Don’t Do These Four Things If You Want To Save Money

You’re focused on spending less and saving more – especially with the expensive holiday season fast approaching.  You try to be smart with purchases and put money in to your savings each month.  But what if all that effort and hard work you’re putting in is backfiring?  Avoid doing these three things to make your mission to save money more successful:

1.     You spend TOO MUCH time trying to find the best deal.  You know that saying, time is money?  Well, it’s true!  Be diligent, but if every time you find a good deal you spend so much time making sure it’s the best deal that the good deal actually passes or is sold out, you really didn’t save anything did you? Do your research when you’re shopping but don’t over-analyze to the point of missing out on savings!

2.    You buy cheap stuff.  Often times, we try to save money by purchasing the cheapest option available.  Not a bad thing in some cases, but in others that lowest price tag comes with the lowest quality.  Depending on the item you are hunting for keep quality in mind.  Don’t spend more money having to replace something every month if you would have just gone up one price bracket and been able to keep that option for a year or more.

3.    You buy things because they’re on sale.  A good deal can be hard to pass up, but did you really need that item?  Money spent is not money saved any way you cut it.  Avoid purchasing something just because it’s on sale if it’s not something that you really needed in the first place. 

4.    Your savings is a little too accessible.  Technology can be a beautiful thing, but with it comes the need for additional discipline.  It is as easy as a few swipes on your smart phone to transfer that hard earned savings in to your checking account when you’re at the store staring at that new item you just have to have.  If you find yourself tempted like this often, maybe make it a little harder to make that transfer.  Utilize the tools available in online banking to set some limits for yourself and make your savings stay in savings.  

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