Financially Disastrous BehaviorOn June 21, 2017 by admin
Everyone would like to avoid making major financial mistakes, and most people avoid all the big ones, such as payday loan companies and pawnshops, but there are a lot of lesser known mistakes that people make which end up costing them money.
Having excessive loyalty toward one brand or another can end up costing you more in the long run. Just because a company has marketed to you successfully does not mean that you should keep giving them your money. There are some places where brand loyalty makes sense, but there are many that do not. You can a 12 pack of generic Mountain Dew for $2.00, or you can get the 12 pack of actual Mountain Dew for 3.50. If you drink a lot of pop, this will add up quite quickly over time. It’s worth trying the cheaper brand once, if you absolutely hate it, you can go back, but if you don’t really notice any difference, just keep buying the cheap one. It might not seem like a lot at first, but when this occurs with multiple products over a long period of time, that’s a lot of money!
If you do all of your research, get good reviews on a product and find the cheapest price for it, you can still get burned. Make sure the store you buy it from has a good return policy so that you are not left high and dry in the event that the product is not all that it is cracked up to be. Make sure that you can get cash back fr your purchase, and keep your receipt!
Not researching your purchases is another major financial mistake. If you are going to spend more than $100 on a purchase, you should get product reviews of several competing products, make a decision as to which one is the best, and go find the cheapest price in a store with a good return policy. When it comes to bigger ticket items, the cost between two very similar products can be quite difference. Be sure you are getting the best deal before handing over your cash.
If you make any impulsive purchases at all, this is a mistake. All of those displays at the end of each aisle are designed for one purpose, which is to separate you and the money in your checkbook. These purchases might seem small to begin with, but if you end up buying a candy bar and a magazine every week, this can easily be over $250 a year! It’s okay to buy these items once and a while, just be aware what’s going on and how much over time you are actually spending.
By watching some of these lesser known habits which end up costing people money, hopefully you too will be able to have more money at the end of the month in your checking account.