Many of us have heard the expression “Penny wise Pound foolish” from our parents, which can have multiple meanings, but according to today’s scenario, in this costly world, it means that:
You are careful with small amounts, but you end up wasting large amounts. It is akin to the people who see each dollar for the food they eat but end up spending large amounts on costly gym memberships or on exotic holidays though they might not have ever visited their own town’s popular attractions.
So here are some items for which saving our own money is not worth it-
Things for Which Saving Money Is Not Worth It
1. Going for Fancy Mascara Brands
Why spend $25 for a tube of Dior show mascara brand, which lasts only for 2 months, when you can go for a decent brand?
Perhaps not all liquid eyeliners are created equal, but only you will be able to discern the very subtle plumping effect of these high-end mascara brands. You could rather spend that money in buying lunch.
2. Buying Beats Headphones
Even an amateur audiophile will agree that spending $300 for Beats headphones is not worth it. Instead, you can go for Sony earphones which won’t come in the way of your savings goal.
3. Purchasing Expensive Furniture with No Resale Value
Expensive furniture can only grace your house for a limited time, and every time you change the interiors, these expensive settings are not going to get you a good resale value.
Instead, go for simple and classic furniture which has got a great return value.
4. Prescription Glasses or Contacts from A Branded Store
When you walk into Lenscrafters or a Pearle Vision store, you pay a huge amount for the “branded” glasses, which need to be changed at least once a year.
Instead, you can go to a decent shop in your neighborhood to save money or buy it online through Lenskart or other websites instead of going for the branded glasses that go back into your cupboard every time you revisit an ophthalmologist.
5. Buying Gadgets the Second They Are Out
Well, if you are 14+, then you need not be the first person in your neighborhood to own a coveted item like a gaming console, games, gadgets, etc.
Even if you are techno-savvy, in order to save money, waiting for a few months can be wise as the price usually falls down.
6. Pre-Booking New Models of Cars
New cars make a terrible investment. Their prices drop just a few months after you drive off the lot, and their price keeps dropping each year passing by.
Look for cars that are a few years old and take a review from the owners of the cars about them.
7. Buying Designer Handbags that Cost You More the Down Payment of Your Car
They get knocked off very fast, and then, you will be left only with a design that looks, at best, local.
Perhaps, instead of paying such a whooping amount for one you can go for a simple brand and get more than one for the same amount.
Really, there is absolutely NO NEED to break your emergency fund for a Gucci Bag when you are trying to save money.
8. Brand Emblazoned Clothes that Seem Passé Next Season
Going for t-shirts and hoodies with logo and brand names printed on these, inevitably seem dated, though some clothes do make a mark.
So instead, go for an economically stylish brand instead of these high-end ones.
Finding good quality clothes that look good enough while you spend less is the best way to save more money.
9. Buying Expensive Gifts for Your Loved Ones
If you really want to save your money and at the same time you want to generously gift something to someone special in your life, creating your own gifts is the best solution.
You can bake cakes, cookies, make soaps, and all other kinds of gifts your artistic brain can think of other than touching your money from the savings account.
These gifts are spectacular because they involve a personal touch which makes your gift even more worthy and special.
This, without a doubt, is one of the best ways to save money.
10. Going for BOGO Deals and Seasonal Sales
Most of the time, especially when you save your money, you get tempted by the SALE boards hanging outside the stores and end up buying unnecessary stuff which may lie in your cupboard for the rest of the season.
Go for BOGO (Buy-one-get-one) offers only if you really need those two similar pairs of things and think twice “whether you really like the second pair you are buying?”
Sure they can be a great deal only if you really need them. And here is the best financial advice you will get, throw away your credit card or credit cards if you don’t know how to take advantage of them and end up paying interest every time losing more and more money.
11. Buying Lottery Tickets Every Fortnight
The money you spend on the lottery is hard-earned that can go toward something useful, instead of going into someone else’s pocket.
One in every 80 million people has a chance of winning. Though the dream of instant wealth is appealing, the likelihood of this occurring is remote.
Money is tight these days, so try to save it and not to waste it.