31Jul

5 things you do to save cash that may end up costing you more

1. Buying produce in bulk and ending up throwing half of it away
Although buying food in bulk can be a great money saver, more often than not, such food ends up being wasted due to being forgotten about. And wasting food that spoils before being used is like throwing your money away! My advice would be to definitely purchase canned food in bulk whenever it’s on special – as you can store it for months, or sometimes, years. However, be more careful when buying bulk fast perishable food – such as vegetables or fruit, unless it’s something you can freeze. Simply be realistic regarding your ability to consume large quantities before the expiration date, if you want to avoid wasting food (and money).

2. Driving miles away to get cheaper petrol
While it’s a well-known fact that petrol prices vary by suburbs and petrol companies, and driving an extra few kilometres to purchase cheaper petrol may sound like a great deal, keep in mind that you also have to pay for petrol to GET there. The same logic applies to anything else you consider a bargain, buying which requires a bit of driving.

3. Avoiding regular health checks
As we get older, many of us become more vulnerable to illness. In order to reduce this risk, a number of health checks or screening tests are recommended for different stages of our lives – even though you may not have any symptoms, and therefore seeing a doctor may not be seen as a necessary thing to do. Especially when it comes to dental checks! The thing is, not getting the recommended regular health tests may lead to having to pay more for a major surgery later down the track, or even losing your teeth. You can find more information here.

4. Avoiding regular vehicle maintenance
A similar principle (to the one above) applies here. Regular vehicle maintenance can help you stay on track and prevent the possibility of having major issues in the future; and also enjoy safer and worry-free driving! According to the AA website, “simple vehicle maintenance can save you the frustration and expense of costly repairs”; they also go on listing the things to look out to save time and money – you can view it here.

5. Buying cheap products that don’t last
As the saying goes: “Buy cheap, pay twice”. I am not saying that bargains are bad – in fact, they can be amazing! However, that is two different things when you buy a quality item which retails for below its’ RRP; and when you purchase something that is of poor quality and has an original price to match. These are a few of the things I would not buy for an unreasonably cheap price: electronics, shoes, skin care, tools, and cars. My advice would be to do research online for previous buyers’ reviews to ensure you buy the right thing for the right price.

Sources: Savvysugar, Bupa.com.au, AA.co.nz

Disclaimer: The above information is general in nature and not intended to be advice. You should consider seeking professional advice before following any suggestions in this blog/website.