We all have our go-to money saving tips. You know, like canceling those unused subscriptions. ✂️ By the way, if you haven't gone through your credit card statements and nixed those recurring charges, you should totes get on that! 💡
Sometimes our best money saving intentions wind up putting an unexpected dent in our wallets. 🥴 What are we talking about? Let's dive in.
Here’s Five Fast Facts on when saving could actually cost you:
- 🚙 Hanging Onto Hoopties - With new (and even used) car prices through the roof, it's no wonder we're keeping rides longer than we did in the past. However, older cars tend to need more repairs, which get more costly over time. Having to spring for a brand new engine could be far more expensive than buying a new vehicle. Newer cars are more reliable and keep your wallet happier in the long run.
- 🛒 Bulk Hogan - Buying in bulk makes sense for some things, but not all. The next time you're at Costco, check the cost per weight before your purchase. There's a chance that buying less of that item at the grocery store is cheaper. Also think about how much of a bulk item you could potentially waste. Unless you're hosting a family reunion, that giant ketchup bottle might go bad before you can use it all.
- 🛠️ Under the Covers - Car insurance is so costly, it almost feels like a scam. However, lowering your deductible or skipping out on coverage altogether is risky business. In an emergency, low or no coverage means you'll be hit with pricier hospital or repair bills. Even though carrying the state minimum insurance coverage is legal, you could wind up dealing with a major financial blow if you get into an accident.
- 🦷 Floss Like a Boss - You may not think you need those regular dental check-ups, but don't skip those visits. Even if you don't have a toothache or are happy with the shade of your pearly whites, regular cleanings and exams catch problems before they become costly issues. A simple cavity filling is relatively inexpensive. A crown or an implant could leave you out thousands of dollars.
- 🧑🔧 Mr. Fix It - Between large down payments and high mortgage rates, the cost of homeownership is already a lot. You might be the handiest man on the block, but you might not always save money by trying to fix things on your own. Things like pipe repairs and roof replacements are better left up to experts. Trying to tackle them DIY style could cost you big time if you get it wrong. It's better to bite the bullet and call for help so you can hold on to more of those hard earned paychecks.
🔥Bottom line: We hate seeing money fly out of our bank accounts, but sometimes spending a little up front saves you a lot. Are you getting a bonus this year? Don't forget about Uncle Sam. Here's how that bonus gets taxed.
Have you ever lost money trying to cut costs?
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