Couponing among money-saving ideas that could actually cost more

Everyone has felt the pinch of rising prices over the past couple of years and many are looking for ways to save money. Unfortunately, cutting corners sometimes leads to bigger expenses, an expert is warning.

Jason Higgs, senior deals strategist at Bountii, discusses four money-saving ideas that could end up costing you more in the long run.

Buying the cheap version of everything

Jason said: “While economy products reduce your outlay, they’re often lower in quality, meaning the need for frequent repairs or replacements outweighs the initial savings. If you’re buying something that needs to last, like an electronic device or an appliance, it’s often a much smarter idea to make a bigger upfront investment in a quality product.”

Bulk “bargains”

Buying items in bulk can mean the individual unit price of each item goes down drastically, but this isn’t the case in all stores. The main danger of bulk buying, though, is that you’ll buy too much, and items will start to go off before you can eat them. If you’re throwing away food, you’re throwing away that ‘saving’.

Couponing

Jason said: “Although coupons claim to be a great money-saver, many of the items manufacturers make coupons for are their high-markup brands. It’s also common for coupons to have restrictions and limitations which can end up making them useless and it’s a waste of money to buy things simply because you’ve found coupons for them.”

Remember, your time is money. The hours you spend clipping coupons to save tiny amounts on your groceries could be put to better use.

Doing your own repairs

It’s expensive to pay people to install or fix things in your home, so doing it yourself can seem like a great way to save money. However, DIY projects pose risks if you’re unfamiliar with the task or lack proper tools and safety measures.

In 2020, the Consumer Product Safety Commission said emergency room visits linked to DIY projects increased by 27%. This no doubt led to medical bills and lost wages for many. If you’re not sure what you’re doing, it often costs more to fix DIY errors than to pay a professional in the first place.

Cutting out the small costs

Jason said: “Common advice I see everywhere includes things like ‘cut back on your daily latte’ or ‘cut down on the number of subscriptions you’re paying for’. While these are good ideas, how much will they really save you in the long run? Learning how to properly plan your financial future – whether that’s through savings, pensions, or investing – is a much better use of your time than denying yourself small treats.”