The Strangest And Stupidest Ways To Save Money

saving moneyWhen you need to take out a loan for whatever reason, your goal should naturally be to pay off the loan as soon as you are able to so that you will reduce the amount of interest you have to pay. During this time, it is sensible to cut back your expenses and refrain from spending money on unnecessary things so that you can save and pay off your loan faster.

However, there are smart ways and there are stupid ways to save money. If you save money in smart ways, you will be able to reduce your expenses and pay off your loans quickly. If you attempt to save money in ridiculous and silly ways, you will find that you don’t really get anywhere and everyone will think that you are crazy.

There have been some pretty strange and stupid ways to save money which have been suggested in financial advice blogs, books and other sources. Here are a few of the strangest money saving ideas which you should not take seriously:

Don’t Eat for One Day per Week

Food expenses are a large part of your budget, so if you don’t eat anything for one day per week you will save one-seventh of these costs, right? When you add up what you spend on breakfast, lunch, dinner and snacks every day and calculate your savings for the whole month, it can add up to a significant amount of money.

This strange advice is given by several different books and fasting for one day per week is touted as the way to save lots of money as well as improve your health. However, is starving yourself for a whole day really a good idea? You will likely be headachy, irritable, weak and incapable of accomplishing much on that day. It is recommended that you use it as a day of rest where you pretty much sleep and do nothing; however is it really worth the savings to render yourself incapable for a day? Fasting might work for some, but it is a pretty extreme way of saving a bit of money.

Knitting With Dog or Cat Hair

Why spend money on expensive designer jumpers when you could keep warm and cosy with a garment knitted with hair from Fido or Fluffy? The last time you vacuumed all the cat hairs off the sofa you probably never thought of turning them into a cardigan, but there is actually a book which gives you step by step instructions for knitting your dog or cat’s fur into sweaters, purses and more. While this might save you a small amount of cash, why not just buy a cheaper second hand jumper from the thrift store? No matter how outdated it is; it won’t look more bizarre than a jumper made from dog hair.

The same goes for many of the weird DIY projects, such as making your own cat food, sewing your own clothes and making your own furniture. Usually, the time and effort which goes into these projects is worth much more than it would cost to buy the items you need instead.

Buying Stuff on Sale that You Don’t Need

This is one of the silliest things that people do which they think saves them money. There will be a big sale at the local department store or supermarket and everything will be marked down to 50% or more so everyone will push each other out of the way to get there first and snap up everything in sight. The problem is that in the excitement of all the “Rock Bottom Prices” we end up buying things that we really didn’t need in the first place. The sale entices us to buy stuff that we wouldn’t have bought otherwise, which defeats the purpose of trying to save money.

For example, let’s say you see a new blender which was originally £30 on sale for £20. What a great deal! By purchasing the blender you might think that you have saved yourself £10 but the truth is that your old blender works perfectly fine and you don’t really use it that often anyway. If you hadn’t seen the discounted blender you wouldn’t have bought it, so you haven’t saved £10 you have actually lost £20.

These are just a few of the stupid savings techniques to avoid when you are paying off your debts so that you can save in a sensible way instead.

Sarah Fox is a writer who offers loan tips on her blog as well as effective budgeting strategies to help you stay afloat in tough economic times.

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