I recently wrote my top ten money saving strategies that are ensuring we can live off one wage, whilst I stay at home with my daughter Erin. Also providing me with the option of returning to full time education in the near future.
Now it’s time for seven false economies that have tripped me up along the way.
1. Shop Brand Nappies
You may think (like I did) that nappies are a perfect way to save some cash, after all, the supermarket brand versions can be as much as 40% cheaper, which is a real saving….but don’t be fooled. I found that, when it comes to nappies you get what you pay for, the cheaper versions stayed very wet, meaning I had to change them more often, perhaps twice as often, making cheaper nappies a false economy. The only time I buy cheap nappies is to keep for standby. The reason? their so bad compared to the named brand that I can only stomach using them when I’ve truly been caught short!
2. DIYB
Otherwise known as Doing It Yourself. Badly. We’ve all heard of so and so’s husband who tried to rewire the house to save money and uhhh…didn’t get it quite right, resulting in a hefty electrician’s bill to correct it. Take heed, if you are in any doubt that you can’t successfully complete a job, don’t bother, instead try and find a friend of a friend who will do it for ‘mates rates’.
Ok I need to find the phone number for the light switch fixing guy (!)
3. Selling Stuff on Ebay
For a short time (while I was pregnant) I had the grand idea that I might build an ebay empire and become a ‘powerseller’ making lots of money in the process. I would buy cheap items to resell on ebay. If you’re considering it, don’t bother unless you have a great supplier and high priced products (electronics) at rockbottom prices, otherwise you’re going to find it very difficult to turn a profit.
First there is the listing fee, and then the percentage they take from the sale price, not to mention paypal fees, postage and packaging, plus all the time and effort, most of the time it really isn’t worth it, and that often goes for selling unwanted items like kiddy clothes and toys. I actually just give mine to charity or pass them on to someone I know now because it is such a false economy, both monetarily and time wise.
4. Cheap Deodrant
Unless you like snowing armpits don’t even go there!
5. Picnics
Controversially I don’t believe that taking a picnic on an outing is always the most economical. If you have leftovers or stuff to make sandwiches and squash to take then this can definitely be the cheapest option. But if your picnics (like mine) involve you heading to the supermarket to stock up on expensive pre-packaged foods to take, then you’d be better off grabbing a sausage roll or bag of chips when you’re there. Admittedly it’s not the healthiest, but once in a while it’s ok!
6. Buying Ultra Cheap Food
I’ll admit that some shop brand items are equal to or better than the more expensive brands, in fact I made a short list of them in my post about cutting costs. However, buying the cheapest and lowest quality of absolutely everything will likely end up with you having poor meal options, and eventually you will give into the temptation of tasty takeaways, thus blowing your budget way over what it would have been to buy tasty meal ingredients.
7. Extending the Life of Shoes
Kids shoes are expensive, our last pair were £26… You may be tempted to.. ahem… ‘extend the life’ of your shoes by trimming the ends and fashioning a pair of not-so fashionable sandals. It’s an economical idea, but don’t! Think of the shame and extra pocket money you will have to dole out in compensation (we are living in a society obsessed with suing for damages, beware!) also you can really harm the resale value if you decide (against my advice) to sell them on ebay
Anyonelse have a false economy to share….