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Skip to Save: 5 Money Wasters

There are many things that can be considered money wasters like: eating out, “fancy” coffee drinks, or the 40th pair of shoes for your collection. We know these aren’t great choices, but their fun and sometimes just part of who we are.  But, then there are items that you really don’t need and can skip altogether to save money.

1.       Add-on Warranties/Protection Plans
So you broke down and bought that new big screen TV or high efficiency washer and dryer. Now comes the added warranties or protection plans from the sales associate. These can be upwards of a couple hundred dollars. Don’t forget that most manufacturers have a free warranties that come with the appliance and additional protection plans aren’t necessary.

2.       Upgrades
Congratulations, you’ve reached year 1 of your plan commitment from your phone service provider; it’s time for an upgrade. For just $89.99 you can get the newest phone when you re-up your contract. Before you decide to upgrade, determine if it’s necessary and also if you are willing to make a commitment to continue with your provider.

3.       Infomercial Purchases
Are you constantly pulled in by infomercials - whether it’s amazing blenders, beauty products that are going to make you look 30 years younger, or workout videos that will give you six-pack abs in 30 days? If you are a sucker for these must-have products, know your limitations and be realistic with whether they really are going to do what they promise. If you have to have it, research alternatives or shop on eBay – there are sure to be people who have regretted purchasing these items and are selling them for next-to-nothing.

4.       Bundle or Combo Packages
Yes, sometimes bundled packages make sense and can save you a lot of money. Just be sure that you are going to use all the services and that buying the services that you use separately isn’t a better deal.

5.       BOGO (Buy One Get One) Sales
It never fails, when buying a pair of shoes or an accessory, the cashier always says, “you can get another pair for ½ off.” While it may seem like a good deal, you are still spending more money than you initially planned, and these purchases can really add up. Plus you usually end up hurriedly picking out something you don’t really want just to get the discount.



Posted: 8/7/2011 with 1 comments

Categories: Finances, Saving, Spending



Comments
Katelyn Fagan
I think the BOGO one is a big one for me! I probably wouldn't normally get 2 pairs of shoes or whatever, but since the second one is a great deal, I feel I must take advantage of it, but end up spending more than I really could afford.
11/2/2011 at 9:50 PM

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FORUM Credit Union in Indianapolis, Indiana is federally insured by the NCUAFORUM Credit Union in Indianapolis, Indiana is an Equal Housing Opportunity lender
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