Money-saving strategies and hacks help you save money even on a small budget. Some of the money-saving strategies are really worth your time and trouble. However, there are some hacks that may appear to be the best ways to save, but in reality can cost you more time and trouble.
Here are 7 money-saving hacks you should not discount:
You may think that using coupons is a great way to save money. But in most of the cases, it is not true. You spend a good amount of time looking for coupons and then forget to use them when you go shopping. You get deals for those products you don’t buy. For using those coupons, you have to actually spend money on items you don’t require.
Searching for Better Deals
You search endlessly for getting a slightly better deal and don’t buy until you get the best deal. You waste hours trying to find special offers or promo codes which is not worth it. There are many stores that do price-match and offer competitive prices. In the end, you go for the deal that you found in the first five minutes.
Driving Miles to Get Discounts
You drive miles to get the cheapest gas and save 10 cents a gallon or drive halfway to save $5-$10 on clothes, toys and games. But this actually costs you gas, time and money. Consider how much money you are actually saving by driving so far and whether it is really worth it or not.
Credit Card Balance Transfer
Transferring money from the credit card that has a high interest rate to the card having a lower interest rate seems to be a great idea. But some cards charge a balance transfer fee or have a high annual fee that negate the savings you get by balance transfer. You will be in a total financial mess if you miss any of the payments.
Related Article: Survey: 69% of Americans Have Less Than $1,000 in Savings
Buying Items in Bulk
You may think that buying in bulk helps you save over time. But in reality, buying in bulk results in wastage and costs you more money specially if you are purchasing perishable items. Only half of the items are utilized and rest of them get rotten and thrown away. And, you are spending more money upfront to buy things in bulk.
Signing Up for a Service Offering Cash Bonus
Monthly services that are offering you money to sign up may seem to be good. But they will somehow get their money back. So be careful while selecting any monthly subscription, whether it’s an internet plan, bank or cable subscription. Check whether they are charging any monthly or annual fee.
Changing Oil on Your Own
Changing your own oil may seem to be worth it. But look at the effort, time, and costs involved to save only a few dollars. You have to spend 30 minutes or more changing the oil and purchase all the equipment required for oil change. Many garages offer oil change for $20 or less and sometimes free while inspecting your car to find out any problems they can work on for making a profit.
Avoid such money-saving hacks and research well to make sure they actually help you in saving money.
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