With the state of today’s economy, just about everyone has saving money on their mind. Everyone knows it’s great to get a deal, but behaviorally many consumers often make the same ” penny wise and pound foolish” money saving mistakes over and over. Money spent on something too cheap to be useful, or blindly stumbling from bargain to bargain can actually deplete your bank account faster than making careful, more expensive purchases.
Some of these mistakes are huge; yet some are just small almost imperceptible practices that add up over the long haul. The trick is being able to identify these habits that throw money down the drain from these so called “money saving” practices. Here are some of the worst mistakes made by those who are not all necessarily cheapskates, but do not weigh the real value of an item against the true cost–be it actual money, time, or accrued pain and suffering.