In the face of 40-year high inflation, you can’t help but watch your wallet get thinner. In fact, more than a third of American adults are tapping into their savings accounts to cover increased living expenses, withdrawing an average of $617 during the first six months of this year. As nearly everyone is feeling the effects of skyrocketing costs of everything from fuel to rent to groceries to entertainment, we could all use some helpful tips and tricks to stretch our dollars.
Being thrifty and finding ways to pay less for everyday goods is generally the way to go. But have you ever heard the saying "I’m not rich enough to buy cheap"? Turns out, some tactics that help reduce spending now can easily cost you more in the long run — whether in time, energy, or money.
So when one user reached out to 'Ask Reddit' inviting people to share "false frugalities" — low-cost things that turned out to be expensive — most people are unaware of, the thread immediately became a hit. We’ve gathered some of the most illuminating responses to share with you, so continue scrolling! Be sure to upvote the ones you agree with and then chime in with your own experiences in the comments.
Psst! After you’re done with this list, check out Bored Panda’s earlier piece with tips on how to live more frugally right here.
This post may include affiliate links.
There was a sub about how to budget food/living expenses. And the ideas that people had were ridiculous and required you to be financially well off enough to facilitate their idea of what saving money is. I don't think I received advice from anyone who knew what it was like to be poor, or actually truly need to responsibly budget their funds.
One guy wanted me to plant a garden to grow some carrots or other veg. I explained that I have a small apartment, and that carrots are a dollar for a big bag. He actually got uppity with me and became a total shithead when I explained that I live in a small apartment in the middle of the biggest city in canada. There is no benefit to turning half my apartment into a garden so I can grow five bucks worth of veggies in a few month's span. I can't just go outside and plant vegetables. It's also cold here 9 months out of the year.
I got berated out of the sub after pointing this kind of s**t out numerous times.
I spent about $100 once on soil, plants, lumber for a raised bed, etc. to wind up with about $10 worth of a few veges. No green thumb here.
This too! Not everyone is cut out to do everything themselves. We built a society to allow people to specialize. I'll let the people who have years of experience gardening grow the fruits and vegetables, I'll stick to my job. I understand gardening as a hobby, and I understand that eventually it might lead to financial benefit. But I don't think it is appropriate as general money-saving advice.
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We have BIG plot of countryside land. We plant a good amount of our own food. Get our own eggs etc. It does not SAVE money, it COSTS money compared to shopping for it. And no surprise really. We pay the premium for the knowledge it's from our own garden - it ain't no budgeting thing. And it takes work time too, a luxury which many less well-off people can't spare either.
I can honestly say that my garden (about three acres total), at first, also cost me a lot of money up front. However, even the following year, the cost is negligible, at best, as it pretty much involves expenses I would have either way (for upkeep of the land). I do know that the fact I have a water supply which costs me pretty much nothing, helps tremendously with that. However, I'm wondering what other costs you are encountering yourself? When people say "it costs money to have a garden", they rarely ever describe WHAT costs they mean-which is why people do not understand that there are costs. I definitely save a massive amount of money on fruits and veggies. We also share the wealth with others-which, in turn, helps them out too.
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I'm low income and I need to budget. I will also say I'm no expert and not super great at following a budget because... well... treats. HOWEVER, I do know how to plan a budget on paper. First thing's first, list out all your necessities, like rent, utilities and anything else you need to live the bare basics. List out any automatic fees you pay, such as the bank fees and any loans repayments/installments. Then figure out your monthly income. Take your income and subtract it from the total amount of expenses you have so far. Whatever is left can be divided up on food and other things you can have more flexibility on deciding how much to spend. Perhaps you can no longer afford a rack of ribs every 2 weeks or need to use a food bank if you're that close to the breadline. I find when well-off people give tone-deaf advice they're never thinking of community programs that help those who are struggling and the limitations put on people. Any little amount left over, save it.
I learned that also. Always have rent, utillities, and that stuff in a seperate account, so you wont spend those on anything. I even made a food account, where food money goes to. That way i know that i atleast have shelter, water, heat and food. Every exspenses that are paid quarterly, half yearly or yearly, is then split up in the correct amount of months. It is more manageable to pay big bills, if you save a little amount every month rather than suddenly need to find the whole amount.
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I always try to grow. Each experience is a learning curve. Go from a bucket to a balcony, to a raised bed to a garden. I have no money. But I try each year to get better and better!
If I was going to grow anything it would be herbs. They don't take up loads of space and over time you can save a lot compared to buying fresh herbs, or you get to use fresh herbs of you previously couldn't afford to.
Sorry for the wall of text. I think my tip would be to go to an Asian grocery store and see their produce prices. The closest store for me IS an Asian grocery so it's my go to regardless. While the selection of staple produce will probably be less than a huge chain (they usually only have 2-3 types of apples instead of 4-5) I find the prices cheaper AND they typically have items I normally can't get, like Thai basil and chilies, lychee, etc. They have everything I NEED and a bunch of things that I want that I couldnt get at a regular grocer's so it's a win-win, Plus, there's a Middle Eastern grocery a few blacks done that sells galangal, fakir lime leaves, etc. They won't have a wide selection of "American" food/items but between those two stores I get everything I need for cheaper than I normally would. For more mundane, I stop by Target or Trader Joe's after work on my way to my train.
I think you have different asian stores there. I checked this and prices for the exact brands was same or higher in the asian stores. But they have some (pretty expensive) stuff that ordinary stores dont have.
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I mean I garden because it's fun, but I never entered into it thinking this will feed my family, that's ridiculous. I live in a one bedroom apt, there is no way you could possibly grow enough to sustain yourself.
Yes balcony growing is for the pleasure of it seeing things growing and they taste so fresh.
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I recall a guru on cable news who was all about how he retired with a mllion by X age. (Dark Coward rhymes with his name.) He never mentioned he and his wife both had six-figure jobs. Which makes it a *lot* easier.
Even with a garden, carots are way cheaper at the grocery store if you live in a clayish soil area
Clay and carrots are definitely not friends, we have clay here too. Our carrots are grown in beds with mixed soils for this reason (same with all our root veggies). We don't remove all the clay, just add bits of not clay to them every year, keeps the soil fresh for planting and doesn't make all the root veggies come out looking like we shrunk them in the dryer-which if you can get them to grow at all in clay is what they'll look like.
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Try this: Buy a package of mung beans (it will last you for AGES), soak a tabelespoon full of them overnight in tap water and then place them in a glass on the window sill. Every day put some water in the glas, shake them around and pour the water out, leaving the wet beans. Within a few days they will sprout, and it is fascinating HOW MUCH these little beans grow! You can add these sprouts to sandwiches, your warm dishes or eat them as a salad. It is a really cheap and easy way to get a few vitamins and fibres; no need for a green thumb, no special equipment - just water and daylight. Only in the darkest winter months it might not work due to the lack of sun - depending on where you live, of course. Works with other seeds as well but I found mung beans especially easy for beginners and the crop is so rewarding!
My mum has done that in the past with alfalfa sprouts
Load More Replies... To be fair not only low income people should budget. Yes, it's SOOO much easier if you actually have some decent funds to budget. And I agree that when you're dirt poor it's closing in on impossible to save any money. But I still always tried, no matter my circumstances. It's depressingly low success when you don't have much, but still better than not even trying. As for the growing veggies thing, IF you have the space it is a great idea, but yeah, I wouldn't start with carrots. They are cheap AND actually fairly hard to grow. On the other hand you can grow a large amount of garlic in a small garden with basically zero upkeep, then either just use it and spare money like that (garlic is expensive and usually is bad quality in the stores), or you can sell, or trade with people who grow something else. We've been gardening for two years now, and apart from it being a bit of a money saver, it's amazing for the soul.
Gardener here! The cost of gardening is not "cheap" like people seem to think. If you don't live somewhere with nice dirt you need to buy a raised bed or lots of pots. Then you need to buy dirt, gloves, an hand rake, and 2 to 3 sizes of shovels. You also have to water (my bill goes way up during growing season). You also would hope that the veggies and fruit you like will enjoy the climate you live in.
Gardening is expensive. It doesn't get as cheap as the grocery store unless you're doing large scale (and often monoculture...) and it's rather hard for most people to compete with dozens of acres in a climate suited well for that bit of food.
Yes! Expensive and no guarantee of reaping what you sow. I've had a beautiful garden wither away from blight, or aphids slowly suck the life from very healthy midget cantaloupe plants. I will keep trying year after year because I enjoy the process and hope to learn enough to be successful.
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As a fellow Canadian it is rather frustrating st times to see people offering advice like this when they clearly lack any understanding of the country. There are reasons oranges don't grow here...
Yeah, carrots are super cheap. And you can't grow a garden everywhere. I live in the desert and the cost to have irrigation and the right kind of beds and dirt and pest control makes it not financially beneficial to grow your own veggies. The ppl I know who do that here are well off and it's a hobby for fun.
If you are in a small apartment it's worth growing small, flavoursome things like herbs, chillis etc so you can then jazz up your $1 bag of carrots or potatoes.
You are supposed to replant every year once you have invested in constructing the bed. It still takes about ten years to recoup your initial investment. Probably why there are so few farmers left..
So guy is talking about getting advice about gardening which wouldn't work for him, and that's the point he's trying to make, that most people struggling can't afford to start gardening. Time money etc. Then amost of the replies talk about yes it's costly but you need to do it on acres to make it work. First off who all has the money to buy all that land, even just a small lot, not like you all are talking three acres.. for once I feel all the replies are completely tone deaf.
One year I planted tomatoes, peppers, basil and oregano. I managed to harvest one pepper that a squirrel had taken a bite out of, and the herbs just shriveled up. So, the entire harvest consisted of one tomato. No brown thumb should try this.
I'm really wondering what costs people are encountering with their gardens, other than initial setup costs, which, admittedly, can be pretty damn high depending on what you're doing. Before you downvote me, please know that I also do garden, we have a roughly 3 acre garden in total, actually, and my costs are the same as they would be to simply take care of the land (after the first year initial setup). Thankfully the cost to water our land is pretty much nil for us-a HUGE help. But, I can't honestly think of any other costs we have, other than time, which we'd need to care for the land anyway. We definitely save a LOT of money on our grocery bill-for which I am grateful, as I know many aren't able to, and share the harvest too. We did start out with a smaller garden, lol, but it's grown over the years to this size. I'm mostly wondering because others might be able to help people mitigate some of their costs.
You had to buy the land first off, unless you inherited it
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It's just like people who adviced that you should make coffee at home and don't eat avocados.
It’s a nice hobby and we always grew some tomatoes and herbs on our little balcony. But the time and money investment isn’t worth the the harvest from a financial point of view. It’s just nice to be able to go out and get fresh herbs. For the tomatoes we got a few handful each year, so it’s not a lot. And of course it’s all ripe around the same time, so you’ll end up eating lots of it for 2 weeks, and that’s it.
If you have a yard, you also buy the $400 rototiller, than needs to be worked on every few years (by someone I have to pay). THAT is when the real savings happen.
When you harvest your veg, they are in season locally, so they are the cheapest they get. You get 50 courgettes ripening in two weeks, at the same time as they're 6 for £1 at the market. It may sound like you saved a little money, but you probrably did a minimum of thirty hours unpaid labour to grow them. Imagine if you had done those thirty hours as paid overtime - you would have been better off.
I have a balcony garden for fun. The amount of time and money to start and keep it up, it would never make sense financially to grow anything. I'd need a lot more space and soil I didn't have to buy to get started.
You live in Edmonton don't you? I tried just growing herbs on my balcony thinking I could at least save money that way. I was very wrong.
Yup. Plant things that are expensive in the shops and require little effort. I suggest herbs and then fruit.
I did have a balcony garden for fun and to teach my daughter about growing food, but it was actually far from a cheap project.
They talk about things like buying in bulk but if you're poor you can't do that, nor can you stock up on items when they're on sale because you don't have enough money for more than one.
Yep. Plus, as my econ teacher pointed out, time is something that never gets reimbursed
The amount of time and expense it takes to garden, vs the cost of in-season factory-farmed produce, means that this is often the case. Where you can save a little money is in "Window-sill gardening" where you grow fresh herbs, or sprout dried peas, regrow green-onions etc. It's usually more of a convenience and waste-reduction measure, and you don't really save that much.
Here is an example of false frugality. When I was arranging an airline trip, I initially saw that first class cost more than premium coach. But when I add the baggage cost to the premium coach, first class was actually cheaper than premium coach. First class does not charge for baggage. Go figure.
There was a man who bought some gro-bags. Gro-bags have pictures of tomatoes on them. So he put the bags outside his back door, opened the tops of the bags and watered them. Then he waited for the tomatoes. Gro-bags are just compost.
"sometimes they get uppity and you've got to keep them in their place"
There's a book you need to read: "make the butter, buy the bread" by Jennifer Reese.
For those wanting to garden more cheaply, do your research first. Find out what is native to your area, what suits the conditions, what is easy to grow etc. You can even find out what 'weeds' are already growing on your small patch of ground that are actually edible. Again, research well to be sure they are what you think. Talk to local permaculture growers and Landcare agencies for free advice. Find out if there are any seed savers/seed swap groups in the area to get cheap/free start up seeds. Use things like net curtains from a secondhand shop to cover fruit trees for cheaper than garden store netting to protect from birds. Use used coffee grounds or ground up eggshells to deter snails and slugs. Make a 'weed tea' by filling a bucket of water with invasive grasses or other weeds and steep for a couple of weeds to ferment, if you haven't got a worm farm to produce worm tea fertilizer to improve the soil.
Don't try to go big right out of the gate- start with one or two plants that are easy to grow, with likely higher yield. You won't support yourself from this the first year, but add another plant each year or so and you will get more savings as you go. This may all fall on deaf ears, but so many comments were negative I wanted to say something positive. You won't make instant, easy savings, but you might knock a few dollars off if you keep trying. I get not everyone has the space for large gardens that can be planted with a variety of veg straight away, but you could grow one thing in a pot for example.
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Just live the wealthy advice "cut back on limo rides and caviar" when you're looking to stretch your instant ramen dollar!
Yes, fresh veg tastes best. But once you factor in seeds/plants, soil, fertilizer, pest control, and all the hours spend tending and weeding and waiting...often not worth it. Still, I'd love to be able to enjoy fresh tomatoes. I just seem to have lost the touch for it since moving south.
only food that is easy to grow inside with a cheap grow light or good sunny window is kale really. grows prolifically in fact i got a cheap grow light and 6 plants downside i only use it for smoothies. tried strawberries, and various other things nothing grew in a reasonable quantity to be worth it.
Dude I've lived poor my whole life and I can tell what to do to save some money but not a lot.
Water is so expensive here that it's no longer cost effective to grow our own anything, except cannabis.
The complete fail (or scam) here is to pretend you could do this on your own, keeping up with the same individualistic way of life. Growing your own food in a big city only makes sense if you can collectively organize it in the neighbourhood. That means concretely breaking all the rules of capitalistic business and private property, because you will settle on some cultivable land which you probably don't own, share hardy seeds, work hours and production without any recourse to money in the whole process. So, you get it, that's actually a revolutionary thing. But it's already happening in many places...
Amd then your carrots turn out to be the size of two fingers because growing big vegetables, like the ones in the store, requires lots of knowledge you don't have
Bottled water. It's marketed to appear that it's healthier and cleaner than tap water, plus the plastic bottles are not sustainable. Just buy yourself a thermos or reusable water bottle and stop buying overpriced plastic with over-glorified tap water included.
It's healthier if you're in a region that has contaminated water, or parasites, like in Mexico, * for example, and other regions in countries around the world that are otherwise developed around the world.
Cheap batteries. They don't last, they don't work well, and many of them are duds. When I was in high school, I always, always listened to my discman. One day the batteries died so I walked up to the gas station and chose between the Duracell batteries and the bronze-colored batteries. I bough the cheaper no-names and they died before the day was over. And I had to go through social studies without music.
I learned two things that day; WWI history, and not to buy cheap batteries.
"Rent is throwing money down the drain"
Owning a home is not always smart. It can be, but not always. It's not just the house cost, but costs in taxes, interest, insurance, repairs and maintenance, etc.
Then there's opportunity costs. I know folks who can't move until they sell, and can't take better jobs cuz they can't move. A house can be a big anchor in some contexts.
Cheap, single ply toilet paper. You end up having to use way more just to get the same effect of the good stuff.
And you generally end up with a middle finger in your bum after it pokes through the cheap paper
Aggressive lane changing while driving.
All that accellerating to get into the "better" lane just wastes fuel, and you save a negligible amount of time.
There was a small TV documentary here in Australia I remember watching that did tests on it. They sent two drivers across Sydney in rush hour traffic: one who would change lanes only when it was absolutely necessary (obstructions, turnoffs, etc), and one who was super aggressive changing all the time.
The aggressive driver got to the destination 2 minutes earlier, though with *80% more fuel consumption than the other driver*.
Actually, I've always wondered about that, but had no way of testing it out!
I once watched a show about extreme penny pinchers. One episode depicted a man who spent about 3 hours a day riding his bicycle or walking around looking for dropped change around pay phones, gum ball dispensers, etc. The whole time I couldn't help but think that even a minimum-wage job would yield him more capital for his time, especially once you factor in bicycle tubes and shoes.
In general, people of this nature fail to realize that the benefits of having money is its positive influence on your quality of life. When your quality of life suffers in order to save money, you've completely reversed your priorities to a mind-boggling level.
This is a hobby for some elderly folks. Perhaps reliving an old past time joy of finding coins on the ground. I once found a $20 bill on the sidewalk. I was just walking, going about my day. I wasn't straining to meet quotas and multi-tasking. A minimum wage job, for the amount of work that you end up doing with little downtime, other than your required breaks, does not lead a great quality of life and the pay does not equal the time and efforts. IF I could make the same amount just walking and looking at the ground as I do at my current job I'd choose coin hunting. And the coins aren't taxed.
All construction.............do you want it done cheap? or do you want it done right?
When it’s done right, it’ll usually cost a lot less in the long term than when it’s done cheap.
Not going to the doctor/dentist!
Wellness checkups are important. Your prognosis will always be better if something is caught early on.
Surprised I haven't seen this yet; using third party hotel booking sites. The sites guarantee you a room and a price but not the type of room you requested. Calling the hotel directly will not only guarantee the room you want but often they beat the price of the websites. On my last trip a particular site favored by an Enterprise captain quoted $129 a night, when I called the hotel they gave me $79 a night.
I don't know where ur staying. I work at quality inn and we can't even match those sites nevermind beat them.
Doing the dishes by hand vs. using a dishwasher. The dishwasher requires a lot less water, time and energy.
Or in my case, doing the dishes by hand vs. not doing them at all (no dishwasher, and no space to install one).
When it comes to tools, buy nice or cry twice.
I saw a popular comment here a couple weeks ago talking about reusing those little handwarmer packet things by slicing them open and adding more magnesium flakes obtained by shaving down sparklers.
For f**k's sake, just buy some new handwarmers.
I knew a fellow who owned one of the most expensive houses in town, but was too cheap to run his swimming pool filter except when he was actually swimming. With virtually no filtration, the water would get thick with debris and algae. He would then by stuff to kill the algae, but then he would have water full of dead algae. And the crud would stiff on the pool bottom, making it very hard to clean off. He spent way more on chemicals than he would have spent on electricity. The owner of this cement pond was a retired rocket scientist.
i have always been told that the smarter a person is, the less common sense… because they’re focused on their whatever
i went to greggs, a well known bakery in the UK. I bought a sandwhich and a drink. as i went to pay, the guy offered me the meal deal. "a sandwhich a drink and crips (chips) for only £1.99. a sandwhich and a drink was £1.59. the sandwhich was £1 and the drink was 59p. by themselves, crisps (chips) were 20p but as part of the meal deal they were 40p. this means that the SPECIAL MEAL DEAL OFFER was more expensive than buying each item individually. CLEVER F*CK***
Heating and air-conditioning. Being uncomfortable, irritable, and unproductive isn't worth the few hundred dollars you save by lowering the heat or not turning on the AC.
Depends. You don't need an industrial central air conditioning system in a tiny bungalow, as my my ex's parents installed. They like to be freezing in the summer. Nor does it have to be sweltering in your home in the winter. And they don't need to be kept on all the time.
In many cases, buying a name-brand product with a coupon is *still* more expensive than buying the store-brand.
Or, buying something just because it's on sale, but not necessarily because you need it.
Mobile phone contracts with a free iPhone etc.
You think you're getting a good deal with a free phone but with 35 pounds a month contact for 2 years, they really screw you.
Buying heavily used cars, sometimes. There are exceptions, but all of my friends who religiously buy the cheapest car they can find are always having trouble. Very expensive trouble, that sometimes adds up to close to the cost of a new car, or at least a better maintained used car.
Believe it or not, some people would like to buy a new car, but can't afford one. Crazy, I know.
Travel and times: A lot of people take the cheapest flight they can find, but to me, saving 50 bucks on a $500 ticket isn't worth a 7am flight or a red eye.
"Buying that rent-to-own laptop Consumer Reports checked out is equivalent to paying 311% interest, which is far worse than the 30% interest rate you see on crummy credit cards.
Buying a big cheap house far from your common destinations.
You will pay with time, petrol, housework, sleep, your relationships, and/or career
Instead:
1.Buy or rent a small house with a 10-30 minute commute.
2. Let happiness ensue.
Home brewing beer.
It's a wonderful hobby and I highly recommend it, but don't think you're going to save money.
My ex like to make apple cider moonshine. He had to buy mason jars and a s**t ton of alcohol, apple juice and whatnot. Thought he was going to make all these underground sales from his friends. Pfft. He sold nothing and I got to keep most of the mason jars. Those come in handy for many things.
Extended warranty
You think you are saving cash on the off chance the product you bought doesn't hold on and you need repairs, but I don't know anybody who has ever been happy about this choice
On the opposite end of the spectrum, car insurance for rental cars. My father and his colleagues used to travel the world and rent cars for several weeks at a time. It would only take one car accident in all those years of renting cars to justify the cost. Many of these rentals were for off-road use. The rookies thought to save cash passing on the insurance and would eventually shell out thousands on repair
Cloth diapers. You still have to buy special (expensive) detergent, and run so many loads in the washing machine. I worked it out when we started cloth diapering 3+ years ago, and it cost the same as if we just did disposable diapers.
Plus all the TIME put into washing/drying/assembling.
I like cloth diapering, I do recommend it, but I hate when it gets lauded as a cheap alternative.
(Edit: Yes, really, you do have to use specially formulated detergent. You don't? That's cool. Your diapers are getting build up of both ammonia and detergent. Good luck with that smell and the leaks, and that is coming from experience.
Also, nowhere did I mention the upfront cost of the diapers themselves. When I talk about price, I'm talking about water and electricity bills.)
people don't do cloth diapers for the nonexistent convenience or the not-so-cheap price. they do it because it's more sustainable & better for the environment, & usually far more comfortable for the baby.
Being cheap with anything you’re going to use a lot or over a long time. Better to spend $180 on a single frying pan that will last 10+ years than buy a $40 frying pan each and every year because they c**p out so easily no matter how careful you are with them. This metaphor, of course, fits the bill for almost any frying pan that is non-stick or costs less that $100 to begin with.
Leasing a car instead of buying one. I'm not gonna get into the specifics but it's pretty much always more costly
Only if you plan on keeping your car for longer that's two/three years. But if you plan on getting a new car every couple of years then paying only the depreciation seems like a better deal. But if you keep your car for 5-10 years... then buying is definitely cheaper. Longer than 10... might start looking at costly repairs.
Justifying the purchase of anything solely because it's a "good deal." I hear this misconception all the time.
If you spend $100 on shoes, even if you bought it at 99% off, you're still out $100. You haven't saved a penny, and that'll be a real problem if you needed that $100 to pay your utility bills.
Edit: clarity and $10,000 shoes.
http://www.luxist.com/2010/02/26/louis-vuitton-offers-10-000-alligator-wingtips/
It's all in the intended budget of what you were planning on spending. If you're expecting to buy $200 shoes and had allowed room in the budget or saved for them, and then the shoes are found to be $100 on sale, then, yes, you saved $100.
Professional home repair services. Real companies have insurance, you can sue if things go wrong. Some handyman that someone knows is likely going to do something that violates a warranty, will be judgement proof, and won't get a permit.
I do construction defect claims and this is partly true. A contractor's work product is not covered by insurance. That's if you hire a guy to install Windows and they are defective, insurance does not cover the replacement of defective windows. Not unless they are installed in such a way they cause damage to other parts of the home. I.e. Leaks and damages the interior drywall
People with flex fuel vehicles buying E85 instead of gasoline. The reduced mileage you get out of E85 eats up any saving you get at the pump.
I know people that skip going to the doctor until the last minute to save the office visit payments. It's a terrible idea since by the time they get there the simple cold turns into pneumonia and costs much more to heal.
bad example. going to the doctor for a cold is a waste of time & money. there's no cure for a cold, nothing the doctor can do other than say "you have a cold." so if someone has a cold, yeah they're gonna wait until it turns into something bad to get help; it would've been a needless expense & it's not like they could've known beforehand that this particular cold would be pneumonia...
Not paying off your mortgage to save the tax breaks...
While it is nice to save taxes, the long term financial benefits are astronomical when you free up a mortgage payment.
Completely stupid assertion because it obviously depends a lot on the situation. If the interest rate is very high and the property value not increasing then yeah, pay it off early if you can. If you have a low rate, if the value is plummeting, if you use the extra money to invest in anything with better returns then no, don’t pay it off early and keep it for as long as you’re in the second situation. Never heard of leverage or gearing?
Dining Plans at college. I literally could go out to eat for every meal for the price of them. And I often did. I saved a ton of money because I don't eat that much/snack more often .
Supermarket specials.
Next time you go shopping, grab a calculator and work out the cost per 100 grams (or whatever equivalent weight) and you'll almost invariably find that the products with the big 'Sale!' signs are not the cheapest.
Of course it's impractical to do this with every item so you can of course estimate, or shop at a store that all ready has the cost per 100 grams of the price tag like I do.
In Germany (or the entire EU?) the store needs to put the price per 100g on each item, so you can easily compare.
Shaving with a straight razor. It's a larger down-payment to start into it (simple but nice razor, strop, and brush cost me about $100), but I recouped that in less than a year just by not buying more cartridges. In theory, a razor will last pretty much forever, for free.
Here's the problem, though. I nicked my blade and had to repair it, so I bought about $80 worth of reworking stuff (much less than I could have spent). Then I bought a fancy 1930's blade and restored it. Then I bought a better brush, and a better stop, and a better shave mug, etc.
I started because it appealed to my practical side. Then it quickly became a ritualistic money hole.
You could also split the difference and buy a double edge razor, where you just need to replace the blades, which are cheap.
A $5 pair of sneakers is not a deal, no matter what your wallet says.
Maybe consider them if you only need shoes for another month...
$5 isn't gonna be great quality, but most $20-30 shoes are just as good as $100-200 shoes. so don't go to the other extreme either. depends what type of shoe & how much use you'll get out of them. i've been wearing a $30 pair of off-brand converse that i actually got for half price at $15. they've lasted five years & counting, & they're my go-to everyday shoes.
Where I work, we do price adjustments on products that have gone on sale since the customer purchased them. Most of the time, the refund isn't worth the amount of time, energy, and gas the customer uses driving to the store.
I can't even imagine making the effort to go get the adjustment. It's on sale now and I bought it last week? Oh well. My bad timing.
Steam sales. You think all these games are a great deal, but you end up playing very few of them and proceed to buy new games you would buy anyways. Remember, you didn't save $7.50, you spent $2.50.
Stopping at Costco for just one thing because its cheaper than the grocery store. Sure I save 3 dollars on the initial item that I went in to get, but the bill at the till always seems to average 400 bucks.
Lol this is dumb. I get that it's easy to spend a fortune at Costco (I love costco) but I regularly go in for a couple things and spend less than $50
Cheap legal services.
A good lawyer that takes 3hrs at $300 an hour will do a much better job far cheaper than a shitty lawyer that takes 5hrs at $200 to do the same job.
This is partly why good lawyers are so expensive - because they're cheaper.
People overinflate the hell out of their tires to get better gas mileage, then have to spend much more to get new tires when they wear out far sooner.
Don't mess with air pressure in tires period. Those numbers are not just a suggestion. It may cost you more than just a new set of tires. Does not matter what your dad's nephew's uncle's hairdresser's dog's ex roommate said, keep your tires properly inflated. Also the air you put in tires is already 78% nitrogen, don't pay for the other 22%. Edit: Sorry for any confusion. I am referring to paying for 100% nitrogen in your tires.
Rewards points. You are paying for them.
Not necessarily true. I’ve had a rewards points credit card for 10 years now, and they haven’t gotten a dime out of me. My card carries absolutely no fees, and no interest because I pay it off every month. I get the convenience of paying by card vs cash, and I receive between $200 - $400 back each year in Amazon gift cards. (I purchase from Amazon anyway, so it’s as good as money in my pocket). If you have the discipline to pay off your credit card every month, you can be the person credit card companies hate.
Restaurant specials. It's rarely cheaper and it's typically food that is about to go bad and needs to be sold instead of thrown out.
But then people complain when food is thrown out, and if it's still good enough to be consumed without much difference then it's all good.
Hybrids. Sure, you save $200-$500 dollars a year on gas costs. But every 5-10 years you will have to replace the battery pack, which can go from anywhere from $2,500 to as much as $6,000, especially on some of the new electric cars with larger packs. Not to mention the initial bump in price you pay with most hybrids. You add a small cost for low rolling resistance tires every time you change them.
Furthermore, the so called point of a hybrid car is saving the environment. The materials used in hybrid cars, specifically the batteries and other components that require rare earth elements, not only require more energy, but put out more harmful types of chemicals than traditional processes. The story gets worse if you go with a plug in hybrid, as 60% of wall power comes from coal plants, a less cleaning fuel than gasoline.
Note: this post originally had 48 images. It’s been shortened to the top 45 images based on user votes.
Sounds like a wealthy person that has no idea what it's like to be poor. I disagreed with most of the examples they gave.
Agree. I’d like to see the math behind some of these claims.
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We also need to consider how saving money is much easier when you already have some. Yes, good-quality products are costly and save you more money in the long run. But if someone is poor, they can't afford to buy the more efficient product. And they have to buy the cheap, low quality one, changing it often and being forced to waste money. Financial wisdom is useless if you don't have the money to apply it
Have you read Terry Pratchett? Look up Vimes’ boots theory of economics
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Several of these rely on the assumption that poor people can just - for example - spend 100 dollars once a year instead of 20 dollars every month. But always remember Captain Samuel Vimes "Boots" theory of socioeconomic unfairness: A really good pair of leather boots cost fifty dollars. But an affordable pair of boots, which were sort of OK for a season or two and then leaked like hell when the cardboard gave out, cost about ten dollars. But the thing was that good boots lasted for years and years. A man who could afford fifty dollars had a pair of boots that'd still be keeping his feet dry in ten years' time, while a poor man who could only afford cheap boots would have spent a hundred dollars on boots in the same time and would still have wet feet.
One thing I read that makes a lot of sense is that if you can afford a quality pair or jeans (example) that fit well and you know you’ll wear them often, the math can pencil it out for less cost per wear than something that doesn’t fit well you don’t enjoy wearing. I wear my Birkenstocks almost daily until they are literally falling to pieces ever 3-5 years so I feel ok splurging on a new pair when I need one. This only works if you do t get the poorly fitting ones too.
If your winters are extreme, please invest in good, good coat and boots, if possible.
Buy a good bed...not a cheap one. You will spend at least a third of your life in it, after all. It may take awhile to save up the money, but it will be worth it.
I had a much younger roommate awhile back, and I remember him explaining to me that he would rather drive to his dads house to fill up his tires for free than do it at a gas station for a couple dollars. I pointed out that his dad lives 20 miles away, so he'd be spending 40 miles of gas money to save that couple dollars...but his expression stayed blank...
Didn't see Black Friday mentioned. I mean, there are definitely deals but very often there are also "deals" that, if one kept an eye open throughout the year, are not actually new or even a deal. Another one is those "going out of business sales", where everything gets discounted... Except, it's often over the initial suggested price. I've seen things being sold at prices higher than they were at a competitor that was still in business, yet people thought they actually got a deal out of it. Guess I should say: look around, don't blindly buy based on that one discount.
"High interest savings account" Banks in my area pay One Cent per One thousand $$ per month
People who have the money to buy a gas heating system in their home, but choose to remain on firewood heating because "the gas central is very expensive, wood is cheaper". However, on the long term, wood is usually more expensive
Wood burning is also catastrophic for air quality, both inside and outside the home.
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Dr Phil, before he got Jerry Springerish and I quit watching him, did a show on tightwads who were costing themselves more in man hours, if not actual money, by doing such things as going from one fast food place to another, stealing packets of mustard and catsup and squeezing them into an old store bought bottle. It would take him two hours to gather the packs and fill one bottle. At $5 and hour which was minimum wage at the time, he was expending $10 to save $2.50.
Susie that's true, but some people have more time than they know what to do with. Maybe they don't care about minimum wage.
Load More Replies... How about supermarkets that add barbecue rubs to meet. Don't buy it, that meats going bad!!!!
For the first time EVER I have a dishwasher and I have only used it 3xs I used to say if I had one I'd never wash them again- so much for that one lol
Poor people know that being poor is expensive. We need things now but can't afford a good one so we get what we can. And the result is endlessly replacing crappy stuff and never getting to have nice things. Look up the Vimes boots theory of economic inequality.
People, for the most part, these are general examples, not specific to your particular situation, and yes, subject to some caveats, but most of the replies start "not always". No, not always. And, yes, it's also true that sometimes you don't have the money for the better stuff, no matter how much is saves in the long run. I still wouldn't throw out a lot of these suggestions.
Check youtube for extreme cheapskates (especially look for title: cooks lasagna in the dishwasher)
I encourage you all to join me for “NO BUY JULY”!! For just one month, don’t buy ANYTHING but essentials (food and gas, etc) Borrow big items, clothes for special occasions, etc from friends: If you absolutely need something, buy it second hand, or with old gift cards (I save mine up for lean months). Cook at home, and forgo the delivery services. Many low Income households live this way, and it’s pretty eye opening to see how much you don’t really need.
I encourage *you* to join me for 'stop telling other people how you think they should live summer*! Simply stop 'inviting' people to 'join you' for various things to change how they live. It's pretty eye opening to see how much advice you don't really need.
Load More Replies...
Sounds like a wealthy person that has no idea what it's like to be poor. I disagreed with most of the examples they gave.
Agree. I’d like to see the math behind some of these claims.
Load More Replies... We also need to consider how saving money is much easier when you already have some. Yes, good-quality products are costly and save you more money in the long run. But if someone is poor, they can't afford to buy the more efficient product. And they have to buy the cheap, low quality one, changing it often and being forced to waste money. Financial wisdom is useless if you don't have the money to apply it
Have you read Terry Pratchett? Look up Vimes’ boots theory of economics
Load More Replies... Several of these rely on the assumption that poor people can just - for example - spend 100 dollars once a year instead of 20 dollars every month. But always remember Captain Samuel Vimes "Boots" theory of socioeconomic unfairness: A really good pair of leather boots cost fifty dollars. But an affordable pair of boots, which were sort of OK for a season or two and then leaked like hell when the cardboard gave out, cost about ten dollars. But the thing was that good boots lasted for years and years. A man who could afford fifty dollars had a pair of boots that'd still be keeping his feet dry in ten years' time, while a poor man who could only afford cheap boots would have spent a hundred dollars on boots in the same time and would still have wet feet.
One thing I read that makes a lot of sense is that if you can afford a quality pair or jeans (example) that fit well and you know you’ll wear them often, the math can pencil it out for less cost per wear than something that doesn’t fit well you don’t enjoy wearing. I wear my Birkenstocks almost daily until they are literally falling to pieces ever 3-5 years so I feel ok splurging on a new pair when I need one. This only works if you do t get the poorly fitting ones too.
If your winters are extreme, please invest in good, good coat and boots, if possible.
Buy a good bed...not a cheap one. You will spend at least a third of your life in it, after all. It may take awhile to save up the money, but it will be worth it.
I had a much younger roommate awhile back, and I remember him explaining to me that he would rather drive to his dads house to fill up his tires for free than do it at a gas station for a couple dollars. I pointed out that his dad lives 20 miles away, so he'd be spending 40 miles of gas money to save that couple dollars...but his expression stayed blank...
Didn't see Black Friday mentioned. I mean, there are definitely deals but very often there are also "deals" that, if one kept an eye open throughout the year, are not actually new or even a deal. Another one is those "going out of business sales", where everything gets discounted... Except, it's often over the initial suggested price. I've seen things being sold at prices higher than they were at a competitor that was still in business, yet people thought they actually got a deal out of it. Guess I should say: look around, don't blindly buy based on that one discount.
"High interest savings account" Banks in my area pay One Cent per One thousand $$ per month
People who have the money to buy a gas heating system in their home, but choose to remain on firewood heating because "the gas central is very expensive, wood is cheaper". However, on the long term, wood is usually more expensive
Wood burning is also catastrophic for air quality, both inside and outside the home.
Load More Replies... Dr Phil, before he got Jerry Springerish and I quit watching him, did a show on tightwads who were costing themselves more in man hours, if not actual money, by doing such things as going from one fast food place to another, stealing packets of mustard and catsup and squeezing them into an old store bought bottle. It would take him two hours to gather the packs and fill one bottle. At $5 and hour which was minimum wage at the time, he was expending $10 to save $2.50.
Susie that's true, but some people have more time than they know what to do with. Maybe they don't care about minimum wage.
Load More Replies... How about supermarkets that add barbecue rubs to meet. Don't buy it, that meats going bad!!!!
For the first time EVER I have a dishwasher and I have only used it 3xs I used to say if I had one I'd never wash them again- so much for that one lol
Poor people know that being poor is expensive. We need things now but can't afford a good one so we get what we can. And the result is endlessly replacing crappy stuff and never getting to have nice things. Look up the Vimes boots theory of economic inequality.
People, for the most part, these are general examples, not specific to your particular situation, and yes, subject to some caveats, but most of the replies start "not always". No, not always. And, yes, it's also true that sometimes you don't have the money for the better stuff, no matter how much is saves in the long run. I still wouldn't throw out a lot of these suggestions.
Check youtube for extreme cheapskates (especially look for title: cooks lasagna in the dishwasher)
I encourage you all to join me for “NO BUY JULY”!! For just one month, don’t buy ANYTHING but essentials (food and gas, etc) Borrow big items, clothes for special occasions, etc from friends: If you absolutely need something, buy it second hand, or with old gift cards (I save mine up for lean months). Cook at home, and forgo the delivery services. Many low Income households live this way, and it’s pretty eye opening to see how much you don’t really need.
I encourage *you* to join me for 'stop telling other people how you think they should live summer*! Simply stop 'inviting' people to 'join you' for various things to change how they live. It's pretty eye opening to see how much advice you don't really need.
Load More Replies... 