When you are searching around, looking for the best deals you can find, you sometimes come across a value that will make you jump out of your seat. You find a product or a service that sounds like such a good deal that you simply can’t pass it up. But hold on. Sometimes the best values are not actually the best values. That’s what we are here to talk about today. We have a number of items that you might think are saving you money but, in actuality, could be costing you more than they are worth.
1. 1.Buying extremely low-cost electronics – When you are out looking for a new television or stereo, it might be tempting to buy a low-cost, off-brand alternative but these brands are cheaper for a reason. They have low quality parts, limited warranties and might need to be replaced sooner than later. Do your research before you purchase.
2. 2.Having too much insurance – Insurance is essential in your daily life so we aren’t recommending you cancel it. However, you might have too many options that you are not using but paying for. Take a look at your insurance, see what you actually use and make changes to your plan accordingly.
3. 3. Store credit cards – Many stores provide you with a discount on your first purchase, or every purchase, when you use their store credit card. Sounds good, right? Well, with higher than usual interest rates and stiffer penalties unless you plan on paying it off immediately, don’t sign up!
4. 4.Don’t do your own taxes – It sounds like a good plan. You can use an online tool that will do everything for you and might even be free. However, a tax professional can find rebates and savings that these sites don’t tell you about, which would save you much more in the long run.
5. 5. Don’t give in to the coupon book – Coupon books are a great fundraiser for students and organizations. However, unless you plan on using every single coupon in the book, you won’t be saving thousands of dollars. Heck, you might not even get your money’s worth if you don’t go out enough! Unless you really plan on using it, you might find another way to contribute to student success.
6. 6.Frequent Flier miles – Yes, if you have to use the same airline all the time then it would be a good choice to stick with it and earn those frequent flier miles. However, you should only do this if you plan on using them. Many people never end up using their frequent flier miles and they just go to waste. If you have a choice of airlines, it might be best to go for the lowest available price using sites such as Kayak or Expedia. You’ll probably save enough to overcome that free flight you would have gotten.
7. 7. Holiday sales – This one is a different type of savings. Holiday sales offer a bunch of great deals on a variety of products. The problem is, you have to stand in line for days and stick your neck out to take advantage of them. It might save you some time, and a medical bill, to stay with your family and enjoy the online deals.
As the old saying goes, if it’s too good to be true it probably is. Saving money is important, but it is just as important to do it smartly. The next time you find a good savings opportunity, do your research and make sure you aren’t spending more than you save.
