Skip to main content
Deposits
Common Money Mistakes to Avoid Presented by AOL (Video) Being transparent to a salesperson or buying in bulk are common money mistakes to avoid. Learn more about common money mistakes and how to avoid them. money mistakes, common money mistakes, money mistakes to avoid
Common Money Mistakes to Avoid Presented by AOL (Video) Being transparent to a salesperson or buying in bulk are common money mistakes to avoid. Learn more about common money mistakes and how to avoid them. https://www.bankofamerica.com/content/images/ContextualSiteGraphics/Instructional/en_US/financial-education/video_thumbnail_-_pitfalls_560x315.jpg https://www.bankofamerica.com/content/images/ContextualSiteGraphics/Instructional/en_US/financial-education/video_thumbnail_-_pitfalls_560x315.jpg The Savings Experiment. Presented by Bank of America and VISA. Because frugal is the new cool. Everybody likes to save money when they shop, but be careful. The deals you hunt can sometimes bite back.So stay ahead of the pack by avoiding these common money-saving mistakes. First, never tell a salesperson your maximum budget.You may think setting a limit will help, but once the vendor knows your price point, they'll often try to hook you on products at the high end of your budget and beyond. Avoid this money trap by discussing a general price range with the clerk without getting too specific. Do you have any deals on laptops? Also, don't disclose the necessity of a purchase, especially if you need it the same day. A shrewd salesman won't give you the best deal if they know you're desperate and don't have time to make a well-researched decision. But sometimes it's not the salesperson you need to look out for. It's the sales themselves. Beware of buying groceries at warehouse clubs where buying more can sometimes save you less. According to the Natural Resources Defense Council, buying in bulk is one of the leading causes of food waste, which can cost a family of four up to $2,275 each year. Keep your spending down. Buy items that are used often and don't spoil quickly. So in the pursuit of savings, try some of these tips and you'll be catching more deals without tossing your money away. Don't forget to like us on Facebook and share your money-making mistakes. For more great videos, visit us at dailyfinance.com/savings-experiment. 2013-08-15 16:15:00.000000 315 560 02:14:00

Managing Your Money

Common money-saving mistakes that can cost you

Everyone likes to save money, but certain deals aren't all they're cracked up to be. Before you head to the stores, keep these common shopping mistakes in mind. You'll catch more deals and end up throwing away less money.

Top takeaways:

  • Refrain from telling a salesperson your maximum budget. Instead, discuss a general price range, rather than a specific price.
  • You might not get the best price if the salesperson knows how much you need the item
  • Buying in bulk is good for items you use often and that don’t spoil quickly, but avoid buying items like produce in bulk