By Kyle Olson
Look around you; there are thousands upon thousands of advertisements, attention grabbers, and pleas to try and get you to save money. Many people blindly adhere to what they’re told and think they’re getting a deal, when in actuality, they’re hurting their finances, according to the experts.
Sometimes hurting them to the point of having to file for Chapter 7 bankruptcy to get them out of the never-ending debt cycle they found themselves in.
Recently, Yahoo Finance listed the 5 things that consumers do that hurt their bottom line when they think they are being frugal.
5 Ways You're Failing Being Frugal
The Free Façade
Free credit checks, free shipping, free premium cable package upgrades, etc. The list can continue on for miles with all the offers that are on the market today. But ask yourself this, are you truly getting a deal? The experts say, a resounding, NO! Within these seemingly great deals are hidden costs that can come back and bite you in the rear end. One example is how online retailers entice the consumers by offering free shipping on offers over a certain amount. Usually that amount is more than what the customer wanted to purchase in the first place and they find themselves over spending to receive the now useless free shipping. Experts say, be weary of the free offers because they’re not truly free.
Coupon Clipper Conundrum
Experts say that coupons are best when used in moderation. Many factors go into finding deals with coupons and it often amounts to having to travel to different stores in order to fulfill the coupon’s rules. With gas prices being as high as they are, it might be more of a burden than a blockbuster deal. Also, it encourages over buying, which can lead to closets full of toilet paper and toothpaste that go to waste.
The Dollar Store Blues
While there are some great deals at these specialty “dollar stores”, experts say that most of what the store sells isn’t worth the price. Consumer reports found that some items might even be unsafe to purchase, such as electronic equipment and vitamin supplements. Buyer beware!
The Drive-Through Dollar Menu
Okay, many people agree that fast food is convenient and cheap, but the long term effects outweigh (pun intended) the short term benefits. The Cancer Project recently did a study that showed that a majority of the items on these menus are packed full of saturated fat, sodium and cholesterol. The report also showed that many of the food's ingredients were linked to an increased risk of cancer in the consumer.
The DIY Debacle
DIY, or “do it yourself”, trends have exploded over the years. While the concept is great, many projects do more harm than good to your finances. One tip the experts gave, changing your own oil will end up costing you more in the long run—hire a professional to handle the greasy stuff.