5 Money Saving Tips That Might Actually Cost You More (And 3 That Don’t)

The following is a guest post. Enjoy!

Who doesn’t love to save money? It’s not only nice to keep extra cash in your pocket, but there is always something thrilling about getting a great deal.

In fact, the thrill of the deal is what drives many shoppers to go to extremes, spending hours clipping and sorting coupons, researching bargains, and driving all over town to get the best prices. Do the extremes really pay off, though? Do these drastic measures actually save money?

The truth is, not always. In fact, many of the money saving “tips” that get repeated over and over again don’t save the average shopper all that much. In fact, if you follow these ideas, you might actually end up spending more in the long run.

1. Only Using Coupons on Items You Need or Use Regularly

On the one hand, this advice makes perfect sense: There’s no value in buying an item that costs more than your usual brand just because you have a coupon, or buying something you wouldn’t otherwise, just to use the coupon. However, if you score a high value coupon on an item that happens to be on sale, that’s a good opportunity to try something new without wasting money.

2. Buying in Bulk

Again, there are times when this makes sense. However, all too often shoppers score an incredible bargain, only to find that they have to toss some (or even most) of their purchase because it’s past the expiration date or no longer fresh. It might seem wasteful not to take advantage of a great deal, but it will be even more wasteful when you have to throw away the stuff you bought.

3. Only Shopping Where You Can Double and Triple Coupons

If you’ve got a high-value coupon, getting it doubled or even tripled at the checkout is a great deal. However, just because a store doesn’t increase the value of coupons doesn’t mean you can’t get a great deal. Using the same coupon at a store that has lower prices or sales on that item can save you just as much, if not more. So if you avoid certain stores because they don’t double coupons, take another look.

4. Only Paying Cash

Consumers are often told to avoid using credit cards, but using a credit card and then paying it off right away can actually be an effective savings technique. Many cards offer rewards, including cash back, points, or airline miles, that can save money on later purchases. Not to mention, the purchase protection offered by many cards is usually superior to store protection plans, meaning you don’t have to pay extra to cover a big purchase. So don’t discount credit cards entirely, but use them intelligently and save money.

5. Shopping Only at Discount or Dollar Stores

Discount and dollar stores are great if you are looking for trinkets to keep the kids busy, party supplies, or gift wrap. They aren’t so great for deals on groceries or health and beauty items. Not only is the quality often questionable, but most discount stores don’t have the same deals as other stores or allow customers to use coupons or take advantage of rebates. In many cases, you’ll end up paying just as much or more as you would anywhere else.

Three Tips That Will Save You Money

For all of the bad advice out there, some common money saving tips will actually keep your cash in your wallet. Remember these pointers when you’re shopping:

1. Look for coupon codes when shopping online. If there is a place to enter a code at checkout, there is probably a code somewhere online that can save you money. Search for “store name coupon code” online or visit a website that lists codes and deals to find money-saving offers.
2. Borrow or barter when you can. Need an expensive tool to complete a project or a particular type of pot to cook Christmas dinner? Ask your friends and family if they have one you can borrow. Don’t buy items you won’t use more than once if you don’t have to. Also, try bartering for things you need. For example, try offering your contractor your expertise in Web design in exchange for some work on your home. You might not get the whole bill covered, but you can save some money.
3. Monitor sales. Certain items traditionally go on sale during certain times of the year. Do your research, and time your purchases so you can score the lowest possible prices.

Saving money does require some legwork, but you don’t have to be an “extreme couponer.” Pay attention to prices, use coupons intelligently, and look for alternatives, and you’ll still enjoy the thrill of the deal.