CHARLOTTE, N.C. — From gasoline to groceries, everything is more expensive these days. It’s a reality that has so many of us searching for new ways to save money but beware, even the best-laid plans can backfire.
Here are four times trying to save money could end up costing you more, according to the experts from The Penny Hoarder.
1. Meal prep
Planning and preparing your meals for the week can save you money but only if you actually eat what you prepared. To avoid this pitfall, prep a few days at a time instead of the entire week at once and make sure you store your prepped meals properly to preserve freshness.
2. Buying because it’s on sale
Who doesn’t love a good sale? But don’t let the thrill of the discount cloud your judgment. The truth is, it’s not a sale if you’re spending money you don’t have on stuff you don’t need. Before you buy that half-priced waffle maker, ask yourself if you’d still want it if it were full price.
3. Driving around to find the cheapest gas
Wasting gas to save money on gas doesn’t make sense. Use an app like GasBuddy to find the gas station near you with the lowest prices before you need to fill up so you’re not driving around wasting a drop of precious fuel.
4. Going Carless.
Cashing in on skyrocketing used car prices only makes sense if you really don’t need a car. Selling your vehicle to make money, only to spend that money on car rentals and rideshares might not make the most financial sense. Be realistic about how often you truly use your car and factor in the costs of getting from Point A to Point B before you decide to sell.
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