5 Mistakes That Cause Consumers To Waste Money, Not Save Money

Do These Consumer Choices Save Money or Waste Money?

We all work hard for a living, which is why so many of us know how important it is to save money wherever and whenever we can. But do we sometimes go to far? We do indeed. There are common mistakes consumers make in an effort to save money, that actually cause them to waste money in the long run. Here are the top five.

1. Cheap Printer Ink

You can buy manufacturer-recommended printer ink for your computer or you can buy generic ink for a lot less. It’s all just ink, right? Wrong. Cheap printer ink isn’t good for your printer. In fact, it can totally destroy your print head, void your printer warranty and cost you hundreds more in the long run.

When it comes to replacing your printer ink, do it the smart way. Only purchase ink recommended by your printer’s manufacturer.

2. Cheap Toilette Paper

Believe it or not, cheap toilette paper isn’t going to save you money. When you buy cheap toilette paper, you get a thin one-ply product that requires you to use more in the long run. Yes, it’s cheaper by the roll but you use more rolls than you would have had you bought the more expensive toilette paper in the first place, so you’re not really saving any money at all.

3. Cheap Shoes and Clothing

Hold up a garment bought at Wal-Mart next to a garment bought at Macy’s and you’ll notice an immediate difference in quality. Yes, you can get cheap clothes, but they won’t last as long as clothes that cost more and they usually don’t look as good. Do yourself a favor — if you want to save money on your wardrobe, buy well-made clothes when they’re on sale.

4. Waiting To Buy Groceries When You Need Them

Groceries take a big bite out of the average household budget. If you want to save money throughout the year, stock up when the groceries you usually use go on sale. Buy as much as you can use before the food expires. This way you don’t risk the item not being on sale when you need it.

5. Hiring Unlicensed Contractors

You may think you’re saving a few bucks if you hire an unlicensed contractor, but how much will it cost you in the long run? Someone once came to me complaining that they had hired an electrician and had to have all of the work undone and then redone by a licensed pro.

I did feel bad for the person, but my sympathy only went so far. If they would have hired a reputable contractor to begin with, they wouldn’t be in this dilemma. In an effort to save money, they wasted hundreds.

Don’t fall into these common money-saving traps. While it’s always wise to save money whenever you can, there’s a right way and a wrong way to do it.