Frugal Faux Pas That Are Costing You More Than Saving

October 13, 2016

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One thing we all learned during the recession is to be frugal with our money.  But now things have turned around many of those penny-pinching habits may not be so thrifty in 2016.  In short, with higher salaries being made your time becomes just as much of a commodity as your dollar.  So as you clip coupons and plan out your shopping attack plan, all that time searching for coupons, clipping them, driving around town and the checkout process may be costing you money.  Not to mention a study from 2003 that suggests customers actually spent more money on items when they shopped with coupons because of buying items they don't immediately need. Rather than the instant cash savings, plan on long-term financial growth that you e personal time could be better spent. Another frugal habit that may be outdated is second-hand products.  While buying used items can save you money, the risk might in some cases outweigh the reward. An example are baby items like car seats, cribs and strollers, which  might be damaged which can affect is safety, recall notices that have been ignored and simply outdated and no longer meet today's safety standards.  Driving across town to save a penny or two a gallon on gasoline.  Although a practice that was helpful when gas was over $4 a gallon, the wasted time in dealing with traffic and the carbon footprint of needlessly driving distances really isn't worth your time in comparison to savings.  Finally bargain shopping early weekend mornings at yard and garage sales.  Again, the time you use of going from place to place for a nearly worn out microwave doesn’t make financial sense when compared to your time, unless it is a relaxing recreation, bargain shopping at second-hand stores may be outdated.

SOURCE: Mental Floss

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