Hi lovelies,

We all want to save money, it is great to have more money in our pockets than we have to pay out on bills each month. As such, there are so many brilliant ways of saving money and cutting your costs that we would recommend to you, but then there are also those ways that might seem like a good idea at the time but can actually cause you more problems in the long run. That’s why today we are sharing with 3 things that you should not do in order to save money. 

Buy fake items
This is one that seems so harmless and tempting, and yet it can actually do us more harm than good. There are so many fake products flooding the market now that it can seem like you are just getting a good deal, when in fact you are getting cheated.

You will want to avoid buying fake sunglasses as they are unlikely to offer the UV protection that the genuine article would, fake car parts could be very unsafe and fake baby products can harm your child in some cases. 

If the price seems too good to be true, then there might well be a reason for that. Pay attention to trusted websites and brands and people’s reviews of products in a bid to avoid inadvertently buying fake products. 

Cancel your insurance policies
We know that it can be frustrating to pay out for months, often years, on insurance policies that you have yet to claim on. We can see why this would be a tempting area for you to cut your costs. However, you really do need to weigh up the risks if you plan to do this.

Some insurances are compulsory anyway, so you definitely do not want to cancel those unless you want to be in trouble with the law. Aside from those, do be realistic and honest with yourself about the potential repercussions if you do not have insurance in place. 

If you have no pet insurance, are you willing to have your pet put down if they need expensive medical care, or can you actually fund it? If your home is burgled, can you really afford to replace anything taken?

Cheap home improvements
Many of us carry out home improvements every year and in most cases they add value in terms of our own satisfaction in our home and in the monetary sense. 

Of course you should shop around before purchasing and you should get a few quotes from tradesmen before committing to your project. You might also be able to carry out some of it yourself and can substantially reduce the cost that way. However, it can sometimes be tempting to cut costs in other ways on home improvement projects and we would not recommend that.

Where we would advise caution is in cutting any corners on your renovations. You might find that your home then no longer meets regulations, aside from being unsafe for you, it will result in your home being devalued. If your builders are suggesting working in this way, tempting as the prices might be, walk away and find people that will carry out the work complying with all regulations. 

Photo credit for this collaborative post: Image Pixabay - Pixabay License