6 Money Hacks That Don’t Really Work
Written by
Tiffany Lew
Edited by
Cory Dudak
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Not all money hacks are created equally. Whether its overpriced groceries that seem like a bigger deal than they are or old-fashioned advice that’s no longer applicable, it’s easy to fall into money traps disguised as thrift.
Here are six money hacks that may end up costing more or using too much of your time.
Special Promotions
Coupons, specials, minimum spends and other deals can be a fun excuse to dine out or make a big purchase, but herein lies the dilemma of “spaving,” or spending more to save money. These seemingly small choices can quietly blow up a budget and cause you to spend more than intended.
Therefore, it’s important to keep tabs on your purchases. Ask yourself if the numbers add up, and whether or not it is a true discount. Also consider if something is an item or experience you really want or need. Or are you getting it simply because it’s a good deal or a new offer?
Traveling Farther for a Discount
Traveling across town for a lower price tag might sound like a smart idea, but it fails to factor in the cost of gas and travel time, which quickly add up. As an alternative, consider asking for a price match or routw errands by group proximity — you could save yourself money, time and energy.
Also, calculate any loyalty accounts at frequented shops. Your special, additional discounts there may be greater than even a lower price tag at another shop.
Large and Bulk Items
Large or bulk items at a lower cost per unit may sound appealing, but will your household actually use all of it? Fresh produce, for instance, quickly goes bad. Consider items that will expire before you can finish them or go unused and wasted, as well.
Not Using AC or Heater
With often rising costs, the temptation to never turn on the air condition or heater may be as high as ever. But there’s a limit to what our bodies can handle, and the impact of either extreme can be costly to one’s health. When possible, see if you can adjust that dial accordingly rather than shutting off completely.
Loyalty Cards
Calculate if any paid loyalty membership cards are worth the annual or upfront fee. Will you recoup the discounts or benefits either immediately or in the near future? A quick calculation of initial spend and foreseeable use can help you decide if the savings will be worth it.
Subscriptions
Initial subscription deals, whether for mobile apps, streamers, programs or something else, may lure you in, but will you remember to cancel if you don’t use it? Do you need the monthly recurring subscription or is a free trial enough? Perhaps you can pause and pick it back up later. Subscriptions easily add up, so be realistic about your current needs.
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