6 Ways You’re Wasting Money By Trying To Save Money

By Lauren
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    Did you know that sometimes trying to find ways to learn how to save money can actually cause you to waste money?

    Yes, it's true!

    If you're not careful, what you think is saving you money may actually be costing you more money now or later down the road.

    And, I'm guilty of doing this as well.

    Don't worry, though, because everyone has done it. However, by learning from our mistakes and about the other ways that you may be wasting money by trying to save money, you can help yourself in the long run.

    save money

    6 ways that you may be wasting money by trying to save money

     

    1. Buying low-quality items.

    I used to always buy low-quality items, such as cheap, trendy clothing. I always thought that I would be saving money due to it  – after all, that shirt was only $15!

    However, I've gone through many $15 shirts, other cheap clothing, cheap cookware, cheap mattresses, and so on to now realize that cheap items are usually just that – cheap.

    Instead, by spending a little more money upfront for quality, long lasting things, I am usually saving more money in the long run.

    Items that you may want to purchase based on better quality rather than a cheaper price may include items such as:

    • Cookware and kitchen tools, like pots, pans, blenders, etc.
    • Clothing, unless it's something that you know is just trendy for a moment but still want and can afford.
    • A quality mattress.
    • Appliances, such as a washer, dryer, etc.

     

    save money

    2. Skipping routine maintenance.

    Maintenance is usually something that is required, not something that you can just choose to do if you want to. However, that's how many people treat the routine maintenance of things, such as maintaining their car and home.

    While you may see it as saving money on things, like skipping an oil change, in the long run you could possibly be costing yourself money.

    For example, you could actually be significantly damaging something if you stop doing maintenance on it. Then, you may have to pay for repair or even replacement costs that are much higher than what it would have cost to just maintain the item in the first place. Plus, you are most likely making whatever the item is work harder by not maintaining it.

    save money

    3. Trying to do things yourself that you are clueless about.

    While I'm all for trying to learn things and DIY-ing, sometimes things are better left to the experts, especially if you are confused, not sure of what you are doing, and could possibly have large consequences. This is especially true when it comes to trying to complete complicated taxes, doing something legal-related that you know nothing about instead of consulting a lawyer, and so on.

    This can cost you money if you end up making an error, and even more so if you end up needing a professional to fix your problem.

    If you're going to DIY something, make sure that you know what you're doing, especially with your house. If you're not sure and you could potentially face expensive consequences, then you may just want to think about outsourcing the task.

    4. Purchasing items just because they are on sale.

    Just because an item is on sale doesn't mean that it's a good deal. However, many people fall for this marketing tactic all the time. Some businesses even claim that things are on sale when they aren't, just to fool you into thinking that you're getting a steal!

    Buy one get one free deals, 10 for $10, 50% off, and more may be making you spend more money, and they may not even be a deal. And even coupons might be making you broke.

    Before you spend money, you should make sure that you actually want the item you are about to purchase. If you are never going to use the item or if you wouldn't have been interested in the item before you found it on sale, then there's a chance that you may be wasting money by buying it.

    save money

    5. Buying items in bulk.

    This one is similar to the previous. Buying items in bulk may sometimes seem like you are getting a good value, but in some cases you may not be. If you buy too much in bulk and don't use everything that you buy, then some of it may spoil and need to be thrown away.

    Plus, some people tend to go through things quicker than they should because they know they have a huge stash of the same product in their home. For example, some people may not need to go through toothpaste or shampoo very quickly, but if you buy it in bulk then you may use twice the amount of the product because you know that you have plenty of it.

    If that happens, then you've wasted money in the long run!

    Instead, you should only purchase items in bulk if you actually know that you are going to use the product, and you should still be wise about how much of it that you use so you aren't wasting it.

    Here is a list of the best things to buy at wholesale clubs.

    save money

    6. Eating unhealthy food.

    Some people like to justify purchasing unhealthy food because it's cheaper than its healthy counterpart. However, that's not always true! Many times healthy food can be found for a similar or an even cheaper price if you hunt for good deals and know when and where to shop.

    Plus, those unhealthy items may have other negative effects, such as impacting the way you feel, the way you look, and even add medical bills to your life later on.

    What do you think? What have you done in the past to save money but has actually cost you more money in the long run?
    This is a guest post from Michelle Schroeder-Gardner. She is the founder and writer at Making Sense of Cents. On her blog, she helps readers learn about the ways to make extra income, save money, and reach their dream life. Michelle and her husband sold their house in 2015 and currently travel full-time in an RV with their two dogs.

    COMMENTS

  • Hi Lauren! I was guilty of the “bulk” shopping. Now I only buy paper. Paper towels and toilet paper. Ocassionally, some other non-perishables like a new book (guilty) or kitty litter. They don’t go bad, and won’t go to waste. Luckily, I was taught at a young age to buy quality, and I still try for that.

    The only thing I can think that was missed is cable tv, or tv in general. The cost of some providers and package deals are prohibitive. Especially if you only watch 2 shows a week and some news. Its a big expenditure for a lot of families, and they could do without it, if they know what they actually watch.

  • Oh man I’m guilty of almost all of these things! When I first started couponing I was so addicted I thought I had to buy all the deals and I ended up throwing away so much expired food b/c I don’t need 5 bottles of ranch dressing for 6 months of time.

    I am slowly trying to buy nicer clothes. I have one shirt I bought in 2010 that is still like brand new! So I totally believe in how quality clothes last awhile.

  • I totally agree with most of these, especially buying in bulk, buying because something’s on sale, & buying something because you have a coupon. However, I don’t entirely agree with the first one. When it comes to clothes, I am not a brand name type person. I have, a few times though, found a sale & bought a few pieces of more expensive clothing, thinking that it would last longer & be worth it, only to have it fray, tear, or just wear out quicker than similar items purchased at Walmart. You do have to look for quality. Sometimes you do get what you pay for, but that’s often not always the case.

    Also, when it comes to appliances, usually the pricier appliances have more bells & whistles, but there’s also more that can tear up. We married 13 years ago, & we still have the same, simple washer, dryer, & fridge. We bought Roper appliances because they were produced by Whirlpool, but were simple & less expensive. There has been maybe one repair to each appliance, which my husband was able to do himself. So, I would recommend looking at the quality & reviews of any appliance before purchasing.

  • I completely agree about the coupons. I always point out that for junk food even if you get it for free, it is still a food you should never eat.

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