The 2 Most Important Savings Tips

November 8, 2013

There are a lot of articles that you can read on specific tips for how to save money on groceries, dining, clothing, etc. Those are all good to read and adopt, but there are two savings tips that trump all of those.

Savings Tip #1

“Buy only what you need.”

In today’s age, we are bombarded by coupons and discounts. If you combine that with the ease of buying through the internet or credit cards, it is so easy to buy things you don’t really need or want.

Yes you may have gotten a big discount from the recommended retail price, but what is even better is not to have bought those unnecessary items in the first place.

Earlier this year, I bought a wagon push toy for my 1 year old daughter, Sage. My wife, Cheryl, repeatedly told me that this is unnecessary, but I insisted that we buy it because I thought it would develop Sage’s walking skills and leg muscles more appropriately compared to just having her learn by herself. Today, we have barely used the wagon and Sage is walking fine.

When I bought it, I was able to get it much cheaper than the $75 price on Amazon. So yes I did save some money by buying this much cheaper than retail, but I would have saved much more if I did not buy it. Now, I will have to sell this on Craigslist to salvage some money for it, but I will still most likely be at a loss.

So before you buy something, ask yourself do you really need it? If your not sure ask your spouse and listen to what they have to say.

Savings Tip #2

“Buy quality items over cheaper items that you may become unhappy with.”

Example #1: I have friends who bought super cheap tablets only to later to buy a higher quality tablet like an iPad. Had they just bought an iPad in the first place, they would have not wasted money.

Example #2: Last year, I was able to get a great deal on some multivitamins from GNC. I was able to get about 50% off my multivitamin GNC Mega Men Sport, so I bought a ton of it. Today, I still have about a year’s worth of supply, but I want to buy a different brand of vitamins, because I found one that is better. I am stuck and I hate it. I can either sell my existing stock at a loss, or wait one year before I get the better. Either way, I lose.

So before you buy something, ask yourself do you really like this product or service?

Conclusion

To sum it up, “Don’t waste money”.

What purchases have you regretted over that past year?

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