6 Popular Money-Saving Hacks That Actually Cost You More
Written by
Tiffany Lew
Edited by
Ashleigh Ray
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Not all money hacks are created equally. In fact, some of the most popular financial hacks can quietly sabotage your budget or even cost you more in the long run. From chasing limited-time promotions to skipping out on essentials like heating or air conditioning, these strategies often do more harm than good.
If you’re trying to save money, avoid falling for these budgeting mistakes and spending traps. Here are six common money hacks that might seem helpful but don’t actually work.
1. Special Promotions
Popular money-saving hacks like coupons, specials 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.
This means it’s important to keep tabs on your purchases and track all of your spending habits. 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?
2. 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 a closer store for a price match on the same product.
Don’t forget to calculate any loyalty points you’ve built up at frequented shops. Your special, additional discounts may be greater than even a lower price tag at another shop.
3. Buying in Bulk Without a Plan
Speaking of financial tips that don’t always work, buying 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.
4. Avoiding Heating or Cooling To Save on Utility Bills
With often rising costs, the temptation to never turn on the air conditioner or heater may be as high as ever. However, 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.
5. Paid Loyalty Cards That Don’t Pay Off
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 spending and foreseeable use can help you decide if the savings will be worth it.
6. Autopaying for Subscriptions You Don’t Use
Initial subscription deals, whether for mobile apps, streaming, 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.
Caitlyn Moorhead contributed to the reporting for this article.
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