5 Money-Saving Moves That Actually Cost You
The appeal of saving money can make people trick themselves into doing just about anything. It’s true, just think about it. There are people who would queue outside a store for hours to get freebies or discounts that’s worth probably a lot less than what they would’ve been paid, if they spend the time queuing to work instead.
Time is invaluable, so for every hour a consumer is spending to save money, he or she should value that time accordingly. Here, we look at a few common “money saving” things people do that might not actually pay off.
1. Being Penny Wise but Pound Foolish
Petrol is a major cost in many people’s lives, especially in Malaysia where most of us prefer to drive to pretty much everywhere. Whenever there’s a price hike, even if it’s just a rumor, consumers will queue at the petrol stations the night before to fill up their tanks.
2. Hunting for Grocery Deals
Have you ever scanned your weekly grocery fliers and plan out which stores to hit to enjoy the special deals? Sometimes this can make you feel like you made a considerable saving.
3. Shopping Online
Online shopping is a great way to ensure you are paying the lowest price for a good. Some companies also hold sales that are exclusive to their online stores only, which can lead to more savings.
4. Cross-Country Shopping
Crossing over to a neighboring country to take advantage of currency changes and cheaper prices can save you money on the surface. But do the calculation again.
Are you still saving money? And not to mention, the good that you purchase most probably have its warranty tied to the country’s store you purchased from, making any future claims a hassle.
5. Sales and Promotions
A promotion or sale should save you money, right? But if the store plans and does it right by preying on consumer sales psychology, it makes you think you’re getting a deal when you’re really not.
If you really want a dessert at the end of the meal, just pay for it, and if you only want one shirt, you’re not saving any money by buying an extra – even though it’d cost only half. These are some common tricks to get you to spend more money than you first intended.
It’s important to factor in the cost of your time and additional costs associated with deals and promotions before you jump into a buying decision. Make sure you are actually saving money while shopping, and avoid being coerced into spending more to think you’re saving money.