Consumer Watch: How you are wasting money trying to save
OKALHOMA CITY (KOKH) —
Trying to save more money can cost you to waste it instead.
If you've buckled down and are determined to pad your savings account, here are the three most common mistakes that are supposed to save you money, but end up costing you way more.
1. The grocery store:
- A common place where you can save money is at grocery store, but buying cheap unhealthy food for every meal will cause more harm than good. If you start gaining weight, that will mean a need for new clothes. Poor nutrition could also hurt your health, and could cause you to need to go to the doctor.
- Instead, buy simple and healthy foods like a pack of chicken, eggs, fresh veggies, and dry grains. The way to save is to pay attention to the amount of food you are buying. Americans waste massive amounts of food. According to the USDA between 30 and 40 percent of food is thrown out. Needing to throw out rotten food is wasted cash you'll never get back.
2. Car maintenance
- Skipping out on maintenance can be a short-term savings that will cost you big in the end because not changing air filters or avoiding a car's oil change can result in expensive damaged machinery you depend on every day. Instead, write down when you'll need that oil change, so you'll remember to budget for it,
- And follow through. Another tip is to schedule chores soon after getting paid, so you don’t use the money on something else.
3. Do, what you can, yourself
- Doing certain things on your own can save you money. Mowing your own lawn or cleaning your own home will save you hundreds a month, but it could be a major mistake to fix things you know nothing about. Trying your hand at plumbing or electric problems could mean damage to your home, and end with you needing to call a professional anyway.
Having a budget that you can stick to with a conservative or moderate savings plan, will make it more likely that you'll succeed at building the savings account you've always wanted. Personal finance experts also say if you have an emergency expense, use the money you've been saving over adding to your debt.