Money Saving Traps

There is a variety of money saving options that might seem like great ideas upon first thought, but in hindsight may not be worth the supposed "savings" they provide. But sometimes you don't know this until it's too late and you've already fallen into a money saving trap.

Personally, I feel that one of the best ways to learn is through mistakes, and I've made my fair share. Here are a few of the items that I've stumbled across or stumbled upon during my money-saving endeavors that I thought might save me money when instead, they actually ended up or nearly ended up costing me money.

The Annual Pass

The annual pass, whether it is for the pool, golf course, social club, theme park or whatever, might seem like a good idea at first. In hindsight, depending upon how often you actually use it though, it might be a poor money saving decision.

An annual pass could run hundreds of dollars per person, and if you would attend such a place or attraction with regularity anyway, it could save you significantly. However, if you end up not using it or only using it occasionally, you might not get your money's worth. Plus, besides entry costs there are other considerations such as the gas involved to reach your destination, food, drinks and treats once you arrive, additional fees, and all the rest. These can add additional and sometimes excessive costs to your trips, and if you are only going out of obligation to make use of the annual pass, you could end up losing much more money than you would have without it.

Electric Fireplaces

If you're buying an electric fireplace for the ambiance and atmosphere it provides, then more power to you. However, if you're basing your purchase on the idea that it is going to suddenly provide a vast amount of warmth to your home, you may be operating under a false assumption.

My wife was hot on the idea of an electric fireplace as an extra heating source for our home a few years ago and wanted to buy one that was on sale for $300 at our local home supply store. I liked the idea as well, but more for the cozy atmosphere it would provide than the additional heat.

After doing some research though, I found that the heating unit inside the model in which we were interested was they same style of portable heater available at many stores for just $9.99. We already had two of those and just decided to save ourselves the money and use them rather than the electric fireplace.

Gardens

Don't get me wrong, I think that gardens can be great money savers if grown in the right way and with the right produce, herbs or flowers, but for many, they can soak up plenty of money in the process. Spending $100 in fertilizers, seeds and starts, and tools to produce what might otherwise have cost you $25 bucks at the grocery store isn't what I call a great investment.

Of course gardens can provide numerous other benefits when it comes to health, stress relief, or as a low-cost hobby, and depending upon what you're growing and in what portions, could end up saving quite a bit of cash. However, as a part time hobby, a small garden set in one corner of the yard might be more of a money burner than saver.

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Disclaimer:

The author is not a licensed financial professional. The information provided in this article is for informational purposes only and does not constitute legal or financial advice. For financial advice, readers should consult a licensed financial advisor. Any action taken by the reader due to the information provided in this article is solely at the reader's discretion.