition to all those needs that we have to fulfill, there is another “future” we need to take into account: retirement. For our generation, the idea of retirement is slightly shrouded in the shadows, especially since at this point the system is not working properly due to the difficult financial environment. What makes you believe that in 30 years things will be better?

The harsh economic situation (you can read more on the matter by checking out this best business websites article) plus the bad experiences we have all been through make us think twice before spending money and try to have some savings. And fortunately, there are a lot of ways to save money. A cool tool in this aspect is the HelloWallet, a financial services app that tracks your expenses and provides insight based on your spending.

Nonetheless, there are some situations in which, in the attempt to save money, we actually end up spending more. Here are some of those situations.

Buying too much and ending up throwing stuff away

You buy more food products because they are at an irresistible price and you do not get to eat them. If you eat altered food, there is a high risk you will end up at the doctor’s office, so it’s very likely that you will throw away that food. Saving money on one hand, throwing it away on the other hand.

Very little car maintenance

When you have a car, you have to take care of it. And the costs are not the lowest. By choosing to ignore technical inspections and buying only what is cheaper, this will actually end up costing you even more. When you have a car, the rules are simple: put quality petrol, change filters when needed with good ones, use very good engine oil. A carefully maintained car can be used for a long time, compared to one which you don’t care of. Not to mention the fact that using cheap pieces on your car can put your health at risk: the car becomes unstable and you might even crash it.

You rush to ‘save’ time, but pay traffic fines

In general, there is no reason to speed in traffic. There are few occasions when it is necessary, but otherwise most people do it because they are impatient and aggressive. A fine for speeding is not a lot of money, but it is a pity to pay those amounts just because. Drive carefully and you will have your money in your pocket.

Skipping medical checkups

This is probably the biggest mistake when trying to save money. A regular checkup every six month or at least once a year is not that cheap, I’ll give you that. But it is a lot less cheaper than having to pay hundreds of dollars every few years.

But two, get the third one free

Or any other similar offer. Sounds very tempting to fill your home with toilet paper because it is at a price you can’t ignore. Or buying three pairs of shoes for the price of two. You quickly consume toilet paper anyway, so you can take advantage of the offer. But is it the same with three pairs of shoes? Do you really need three pairs?

All these are great ways to save, but it’s always best to know which are the really good offers. Take extra detergent for example, or buy dog food for three months. But maybe you should take it easy with clothes, even if the offer is good, given that maybe you don’t have space in your closet anymore.

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