I love to save money. I rarely shop without a coupon, rewards program, or money back offer. Yet, let’s face it, all of the above are designed to coax you into the store to spend. As much as we’d like to think that our favorite retailers are our friends, they are businesses and they employ sales and special offers to get you into the door. Here are 5 bogus bargains and deceptive deals that will cause you to actually spend more than you save.
Sales and Clearance
Mark my words, there is nothing wrong with a good clearance buy or shopping a sale. But making a purchase with the sole excuse of “It was on sale!” is a chump’s game. Just because something is on sale doesn’t mean it’s a good deal or that you need it for that matter. If you love a good deal, this is an incredibly easy trap to fall into, especially at the grocery store. More than once, I’ve purchased more produce than we could possibly eat just because it was the lowest price of the season. Have a plan and a specific use for each item you purchase, whether it’s on sale or not.
Neglecting Maintenance
So many times an oil change or regular maintenance for our homes or vehicles seems like a short-term savings. We skip out on dental appointments or health check ups. Do this on a regular basis and you’ll certainly be saving money in the here and now but in the long term, you’ll end up spending much more when a greater problem arises. Keep everything in working order by maintaing your home, car, and health on a regular basis.
Warranties
True confession: we never purchase warranties. Businesses make big bucks off of consumers who purchase these plans and then never have to (or remember to) cash in on them. Instead of buying a warranty, set aside the money you would spend toward repairs or replacement. The odds of you actually using a warranty are slim.
Payment Plans
Zero Percent Interest! Zero Down! These are words that get a broke person’s heart pumping. However, any sort of payment plan is a bad idea. While you might be able to get through the term of your purchase without missing a payment, the lender is banking on the fact that most people can’t. Miss a payment or pay a day late and you could be socked with interest that dates all the way back to the date of purchase. Save up to make your purchase and skip the payment plan.
D.I.Y.
Some of us need to just say no to D.I.Y. Sure, we can all take on small projects and succeed in saving. However, there are some things best left to the professionals. Know your limits when it comes to your expertise. In particular, going all D.I.Y. in the areas of plumbing, electrical work, automotive mechanics, legal and accounting could end up costing you more in the long run. If you do plan on taking on a home project, do your research on the cost of materials and the time required. Then price it out to see if you’ll really save money in the long run.
Be a smart shopper and thoroughly consider each purchase you make. Remember, if it seems too good to be true, it is.
What would you add? When have you thought you were saving money but really ended up spending more?
My book is now available: Slaying the Debt Dragon: How One Family Conquered Their Money Monster and Found an Inspired Happily Ever After. You can also check out Inspiration to Pay Off Debt: 30 Days of Encouragement from the Queen of Free
This post contains an affiliate link. That means when you get a great deal or maybe even something for free, you also help our family pay off our mortgage early. And for that, we royally thank you!
