There is a plethora of advice on how to save money, including on this blog. Although well-meaning, sometimes financial tips just don’t work.
Here are a few tips that never worked for me.
Couponing
I previously wrote about couponing, whether extreme or not. Couponing is a lot of work, and may not save you as much as you think, particularly in Canada. It sure never really worked for me.
Bulk Buying
Bulk buying won’t save you money, if you’re single and live alone.
It probably won’t work either with fresh products either . There are only so many kilos of apples that you and your family can eat before the fruits start to rot.
Even dry items have a shelf life, and will become stale at some point.
Do It Yourself
Sure, I can change a lightbulb, unclog the sink or color my hair by myself.
But when it comes to other repairs and maintenance, I call a professional because I’m not qualified. Professional tradespeople offer warranties on their work. They also carry insurance.
Trying to fix things yourself can actually make things worse and cost you more.
Driving Extra Miles to Save on Gas Prices
Paying 2 cents less on a liter of gas won’t save you money that would make a significant difference for your finances.
The same applies to Canadians crossing the border to gas up on the US. Before doing so, you need to figure-out the amount of time it’ll take you and if it’s worth it.
Cash Budgets
This has become very popular lately. The basis is to pay for everything in cash.
In reality, it may not be practical to do so. Not to mention cash doesn’t build your credit score, a necessity in North America.
Final Word
Just because something didn’t cost money doesn’t mean you actually saved. Most financial tips don’t take into consideration the time trade-off. Time is also valuable.
The Money Savvy Blog 