Are you being tricked into wasting money? There are so many ways that we are tricked into thinking that we’re saving money when really we're spending money that didn't need to be spent.
It might be buying stuff on clearance or even shopping the grocery store sales. There are so many things you need to watch out for. Let’s take a closer look at ways you’re wasting money when you think you’re saving money.
Going Broke Saving Money
That’s an awesome deal! You can’t pass it up, right? I mean sure that top is a little small, but you’re trying to lose weight, right? Might as well buy ten in different colors. Here’s the problem. You can be tricked into buying stuff you don’t really need because you feel the price is amazing. However, you can go broke saving money. Just because something is a good deal doesn’t mean you need it.
Buying in Bulk for a Small Family
You can sometimes save money buying in bulk. The problem arises when you buy more than your family needs. Sure, you can save $2 per pound by buying a giant bag of potatoes, but can your family eat that many potatoes before they go bad? You have to consider the fact that if you’re wasting food, you’re also wasting money. You’re not saving anything.
Shopping the Grocery Sales
One of the biggest ways we waste money is to shop grocery sales. It’s great to buy what your family needs on sale.
The problem is that when you sit down to look over the sale, you find so many great deals and want to buy more than you need (or even will really eat). Instead, make a list and then purchase brands that are on sale. For example, if you need canned green beans, buy the brand that is on sale that week. You will save so much money when you don’t make a list based on the sales.
Saving Money in a Low-Interest Account
You’re doing a great job. You’re putting money into a savings account each week. That’s awesome. But how much interest does that account make? You want to research bank accounts at least once a year to make sure you’re getting the best rate possible (like with a Capital One 360 Money Market account).
Investing and Never Checking In
Last, but not least, it’s good to invest in your future. While you don’t want to over-analyze your investments (because stocks go up and down), you do want to reevaluate your choices from time to time, especially as you age and make sure your accounts are balanced for risk.
It’s great to save money, but sometimes saving is actually wasting. Anytime you think you’re making a great purchase that will save you money, think about if you need it. If you want to stop wasting money, reevaluate where your money is going.