We all want to know the secrets for saving some extra money. Whether your vice is coupon clipping or sale shopping, there are a few ways that we all try to save. Money saving myths have been going around for as long as I know, and really, who can blame them. There are quite a few great money saving tips and tricks out there, but even more that really do not amount to anything. Here are four money saving myths broken, and one that holds it's own. Can you guys which is the real deal?
Buy Bulk and Save
False. Buying bulk is not always the deal we think it is, sometimes, it even costs more. Do the calculations before buying bulk; certain foods are the same price in bulk as they are in the smaller version, while some companies have even started marking up their bulk products. When buying bulk, also keep in mind how much you will be using. Depending on the sell by date, you could be spending a whole lot on food that will go bad before there is time to finish it.
Reduced Electric Rates
True. Oh how I love this myth, especially since it is true! Depending on where you live and who your electric supplier is, you may be getting reduced rates during non-peak energy hours. Peak hours are usually daytime hours and non-peak hours occur after 8 pm and weekends in most rural areas. By turning on the dryer, washing machine, and dishwasher at these non-peak times, we could save as much as 8% annually!
Turn your AC off to Save Gas
False-ish. There is a myth that turning our car's AC off and rolling down the windows will save on gas and money at the pump. Depending on your speed, driving with the windows down will save little to no money. If you are driving slow, it will save you a few pennies at the pump, but interstate speeds with the windows down will end up costing you more than that precious AC. The wind resistance a car must battle from the windows being down takes up far more fuel consumption than driving with the AC on full.
Get Groceries Once per Week
False. Unless you are very good about planning out each meal and sticking to that plan, buying groceries once a week can waste a whole lot of money and even more food. Buying canned, frozen, and other long-lasting foods once a week is a great idea. Buying produce and meats on the other hand, could be burning a whole through your wallet. The average household throws about 30% of their fresh foods away because it has spoiled before they were able to eat it. If going to the grocery every night is not feasible, try going every few days instead.
Big Stores Mean Big Savings
False. There is a new surge of Mom-and-Pop shoppers opposed the the big box shopping. Part of this is because we all want to fund our local businesses, and part is because the people are getting wiser about the big store money saving myth. Sure, there are a few items that you can get at big box stores for less, but most groceries will cost less from local stores and farmer's markets in the end. Shop seasonal produce to save a little extra and try the farmer's market later in the day- it may be surprising how much you can save!