Saving money is one of the most important challenges that most of us face on a daily basis. Yet many of us do things in our attempts to save money that end up costing us money in the long run. I think sometimes we get lost in the idea of trying to save money that we forget to look at what we are actually doing to save.
Here is a perfect example. An acquaintance of mine would often come back from lunch with shopping bags full of “good deals”. The problem with the good deals is that is was mostly stuff she didn’t need and she was spending money needlessly while thinking she was saving money.
I have no need for extra bath towels right now. Why would I go out and buy a bunch of them just because they are on sale. It’s not a very wise way to save money if I am spending it.
If found this article which documents seven myths of saving money that actually cost you. The article goes over sale spending, credit card rewards and the pitfalls of buying in bulk.
As frugal-minded individuals, we love to find ways to save money. Saving money can be a good thing to do as the funds can be used in other areas of your budget to help you live the life you want. However, there are times when what we believe to be saving us money is actually costing us in the long run. – Source