5 Costly Money-Saving Myths

By Anne-Marie Botek, AgingCare.com Editor

Looking to save some money for your end-of-the-summer vacation? Here are five commonly-touted tips on thrift that you should ignore:

1. Go cold turkey. For the same reasons that crash diets don’t work, trying to stop all of your superfluous spending all at once is likely to be an ineffective tactic. In fact, you may end up spending more money on future impulse buys if you try to.

What to do instead: Try tapering off your inessential purchases gradually. For instance, you can start off by simply: start skipping your daily trip to the local coffee shop. Depending on what kind of caffeinated cup you usually order, this little trick may end up saving you $3 or $4 a day. You can still get your caffeine fix–just make your drink at home using ingredients purchased from the grocery store. A quick online search can give you a host of copycat recipes so you probably won’t be able to tell the difference between your home-brewed version and the coffee shop’s. (See How to Brew Coffee Like a Barista.) When it comes to resisting large purchases, like a new plasma TV, or state-of-the art standing mixer, you may want to wait a few weeks before spending your money. Chances are that, after giving yourself some time and distance from a shiny potential purchase, you won’t feel a strong urge to buy it—you may even forget that you wanted it in the first place.

2. Bulk up all of your buys. A 10 for $10 deal may seem like a real bargain, but if the sale is on perishable goods that really can’t be frozen (fresh fruits, veggies, etc.) or things that you aren’t likely to use a lot of (reams of high-gloss cardstock) you should resist the temptation to buy.

What to do instead: Stock up on certain items. Trash bags, toilet paper, toothpaste, and soap are all items that you’ll always need, and that will keep indefinitely. If you see that these kinds of products are on sale, don’t hesitate to nab them before someone else does.

Money Saving Myths That Caregivers Should Avoid originally appeared on AgingCare.com.

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Kathy P.

5:12PM PDT on Aug 27, 2012

thanks

August 27
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Dale O.

8:24AM PDT on Jul 31, 2012

Splendid tips for saving money, many ideas here.

July 31
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Sarah M.

10:35AM PDT on Jul 17, 2012

July 17
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Kim W.

9:19AM PDT on Jul 3, 2012

The dollar store is one more spot to suck your money. Many food items are a better deal, but any or most of the other items will not last past the hour after you get them home. Even plastic kid toys are broken in seconds. Sad, to be so greedy as to provide only trash.

July 3
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Mari G.

6:16PM PDT on Jul 1, 2012

Great tips.

July 1
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Sheri P.

8:56PM PDT on Jun 30, 2012

thanks for the tips!

June 30
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Heather M.

8:41PM PDT on Jun 29, 2012

If I am tempted by something that I probably don't need. I try to leave the shop for time to think about it. Mostly once I have exited the store I don't go back for it. Also if I am feeling weak I try to avoid the shops altogether. A really good thing that helps is I ask myself - Do I Need it? This helps me make sensible decisions.