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.
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.
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.
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.
Finding something just by chance is very different from actively looking for it. Your example of finding $20 is bad since it such a small sample (in terms of time). Just think about how long you have to do this to get up on the same level as minimum wage, even if go for after taxes amounts. As for the elderly while it can be a hobby for some others probably use it to keep active, both mentally and physically.
Load More Replies...it's super cheap to live in an alleyway with no shelter from the elements with only one set of clothes for any weather - you don't pay any rent or utility bills! you'll be completely miserable, but think of all the money you're not spending!
There are people who make a list of things that are on sale in all the various supermarkets. Then drive around the city to every adres in order to save $2 here, $1 there... At the end they spent $10 on gas, in order to save $5 on groceries.
My mother says you either spend your time or you spend your money
How do you know he wasn't a million times happier doing this and just "getting by" than he would have been working in some job he hated and earning a little more? Its YOU who needs to reexamine what's important, not him.
So many people don't think about their time. I have a friend who drives to four different grocery stores to "save money." Granted, they're all in fairly close proximity but my time is worth more than not just going in to one store (two MAX dependent upon sales) and shopping. It's just silly. She'll save some money, don't get me wrong, but it's not enough to matter. She's spent quadruple the gas and at least two hours extra shopping. Refuses to acknowledge the gas and time part of it.
Maybe your friend enjoys it so much, the time is not important to her. Strange example here. I had a cat litter tray containing some clean gravel and some clean wood chips. It wasn't going to be used, so I carefully picked out the wood chips to put back in the right bag, and the gravel in that bag. I could have binned the lot but it would have been a waste. Actually it was quite a therapeutic exercise!
Load More Replies...The father of a friend of my father's used to was too tight to buy a newspaper and go to the library each day to read one there instead. Turned out that the reason he wanted to look at the paper each day was to look at the share prices and when he died he left over a million pounds, which none of the family knew he had.
However 3 hours a day riding a bike is great exercise. And he didn't have to pay for a membership to the gym.
when i was in high school/ doing college prep, kids would whip change down the halls all the time. i used to snipe it and put it in a bag in my locker. they used to laugh and call me the poor kid. then i took their change at the end of the year and used it to help fund most of a trip to mexico.
My dad's favorite form of gambling (at least when you could still gamble with and win real money) was walking around and checking the payout bins of slot machines. Every once in a while he'd find a quarter and proclaim it a "jackpot." He was often the only one of us to leave the casino with more cash than we started with.
I do actually consider if a task is worth the time and effort it takes to do it. Like with a previous medicine, I could pop out four pills from a blister per day or splurge and pay less than a penny extra for a bottle of pills. Same with window washing, I make decent money. Do I want to spend hours cleaning windows with a mediocre result or hire some one who does it faster and better? I can afford the latter and can instead spend the time on something I find more useful.
In Germany I saw quite a few people walking and looking if the trashcans have some plastic bottles inside. 4 bottles is one Euro. Not a bad idea. You get to move a lot, you save Planet a bit, you dont have to work 9-5 or if you do, you can save some money still. I would be scared of judgement, but if someone cant work because of some reason, why not
At least he didn't pay for a gym membership and was super fit and healthy and will outlive us all.
Same with extreme couponers. I watched a documentary with such a guy who had, like, a whole basement full of stuff: three dozen canisters of detergent, enough shampoo and deodorant to fill a whole shelf, and so on. amongst other things he also something concerning female hygiene, like tampons maybe. when one of the filmcrew asked what he was doing with three dozen packs of tampons he just shrugged. " It was like 50 cents a pack with coupons, so i bought it." I just shook my head.
I lived near a casino years and years ago and coin hunting there was a great way to supplement my income. I don’t see that even being a thing post-covid.
I witnessed in real life a YOUNG (20's ?) guy lurking around tarromat booth and then picking leftover cans/bottles that other users gave up on and left behind. So the MF standing there ALL day dor a few euros worth of income while he could.. get a job?..
If you happen to walk past a pay phone it doesn't hurt to check. I would never, unless desperate, go all day to do that.
"The whole time I couldn't help but think that even a minimum-wage job would yield him more capital for his time, " Yeah, but what if you have a job, which does not pay overtime? Then the "you work more you get paid more" is not true. So if he has time, hen every cents he founds, are for free.
I remember seeing one of those extreme couponer episodes and they made a point of saying that she saves something like $30k a year or something. But then the dug into her routine and it was a full time, 10-12 hour a day, job. The more she went on about her routine and the more they showed her ‘hail’ the more I was convinced I’d rather be working and be able to choose my own groceries and spend time with my family.
Like constantly being late because you drive to a further away petrol station because it is cheaper, and still only put in $20 in case it is cheaper in a few days! Not the only reason my mum had troubles with time management, but it was stressful for me growing up, knowing we almost always had to get petrol on the way to things.
this is the same for the scrappers that drive around collecting scrap metal from the trash. 99% what what they are gathering is steel at 2 cents a pound. with gas over $4 a gallon you are actually losing money.
My paternal grandmother used to get up early to go down to the village and scour the pavement and gutters for dropped change from the night before. Her early-morning endeavours were the difference between eating or not. Back then, there were more coins of a reasonable value in circulation and less paper money so it was worthwhile. These days, the coinage is worth less so I can't really see the benefit except to say that the guy might enjoy his bike ride, find a few quid and be healthier for it. So whilst he may never be rich, he'll probably outlive the minimum-wage office drone sat down all day.
This reminds me of my step-mother who used to clip coupons all the time. While a few people save enough to make what would be a decent hourly wage, she wasn't even close. She'd spend hours to save a few dollars, and was definitely under minimum wage. She did seem to enjoy it, which is fine, but it wasn't financially smart.
Is this referring to the TLC show "Extreme Cheapskates"? I've watched a couple episodes, and it felt like they were actively avoiding anything that might qualify as legitimate money-saving advice.
Sad to say, but beggars sitting on the sidewalk/pavement make more money per day than a minimum wage job.
But where could he get a minimum wage jobs for only 3 hours a day? We had a guy in my small town who rode a bike around collecting cans. So yes some had to drive him and his cans to a big town to get paid for recycling them. That I think was to supplement his SSI
Once saw a programme about this sort of stuff a woman used 1 light bulb and took it from room to room to screw it in to the socket in the room she was using at the time!! That's dedication or maybe stupidity
That's hard to understand. When my brother was a teenager, he used to switch his bedroom light on when it started to get dark, then go downstairs and watch TV, then eat his dinner, maybe fetch something from his room, then go and do something else, but his bedroom light stayed on until he actually switched it off to go to sleep. He doesn't do that now because he has to pay his own bills.
Load More Replies...I used to jog in an old neighborhood where the sidewalks were cr*p, and I had to run in the street. You would not believe how much loose change I would find jogging past parked cars.
I did something similar in college, but instead of change, it was Coke product caps for their, at the time, rather lucrative rewards program, and it was super easy as the campus had separate receptacles for recycling so I wasn't digging through straight trash, and they sold exclusively Coke products in all the cafés on campus. Alas, that rewards program has since gone to s**t and I've been out of college for a while, so...it was fun while it lasted.
For six last years, I have side job as letter carrier, so I sometimes walk around my whole town. I found coins thrice. One time it was coin from 1983. Biggest amout of money I ever found was 50 euro cents in Vienna 4 years ago. People don't lose money so easily.
I'll be honest, whenever I'm short a quarter (and I'm desperate), I usually check under the window of drive-ins.
I don’t totally agree. The exercise far out ways the new tubes or shoes.
Some people wind up collecting more money they find than what they would make working minimum wage.
I work in a clinical waste treatment plant and in the course of a work day I find coins that people have inadvertently or purposely tossed away in hospital waste in a 3 month period I found £60 not enough to retire on but definitely worth the effort to bend down and pick up it's usually 10p/20p/50p or copper coins but I have found two £10 notes and a £5 note but that isn't the norm unfortunately
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.
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...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...