I feel like every time I turn around I see some new hack that is supposed to save me time or money.
While wanting to save time and money is never a bad thing, there are some hacks that are just not worth it. Sometimes these money saving hacks will be a waste of time, or even worse, they may end up costing you more money instead of saving you money.
Before you fall for some of the money saving hacks you see on TV or on Pinterest, make sure they are really worth your time and effort. Here are a couple I’ve found are just not all they’re hacked up to be.
Yes, using coupons can save you money and I am not sure if you’d really count it as a hack. But if your time is worth anything, it might actually be costing you more money than you are saving.
I have a couple of friends who have started using coupons and while I’m happy that they are proud of their savings, I have to wonder if they are really saving money. They post pictures of their receipts and even with savings from coupons, they are spending way more money each week and month than I am spending without coupons.
Scouring the couponing web sites as well as magazines, newspapers and other coupon sources also takes time. You could be using that time to make money with a side hustle instead.
In addition, many coupons are likely for products or brands you don’t normally buy. Instead, just buy the items you need and try to get them on sale. It’s ok to use coupons you happen to run across while reading a magazine or paper, but there are lots of ways to save without spending an hour of time scouring and clipping coupons to save 50 cents. I don’t know about you, but I make more than 50 cents an hour, so couponing costs me more than it saves.
DIY Soaps, Shampoos, etc.
There’s a reason I just buy my hand soap, shampoo, laundry detergent, etc. from the store. It’s cheaper to buy it from the store!
As much as I cringe when I have to shell out for things like laundry detergent, which seems to always cost more than I remembered, I will never make a DIY version at home.
I thought about doing this and even saved a couple of bottles once I emptied them. But once I read through a couple of blogs, it was easy to see the time involved in this as well as trial and error until you get it right meant it wasn’t worth spending my time on it. I will just pay for my soaps, detergents, etc. in the store and use my time to make money instead.
Money saving hacks are everywhere these days. But using a little common sense could help you discover that some of those money saving hacks could end up costing you.
Do you know of some other money saving hacks that could end up costing you?