Top Widespread Money Saving Errors that Can Hurt You

Everybody wants to save money, but making common mistakes is the only way to make us feel real progress. When we deal with our hard earned money, we truly desire to avoid the money management mistakes as they are really expensive for daily life.

All over the world people used to make the same money saving errors and it seems like there is a common schema about it. Today we would like to cover the most widespread money saving errors that can really cost you and you should do the best to avoid them.

Limiting Your Budget for Any Salesperson

It is a common mistake among people to tell the maximum budget to a salesperson. Never tell your maximum budget to a salesperson. The more you tell, the more the salesperson sets a high pricing range. You should fix a price limit and use it for next purchases. If they find out your budget they will try to push prices on the high end of your limit and more.

How to Save Smarter: You’d better offer your general pricing without any details.

Shopping Mistakes at the Warehouse Clubs

Everybody wants to buy bulk results at low price and save less. It is the leading mistake of food waste to buy in bulk. Often it is not a great deal to buy at the warehouse clubs as you still go on purchasing a cellophane-wrapped crateload of regular-size items that can’t save a lot per unit in the end of your shopping. You always have a succumbed feeling to buy something that you won’t use completely.

How to Save Smarter:  When you go to the stores, try to stick to the list of store items that save your money, know sale prices and sizes of items you usually buy in bulk. Compare each item you buy with the unit price in order to prove savings. Keep spending money on those things that you often use and that will end up throwing away your money.

Do Shopping at the Outlets

We often purchase last season’s brand names goods at low prices. Be sure that you won’t always find goods of the same quality as you can find at the department stores at a full price. Lots of manufactures often make cheap goods for outlets. Actually you can find a bunch of outlet stores online with additional promotions that help you save more money.

How to Save Smarter:  Be careful and watch the difference between brand names and designers. Compare outlets prices with the prices of other department stores. When you choose an item, check fabrication, the fit, stitching and other things. Sometimes this is where lots of manufactures keep prices down on outlets goods. As for department stores, you can shop at the end of season with clearance sales and you can beat savings with stacking store coupons.

Using Your Prepaid Debit Card

It is becoming quite easy to pay some the ads via prepaid debit cards that save your time, you can automatically use it and avoid bank fees. But don’t be so naïve and make sure that you carefully check the reload fees of this prepaid cards. Sometimes it can end up with not a free checking account.

How to Save Smarter:

Be careful and always read all the fine print of the offers. You should make sure you get a free checking account without any specifics. That point can assist you control your budget and track your savings.

If you change the way of shopping, switch a financial service and other things you can avoid all these common money saving mistakes. Think twice before make impulse spending.

Even if you really want to make some vast purchase, the best advice to escape this financial pitfall is to take 30 days and think if you really need this item and it is an indispensable thing in your life. That clear marketing tactic will really help you control your budget and escape extra money spending.

If you learn to monitor these big money mistakes in your everyday life, you will be on the right path to live modestly and build up real wealth!

Claire Reed is a finance writer and web developer. Claire writes about 12 Month Loans, bad credits, saving, finance planning, debt management and taxes.

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Daily Money Saving is a community built around the notion that saving money is good. We offer free articles and information on all aspects of personal finance including debt reduction, how to save money, how to make money and how to invest.

One comment

  1. This is a really great article. Some of them we have all learned the hard way, but this is really great. Awesome post! Thanks!