10 Money-Saving Hacks That Cost You More Time and Trouble
Money-saving strategies and hacks help you save money even on a small budget. Some of the money-saving strategies are really worth your time and trouble. However, there are some hacks that may appear to be the best ways to save, but in reality can cost you more time and trouble.
Here are 10 Money-Saving Hacks That Cost You More Time and Trouble
- Buying Cheap, Unbranded Items
Usually, the low-priced items are inferior in quality and require frequent replacements. Continually replacing the things that break down or stop operating will be costlier than buying a high-quality item. This money-saving hack can also lead to additional hassles because cheap and unbranded items are generally unreliable to use.
- Considering Extended Warranty Deals
Extended warranties are offered on all items from TVs to appliances to vehicles to buyers. While you may believe you're in a good financial position to purchase a warranty, the truth is that extended warranties are usually a bad deal. This is because extended warranties mostly come with hidden terms that exclude the most common problems, so they aren’t helpful for you.
- Not Getting Help from Tax Professionals
Many people wrongly assume that they can self-manage their income taxes and save a few bucks. However, this isn’t always feasible as many people generally get trapped in a financial mess after wasting a lot of their time and effort to file their own taxes. Hiring a good accountant to assist you with proper tax planning will help you reduce your taxes.
Related Article: 10 Easy-to-Follow Tips for Better Budgeting
- Using Coupons
Coupons You may think that using coupons is a great way to save money. But in most of the cases, it is not true. You spend a good amount of time looking for coupons and then forget to use them when you go shopping. You get deals for those products you don't buy. For using those coupons, you have to actually spend money on items you don't require.
- Searching for Better Deals
You search endlessly for getting a slightly better deal and don't buy until you get the best deal. You waste hours trying to find special offers or promo codes which is not worth it. There are many stores that do price-match and offer competitive prices. In the end, you go for the deal that you found in the first five minutes.
- Driving Miles to Get Discounts
You drive miles to get the cheapest gas and save 10 cents a gallon or drive halfway to save $5-$10 on clothes, toys and games. But this actually costs you gas, time and money. Consider how much money you are actually saving by driving so far and whether it is really worth it or not.
- Credit Card Balance Transfer
Transferring money from the credit card that has a high interest rate to the card having a lower interest rate seems to be a great idea. But some cards charge a balance transfer fee or have a high annual fee that negate the savings you get by balance transfer. You will be in a total financial mess if you miss any of the payments.
Must Read: 10 Expert Tips to Help You Spring Clean Your Finances
- Buying Items in Bulk
You may think that buying in bulk helps you save over time. But in reality, buying in bulk results in wastage and costs you more money specially if you are purchasing perishable items. Only half of the items are utilized and rest of them get rotten and thrown away. And, you are spending more money upfront to buy things in bulk.
- Signing Up for a Service Offering Cash Bonus
Monthly services that are offering you money to sign up may seem to be good. But they will somehow get their money back. So be careful while selecting any monthly subscription, whether it's an internet plan, bank or cable subscription. Check whether they are charging any monthly or annual fee.
- Changing Oil on Your Own
Changing your own oil may seem to be worth it. But look at the effort, time, and costs involved to save only a few dollars. You have to spend 30 minutes or more changing the oil and purchase all the equipment required for oil change. Many garages offer oil change for $20 or less and sometimes free while inspecting your car to find out any problems they can work on for making a profit.
Always make sure to review your current financial condition when considering any significant financial decision. If you require some quick cash to meet a short-term crisis, apply for payday loans online from CashOne today!
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