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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.
#1
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.
JayhawkJoey 2 years ago (edited)
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.
RELATED:
#2
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.
StrangeOne 2 years ago (edited)
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.
#3
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.
#4
"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.
Eric G 2 years ago
Yeah I might rent, but I know I'll never have to replace a roof for $20,000 or pay any maintenance. Notwithstanding, investors screwed way too many people out of affording a home. It truly is the American dream now because you have to be dreaming to think you can afford one.
#5
Cheap, single ply toilet paper. You end up having to use way more just to get the same effect of the good stuff.
Bobert Robertson 2 years ago
And you generally end up with a middle finger in your bum after it pokes through the cheap paper
#6
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*.
Dietcocoabean 2 years ago
Actually, I've always wondered about that, but had no way of testing it out!
#7
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.
StrangeOne 2 years ago (edited)
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.
#8
All construction.............do you want it done cheap? or do you want it done right?
3 Owls In A Coat 2 years ago
When it’s done right, it’ll usually cost a lot less in the long term than when it’s done cheap.
#9
Not going to the doctor/dentist!
Wellness checkups are important. Your prognosis will always be better if something is caught early on.
#10
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.
cadena kuhn 2 years ago
I don't know where ur staying. I work at quality inn and we can't even match those sites nevermind beat them.
#11
Doing the dishes by hand vs. using a dishwasher. The dishwasher requires a lot less water, time and energy.
The Other Guest 2 years ago
Or in my case, doing the dishes by hand vs. not doing them at all (no dishwasher, and no space to install one).
#12
When it comes to tools, buy nice or cry twice.
#13
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.
#14
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.
Gini Sarver 2 years ago
i have always been told that the smarter a person is, the less common sense… because they’re focused on their whatever
#16
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***
#17
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.
StrangeOne 2 years ago
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.
#18
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.
#19
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.
#20
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.
Ed Brandon 2 years ago
Believe it or not, some people would like to buy a new car, but can't afford one. Crazy, I know.
#21
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.
#22
"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.
#23
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.
#24
Home brewing beer.
It's a wonderful hobby and I highly recommend it, but don't think you're going to save money.
StrangeOne 2 years ago
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.
#25
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
Eric G 2 years ago
On a totally unrelated topic... those reading this, I have been trying to reach you about your car's extended warranty.
Manny_Flawz 2 years ago
I love the ones that insist that my car is going to need repairs soon, so I should sign up right now. (Spoiler alert, I don't own a car)
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FeelingFrisky 2 years ago
My personal auto insurance covers ANY car I drive in the US. Including rentals. So does yours!
Tim Bouchee 2 years ago
When called my mom at the dealership to tell her I needed a loaner car for service, that was one of the first things she told me. Don't take the rental insurance they offer; our insurance already covers rentals.
Load More Replies... Donkeywheel 2 years ago
This comment was definitely not written by someone selling rental car insurances or having an interest in it! This is the biggest scam of rentals, that’s precisely how they make money. No you don’t need the extra super all inclusive full coverage insurance pack because its price is ridiculously expensive and doesn’t cover much more than the already included mandatory insurance.
Oerff On Tour 2 years ago
And if you pay by credit card, in most cases it's already covered by the "180 days full damage coverage " of said CC-Company
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Kirsty Phillips-Bailey 2 years ago
I have an extended warranty for my washing machine... I've used it at least 4 times, at this point they've practically rebuilt it. The £4 a month has proven much more manageable than having the find £300 in one go.
Cooter McCoughlin 2 years ago
In most cases, the insurance coverage you get for your everyday car also covers rentals. Definitely worth checking if you're not sure because a lot of people don't know they have the coverage and the company renting you the car will definitely not tell you
Robert T 2 years ago
In what country does this apply? It certainly isn't the case in the UK, except with the possible exception of being able to cover a loan vehicle whilst yours is in the workshop, and it will likely incur a charge.
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Ima Manimal 1 year ago
I’m 2016 I bought a used Toyota Tundra with 32000 miles on it. Something in my gut told me to go ahead and get the extended warranty ($2000). In 2009 my engine started tapping. Had to get the whole engine replaced. It was a $12000 job. My extended warranty covered it. Was glad I had it.
Beachbum 1 year ago
I recently moved and rented a U-Haul, I took the insurance because I didn't want to risk, well when pulling out, I hit another U-Haul, the rep even said "good think you took the insurance", but the insurance only covered what I was driving not what I hit! She said you didn't get the insurance that would cover this, I told her it wasn't offered to me! So she said this will be $1500.00, I said how do you know, I want a complete estimate breakdown, how do you just rattle of a number? Well when moving, I lost my wallet, and had to cancel all my cards. So glad I did this, they tried to just take all that money out of my account! Still waiting on the breakdown! A******s!
ohjojo (you/your's) 2 years ago
Often times rental car insurance is included in the price if you use your credit card and already have insurance for your own private car. Check with your credit card company. A quick phone call can save you a lot of money and worry. Travel on.
StrangeOne 2 years ago
Things also go to s**t after the warranty expires, and then the company will not give af about your issue.
Valden 2 years ago (edited)
The issue with warranties is their limit is based on the probability of failure. For electronics, the warranties are short because the chance of failure drops after the first few months. With automobiles, the manufacturers use maintenance schedules to try and make sure you car makes it through its warranty period before going bad. The problem with that is you have to make sure you bring your car in for scheduled maintenances or they might not honor the warranty. Read the fine print.
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K-Dawn Bennett 1 year ago
And whatever breaks, is NEVER covered by the warranty or breaks as soon as the warranty expires
Rory Smith 1 year ago
I dunno man… those extended warranty’s saved my life a month ago when my dishwasher AND my washing machine broke in days of one another. Probably wouldn’t have been able to pay my bills in order to buy a new washing machine. A washing machine IS a necessity for me because the closest laundry mat to me is about an hour drive.
Captain Awesome 1 year ago
I have corporate insurance when renting. Never even thought twice about the condition of the car turned in
Lydia Owen the Bi-tch 1 year ago
I have some issues with this post. 1. Brand new car, and you drive a lot and add up those miles to be out of your 100k miles warranty you need the extension on the warranty. Even things like sensors will go bad on purpose after a certain amount of miles and if you run through the warranty you gotta pay for that outta pocket. 2. When buying extended warranties on items you take into the cost of repairs, if even possible, vs buying a new one, based off the cost of the warranty. Most times the warranty is based off the price of the item range. So if you find something that can be repaired or it's on sale at that time but the warranty at this discounted price. If it's something that might break within 30 days keep the box and receipt together for easy returns. 3. Rental car insurance depends on the use of the rental car. I literally just needed a car to drive from the airport to the hotel then I really only walked around or was in another car.
Kevin Humble 1 year ago
While I agree they are mostly scams if they are cheap it can be worth it. I took one out on a reclining chair - I think it cost me £40 for 5 years. 3 and a half years later it started to fail. Called them up and they refunded me 100% of the purchase price. I realise this is an edge case but ... if it's cheap it can work out.
Catherine Maven 1 year ago
My car insurance company covers any rental cars for me (Ontario, Canada)
Cathy Jo Baker 1 year ago
My colleague bought a used Jeep to deliver mail because it had a right side driver's seat. She did purchase the extended warranty, and thank goodness because that Jeep has been a piece of c**p.
️Crystal️ 1 year ago
I think the extended warranties are great for things I *know* I am going to use the heck out of. Those asurion warranties when you buy an electronic item on Amazon? Saved me so much money. I've used Fitbits for years and they always stop working after a year or so, but for $16 I get 3 years protection, even if it's my fault like if I crack a screen, they'll give me back what I paid for it. I've already used that a couple times, I just got a replacement recently. I wish I had gotten it for my blender as I just had to buy a $15 replacement part after a few months of use & I am wondering how long it'll last. I am sure some of the car warranties may be worth it but I get really confused reading their fine print and I am scared of getting ripped off.
Judy 1 year ago
After COVID renting a car is between $2-300 A DAY… used to be less than that for A WEEK!!!
Shane Hussel 1 year ago
Depends on where. There was a shortage for a while.
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AmericasMom LoveEveryoneNoExceptions 1 year ago
Most I know believe this… but everyone I know who HAS actually bought home warranties and extended warranties IS very happy with them.
Joseph Singer 1 year ago
One thing I've been glad to have them for was phones because I was stupid enough on the past not to get a screen protector, so they got wrecked quite often.
Linda Carter 1 year ago
All you need is a good credit card - we always say no to the extra insurance. Had a coconut fall out of a tree and put a big dent in the hood. Car company charged us $500, called the credit card company and we were reimbursed in less than 24hrs.
Shelley Barrows 1 year ago
I never buy the extended warranty as I take good care of my things and if they do break it is usually well after any warranty would have paid. That being said, back in the 90's we bought one of those huge projection back TV's. I tried to buy locally, but every electronics store I called they said the same thing "we don't sell them, but we service them!". After hanging up with the 8th store and hearing this line we drove 45 minutes, and bought a TV with the warranty which gave us 5 years of coverage. They reduced the floor model that was already on sale by the amount of the warranty, so we bought the warranty that we had already decided we were going to purchase for basically nothing. That TV needed service every year for 5 years. The last service enabled it to work one more year and we ended up buying a new TV after the 6th year. Thank goodness we bought that warranty, but I have to admit we had plenty of warning that we would be using it!
Steve Robert 1 year ago
I bought two extended warranties when I bought my Corvette. Total cost of the warranties: $4600. Total amount for repairs during that time: $14,000+. I guess I did okay
Bill Marsano 1 year ago
Yes, because the rental company charge you for the repair AND for the time the car is being fixed and not rentable.
Tracey Newman 1 year ago
Extended warranty. Worth every Penny. I have had 3 new washing machines in the last 20 years and I have only paid the warranty.
Jacob B. 2 years ago
Granted this post is for off road use. But if you are in the USA, check with your agent/insurance company. Most cover a rental car and check with your credit card, they often cover up to 50k. You WILL be offered the extra coverage, they have to as its their job, when I have a computer bag with the insurance company I work for staring at them. Then they show me where to note my decline. Sometimes I'm amazed, as they still try to upsell you by saying "well some people pay it because they want the convenience if something happens"....uhm, if you have a top tier insurance company, there will be no problem.
Neill Powell 2 years ago
Look, if you are a heavy-user of said item, extended warranties are worth the peace-of-mind.
Rob Chapman 2 years ago
I used to sell appliances at a major retailer. We were basically forced to upsell the "extended warranty", or face the usual threats(written up, reduction of hours, or even termination). These warranties, which were provided by a 3rd party company, were a complete ripoff, borderline scam. Buy a $1000 fridge, pay $300 for a warranty. That covered almost nothing. And the company made you jump through tons of hoops just to get service.
Lyone Fein 2 years ago
Have to disagree about extended warranty. Especially regarding appliances like washing machines. A five year extension is equal to the cost of one visit from the repair person. If you just have your machine serviced at year 4.5, you've regained your investment and your appliance is good to go for another 4 or 5 years.
Riley Quinn 2 years ago
I'd recommend using common sense buying a warranty. I bought one for a new car and ended up saving money. Ditto with certain major appliances. But, in too many cases, it's essentially a scam.
Alethia Nyx 2 years ago
I have had the extended warranty on a computer pay off. It had a fatal flaw, it was just outside the standard warranty, but the extended covered it, saved me over $1000.
Colin Owrid 2 years ago
Especially in the UK - The Sale of Goods Act states that an item must be of "merchantable quality" and "fit for purpose" and includes an expected lifespan for the item - White goods (for instance) are expected to last 6 years, which is why, at the bottom of all guarantees, it always says "your statutory rights are not affected" - 'cos "your statutory rights" cover 6 years of use!
Karen Lyon 2 years ago
Went through that. Was on a vacation with a friend. She drove the rental, was turning around on a road along the coast of Oahu and wiped out the passenger rearview mirror on a recycling bin she didn't see. Almost lost her mind, until we got back to the rental agency and were told the insurance would cover it. I've always gotten it since.
Kathleen Nelson 2 years ago
I may be dense but it seems like he starts out saying you shouldn't get the insurance and ends up endorsing it?!?
Angrykitten 2 years ago
I typically buy extended warranties, I have gotten a TV replaced from best buy, a furniture store came and fixed and ottoman and reupholstered part of my couch. Sometimes these come in handy
MalP 2 years ago
Extended warranty - back when the hubs worked for a major dept. store they took the average repair cost x 17. Don't know the current formulas, but it shows how little actual repairs/returns cost. Keep the receipt for 30 days - most of your problems will be within that time frame anyway.
Heather Menard 2 years ago
I did on my car and so happy I got it. Since my transmission went after only 65k miles
Sandie Speichinger 2 years ago
My car insurance broker told me not to purchase the insurance offered by the rental companies because my own car insurance policy would cover me.
Monique Miller 2 years ago
Bought the extended warranty on a used, yet fairly new car. The transmission crapped out a few months after the factory warranty ended. The $2400 saved me $7000 +
memyselfandI 2 years ago
I don’t know what type of warranty they’re referring to, but just yesterday my parents got their second free Vitamix after dropping and cracking the last one. Vitamix warranty is really good, especially for something that gets used so often and is so expensive to buy new.
blankman 2 years ago
As an actuary I can tell you that extended warranties are, with rare exception, not worth the money. The exceptions are absolute disasters for the insurance company issuing the warranty since claims far exceed the premiums they collect. The only time I remember buying an extended warranty was on a video camera - the salesman was really pushing and I told him that he should be happy with selling the camera. He ended up reducing the price of the camera by a little more than the cost of the warranty so I bought it. (Says something about how much commission he made for selling a warranty vs how much he made on the camera.) In my case I came out ahead because I was about to fly home and would have to pay duty on the camera when I arrived but I didn't have to pay duty on the warranty so I saved there.
Michael Largey 2 years ago
If you try to sell me an extended warranty, you're really telling me that your product was not built to last.
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WonderWoman 2 years ago
If you own a vehicle and are going to be renting a vehicle while travelling, call your insurance agent or insurance company. Almost every time your personal auto insurance will cover you for the rental - in which case, buying the overpriced rental companies insurance is truly a waste of money.
Robert McKenzie 2 years ago
I was so fortunate to work for HP (in the good old days) when it would self-insure for rental cars. The bean counters had worked out it was less expensive than paying the excess. Proved true for me as I never had a claim despite many dozens of rentals in Australia, NZ, and the US. In SE Asia, however, it was the opposite policy; always use taxis. There is NO way I would ever drive in Manila, Malaysia, China, Taiwan etc!
Telmo Belo 2 years ago
I work in after-sales service in a store that sells this kind of extended warranties. They do make money on them, but multiple people use them. And whey they do, most of them get store credit of the full amount of the original appliance. And it doesn't have to be broken. You can call the extended warranty for a maintenance check.
Gourdeous 2 years ago
But don't take the insurance at the rental company. Buy a separate policy before you go, often even cheaper to buy for a year rather than 2 weeks, and it should cover excess, breakdown, third party liability, whatever. Just make sure it's high enough value- some rentals are pretty swish cars
Nunya Bidness 2 years ago
At this point in my life I've already been so financially validated by declining warranties it would be a monetary loss to change my ways now. For the most part, insurance is a sacm as old as humanity.
Mary Jeffries 2 years ago
On the flip side, long term disability insurance is awesome if you can afford. It’s pretty cheap where I’ve worked.
Performingyak 2 years ago
We always get extended warranty on electrical goods. It has saved us on almost every appliance we have had in the past 10 years. They tend to have issues just after the warranty runs out and we've had them replaced with a brand new appliance every time.
Sarah Jane 2 years ago
Depends on what it is. Spent $12 for the 3 year extended warranty on my counter top ice machine, it broke after 2.5 years, was refunded the full cost. Bought a new one, $12 again for extended warranty, rinse and repeat. Bought it for my vacuum, carpet cleaner, drill, automatic trash can, etc. Same thing. If it's $100+, and is plastic with moving parts, I'll get the warranty. And put a reminder in my phone for the expiration date. Has saved me a ton of money
#26
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.)
gas station cola 2 years ago (edited)
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.
#27
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.
#28
Leasing a car instead of buying one. I'm not gonna get into the specifics but it's pretty much always more costly
Okkkkk 2 years ago
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.
#29
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/
StrangeOne 2 years ago
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.
#30
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.
Eric G 2 years ago
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
#31
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.
#32
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.
gas station cola 2 years ago
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...
#33
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.
Donkeywheel 2 years ago
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?
#34
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 .
#35
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.
Peter Parker 2 years ago
In Germany (or the entire EU?) the store needs to put the price per 100g on each item, so you can easily compare.
#36
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.
JayWantsACat 2 years ago
You could also split the difference and buy a double edge razor, where you just need to replace the blades, which are cheap.
#37
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...
gas station cola 2 years ago (edited)
$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.
#38
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.
Little Wonder 2 years ago
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.
#39
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.
#40
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.
Bobert Robertson 2 years ago
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
#41
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.
#42
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.
Valden 2 years ago (edited)
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.
#43
Rewards points. You are paying for them.
A. HAM 2 years ago
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.
#44
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.
StrangeOne 2 years ago
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.
#45
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.
What do you think ?
Froynlaven 2 years ago
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.
PattyK 2 years ago
Agree. I’d like to see the math behind some of these claims.
Load More Replies...
Dacă nu pierdeam, câștigam 2 years ago
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
Paula Glasscoe 2 years ago
Have you read Terry Pratchett? Look up Vimes’ boots theory of economics
Load More Replies...
Jess-a-men 2 years ago
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.
Mary Jeffries 2 years ago
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.
Phoebe Bean 2 years ago
If your winters are extreme, please invest in good, good coat and boots, if possible.
Jessica J. 2 years ago
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.
ShayXie 1 year ago
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...
Jay Son 2 years ago
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.
Telepathetic 2 years ago
"High interest savings account" Banks in my area pay One Cent per One thousand $$ per month
Dacă nu pierdeam, câștigam 2 years ago
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
Becky Samuel 2 years ago
Wood burning is also catastrophic for air quality, both inside and outside the home.
Load More Replies...
Susie Evans 1 year ago
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.
Mary Peace 1 year ago
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... 
Penny Kemper 2 years ago
How about supermarkets that add barbecue rubs to meet. Don't buy it, that meats going bad!!!!
Michelle E Parker 2 years ago
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
Sean-Paul Bobadilla 1 year ago
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.
Jerusalem Cat Syndrome 1 year ago
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.
Jason Doakes 1 year ago
Check youtube for extreme cheapskates (especially look for title: cooks lasagna in the dishwasher)
Meghan Wood 1 year ago
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.
BlueCat 1 year ago
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...
Froynlaven 2 years ago
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.
PattyK 2 years ago
Agree. I’d like to see the math behind some of these claims.
Load More Replies... Dacă nu pierdeam, câștigam 2 years ago
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
Paula Glasscoe 2 years ago
Have you read Terry Pratchett? Look up Vimes’ boots theory of economics
Load More Replies... Jess-a-men 2 years ago
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.
Mary Jeffries 2 years ago
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.
Phoebe Bean 2 years ago
If your winters are extreme, please invest in good, good coat and boots, if possible.
Jessica J. 2 years ago
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.
ShayXie 1 year ago
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...
Jay Son 2 years ago
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.
Telepathetic 2 years ago
"High interest savings account" Banks in my area pay One Cent per One thousand $$ per month
Dacă nu pierdeam, câștigam 2 years ago
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
Becky Samuel 2 years ago
Wood burning is also catastrophic for air quality, both inside and outside the home.
Load More Replies... Susie Evans 1 year ago
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.
Mary Peace 1 year ago
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... Penny Kemper 2 years ago
How about supermarkets that add barbecue rubs to meet. Don't buy it, that meats going bad!!!!
Michelle E Parker 2 years ago
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
Sean-Paul Bobadilla 1 year ago
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.
Jerusalem Cat Syndrome 1 year ago
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.
Jason Doakes 1 year ago
Check youtube for extreme cheapskates (especially look for title: cooks lasagna in the dishwasher)
Meghan Wood 1 year ago
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.
BlueCat 1 year ago
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... Related on Bored Panda
