Frugal Student Tip #8 – Avoid Money Mistakes
Frugal students who need to keep a tight rein on their spending should avoid money mistakes that can be prevented with just a bit of forethought and organization.
Don’t give away money just from being lazy or disorganized. Avoid money mistakes like late fees, missing early bird discounts, and not checking for coupons before buying. These mistakes are entirely preventable.
Would you take a $100 bill and light it on fire? Of course not, but careless money mistakes are just as wasteful.
- Don’t save money on dollar DVD rentals only to turn around and pay twice as much in fees because you missed the return time.
- Don’t borrow books from the library, forget about them, and rack up a bunch of overdue fines. And especially don’t be late on library DVD returns. (Some libraries charge $1/day when DVDs are overdue!)
- Don’t miss an opportunity to save money on an item you know you have to buy. Just like you need to question every purchase, you need to research every purchase. Never buy online without first searching for a coupon (for that store or item). A couple of easy clicks could take 10% or 20% off the price.
- Check the store coupon policy before you shop. Some stores will allow you to use both a manufacturer’s coupon and a store coupon on the same item. You can find sites online that will help you stack these coupons and purchase items that are on sale at the same time to maximize savings, such as CouponMom.com.
Everyone makes spending mistakes sometimes. Do you have a spending lesson to share?Find all of the Frugal Student Tips here.