The Things You Should Never, Ever Do to Save Money

When you want to save some money it makes a lot of sense to come up with as many different ideas as possible. There are many ways of cutting down on your spending but what about the things you should never, ever do? Oh yes, there are plenty of those as well.

Cancel Your Insurance Policies

One of the big expenses which you probably have trouble justifying to yourself is your insurance costs. If you own a house and a car and have a family then there is a good chance that you pay out a fair amount every month on insurance. Sure, you could cut back on your expenses this way but you would leave yourself exposed to serious problems in the case of accidents, theft or any other unfortunate incidents. Instead of cancelling the policies you should look to reduce the premiums through looking for discounts with your current insurance company or else shopping around for a better deal elsewhere.

Cut Back Too Much on the Quality of Your Clothes

Cheap clothes are a good example of where you can make a false economy while trying to save money. You might start buying bargain shoes and trousers but how long will they last? It is often the case that low cost clothing equates to low quality gear which doesn’t last very long. If you need to replace something after a couple of months then it wasn’t really that much of a bargain after all, was it? You should try to stick to good quality garments as much as possible. You can still spend less on them, though, if you are smart and look for end of season clearance sales.

Reduce Your Toilet Paper Usage

I think we’ll rush past this point rather quickly but it’s still worth mentioning. Singer Sheryl Crow hit the headlines a few years back for suggesting (half jokingly, I think) that we should only use one sheet of toilet paper on each visit. This is a good idea on the surface but there are some things in life which you really shouldn’t cut back on too much. Maybe you could save money on this essential by looking for supermarket deals and own brand paper.

Steal Stuff

I hope you never get into the situation where you feel so desperate about your finances that you consider stealing. I have never been in a situation where this seemed to be the only way out, so I can’t speak from experience on this one. However, it is clear that committing any type of crime will make you feel bad about yourself and also run the risk of getting caught. If you get caught then this is going to cause you even greater financial grief then you are already suffering. Instead of doing this perhaps you could look at legal ways of earning some extra cash online or by selling stuff you no longer need.

Buy Nasty Food

If you go to the supermarket with a small food budget then it could be tempting to buy the cheapest things on display. The problem with this approach is that the cheapest products often lack the nutritional value you need. If you want to feel full of energy to face up to life then you need to carry on eating well. A good way of doing this without spending too much is to take advantage of supermarket offers and vouchers. Try and time your shopping trips for when you are feeling good and have plenty of time to hunt out the best offers.

Have you ever done anything to save money which you would now warn against?

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19 Responses to The Things You Should Never, Ever Do to Save Money

  1. moneystepper says:

    I’ve often been guilty of buying cheap food and forgetting about its nutritional value, especially if something is nearing its sell by date and is 10p instead of £1.50!
    moneystepper recently posted..Buying a website as an investment can deliver great returnsMy Profile

    • Robert Bell says:

      I think I used to be one of the world’s biggest buyers of “almost but not quite bad” food but I try to find more of a balance these days

  2. NZ Muse says:

    Quality food is ALWAYS worth the money.
    NZ Muse recently posted..RTW budget: A six-month trip recapMy Profile

  3. Ugh, the toilet paper thing just grosses me out! You can be frugal with your TP without endangering your health, you know? 1 sheet? Puleeze!
    Laurie @thefrugalfarmer recently posted..5 Things You Shouldn’t Do To Pay Off DebtMy Profile

  4. I once tried to cancel my life insurance policies to save on the monthly premium…my agent told me a story of someone that did that, and then passed away shortly afterwards leaving his family with nothing. I’m soo glad he talked me out of it – its not a good way to save money.
    Brock @cleverdude recently posted..Afternoon Grocery Shopping Can Bust Your BudgetMy Profile

  5. Yeah, the one sheet of toilet paper thing would just NOT work for me. There’s no way you can do that and be sanitary.
    Stefanie @ The Broke and Beautiful Life recently posted..Shake Your Money Maker: Taking ActionMy Profile

  6. Interesting article Robert! I think one shouldn’t really reduce his or her toilet paper usage no matter what, especially if he or she just wants to save money. It’s gross and it’s not a very smart thing for a human being to do.
    Mark Ross @moneysavingdude recently posted..25 Easy Ways To Save Money On Food Without Going On A DietMy Profile

  7. I definitely used to just buy the cheapest groceries. If you plan your meals carefully though, good food can wind up being the cheapest. It’s silly, but an egg will keep you full for a while. So will things like oats or beans. All three of those things are pretty cheap. Honestly, one of the best ways to still eat well but save some cash seemed to be cutting out meat.

    Also, I would say reevaluating your insurance needs isn’t always a bad thing. My parents had opened a life insurance policy on me as a child that is just totally useless. There’s no reason for me to have one and I have no interest in having kids anytime soon (possibly ever). It made more sense to cash it in, especially since if I ever did have kids and need to rely on a health insurance policy – $50,000 probably wouldn’t be nearly enough. Although if I did have a family of my own, I’d never touch my insurance policy.
    Mel @ brokeGIRLrich recently posted..Why You Should Have a Favorite Amendment & Other Scholarship TipsMy Profile

    • Robert Bell says:

      It took me years and a move abroad to work out what you just said about the best foods being cheap Mel but it is defnitely true

  8. Eeek…. I’ve been guilty of cancelling insurance policies (pet insurance which later came back to haunt me) and also of buying cheap food. All good points to consider and I’m happy to say I now buy mostly healthy food in bulk and then freeze it to make it go further!
    Hayley @ A Disease Called Debt recently posted..The emotional stages of debt: FearMy Profile

  9. Alex says:

    I’ve certainly been guilty of being discount and poor quality food because I believed it what would ‘fill me up’ the best for an affordable price. It’s not the case, and my belly pays the real price.
    Aldi are the best answer for this. Most of their food is good stuff and cheap.
    Alex recently posted..Yakezie Carnival of Personal Finance: ‘new beginnings’ editionMy Profile

  10. Ahhh I learnt the hard way about insurance. Opted out of the extra 5 Euros a day collision cover on a car we hired for 2 FLIPPING DAYS one time. What did I do? Accidentally scraped the side of the car along a barrier at the side of a road. 550 Euros down the drain later I was not a happy bunny. I think driving abroad is stressful enough so would definitely pay a bit more for that nowadays.

  11. More insurance isn’t always good. You may have life assurance cover through your work’s pension scheme and not need additional cover. Private health insurance is very expensive and if you are in the UK should probably be regarded as uneccessary if you have a lot of debt.

    And even cheaper forms can really add up – it’s easy to accumulate boiler insurance, protection for white goods, plumbing and drains insurance, cover if you lose your keys or wallet, mobile cover for you and partner, accident insurance, pet insurance, dental health plan etc and find you are paying out £150 a month between them… if you save that money up, then you have a good emergency fund to cover problems.

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