Stay Out of the Bargain Trap

If your head is easily turned by a bright red sale ticket, stop!!! Then think again. What sometimes looks like a money-saving deal can cost you more in the long run. Here is a list of a few things to avoid.
1. Bagging a bargain in the sales.
Many of us have headed off to the sales looking for one thing and come back with something completely different. More than half of us admit to impulse buying at sales, spending more than GBP 100 on items that not not necessary and might never be used.
Don’t fall into the trap of buying items just as it is cheap. If you don’t need it then, it is a waste of money.

2. Buying cheap travel insurance.
Never buy a policy based solely on the price. Kep your mind clear about what you want and look at the level of cover you are getting for your investment. In some cases, especially with cheaper policies, one may be covered for little more than medical expenses, whereas more comprehensive policies are likely to include cover for possessions and delays.
A dir-cheap policy may also have a high excess. This could amount to the same as forking out for the full cost of any loss or damage yourself.

3. Spending online if you tend to be a fickle shopper.
Shopping online can save you time and money, especially if you price match using online comparison sites. However don’t forget that delivery charges can bump up your final shoping bill and if you are constanly returning items as they don’t fit or you’ve changed your mind, then you could be left out of pocket.
If you buy something online, and it is faulty, you will get afull refund, including any costs incurred in sending it back. But if it is simply a case of changing your mind, though you should get a refund providing that you return the goods within seven days, you could be liable for the return postage.
So check the terms and conditions before making that final mouse click.

4. Holding on to savings and taking out a loan for a new kitchen or car.
It is grat that you are putting something away, but if you are paying off a loan while you have savings sitting in the bank, then any interest you earn on your savings is likely to be wiped out by the interest you are being chqarged on your loan repayments.
Obviously, it does not make sense to wipe out your savings completely as everyone needs some cash to fall back on in case of emergency. But it is best to avoid taking out a loan if you have the money to pay upfront.

5. Giving in to “buy one, get one free”.
Supermarket aisles are packed with such offers, they are a ploy to get you to spend more. If there is a deal on a product you need then that is great. But in most cases, people are tempted into buying just because they can get the second item for free. but if you wono’t use it before it goes off, or you are being persuaded to buy a brand that is more expensive than your usual one, it might not bee a good deal.

6. Not making a shopping list before hitting the supermarket.
Doing the weekly shopping without a list can make you result in spending more. With the average family household throwing away about GBP 680 of uneaten food every year, working out what you need to buy before you shop means you will save money and won’t end up with a heap of things that is likely to go off before you get around to using it.

7. Making a special journey to the recycling tip.
If you are doing a five-mile trip to the tip on a Saturday morning to drop off your bottles, boxes and newspapers, and believing you are doing a good thing for the planet, you are wrong.
You are actually wasting time and money on petrol and damaging the environment at the same time.