Saving Money Is A Huge Scam That Keeps People Poor
Saving can sometimes be counterproductive and cause you to spend more money. In this video, I explain how people spend more money by trying to save.
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00:00 It’s A Marketing Strategy
01:04 Coupons
02:05 Meeting A Price Point To Get A Discount
03:13 Buying Cheap, Low Quality Items
04:24 Becoming A Member
05:29 Discounted Items You Don’t Need
06:43 Expensive Costs Not Connected To The Main Price Tag
08:06 Suggested Retail Prices Vs. Sales Price
09:28 Focusing On Price, Rather Than Focusing On What You Want
10:01 Saving For The Sake Of Saving
We often think that saving money is a good thing that benefits us financially; however, saving money can sometimes be counterproductive and make you spend more money. Companies uses sales, discounts, and promotions as marketing strategies to get you to spend more money when you think you are saving money. In this video, I share 9 different strategies companies use to get you to spend more money.
1. Coupons
Although coupons can allow you to save money, the point of coupons is to get you to buy things you wouldn't have bought and make you think it is the best price available. If you have a coupon for an item that you actually want to buy and know it is the best price, then it can help you save money; however, don't use a coupon for the sake of using a coupon.
2. Meeting A Price Point To Get A Discount
Some stores offer discounts with items if you meet a certain price point. For example, you might be able to save $15 on groceries if you spend $75. Although this is a good deal, sometimes people end up buying more than they would have to meet the price point, which ultimately costs them more.
3. Buying Cheap, Low Quality Items
Many products nowadays are very cheap, and although you might save money on the product in the short term, in the long term you end up having to spend more because you have to replace the low quality item. It is better to spend a little more upfront on a high quality product because it will save you money in the long term.
4. Becoming A Member
Companies like Amazon offer memberships that seem like they allow you to save money through cheap prices and free services. Although, in theory, you can save money by using the service, what normally ends up happening is people start buying more things to justify the membership and because they have easy access to shopping. If you go without the membership you can often save more money.
5. Discounted Items You Don’t Need
Often stores have discounted tables with different items at are at very low price tags. Sometimes we end up buying these items thinking that we are saving money; however, we would save a lot more money if we did not buy the product in the first place. Make sure you are buying something because you want it, not because it's at a discount.
6. Expensive Costs Not Connected To The Main Price Tag
Some companies, like discount airlines, offer very cheap prices on their service. And although the prices are cheaper, the big expenses come after the purchases. It is important to ask yourself, "Do the expenses stop or begin at the main price tag?”
7. Suggested Retail Prices Vs. Sales Price
Companies often trick you into thinking that you're getting a good deal by putting a highly inflated price next to the sales price. This price, however, is often just a made up number and nobody is selling it at this price. It is important to compare prices to know what the market value for an item is.
8. Focusing On Price, Rather Than Focusing On What You Want
Sometimes we want to save money that we end up not getting the items that we want. For example, when I go clothes shopping, I often make the mistake of going to discount stores to save money; however, I end up getting a bunch of clothes that I do not wear. Sometimes it is better to spend more money upfront to get what you want so that you actually get use out of it.
9. Saving For The Sake Of Saving
Many times savings can be counterproductive because we end up spending more money than we would have if we just didn't try to save in the first place. When it comes to saving, it's important to remember that you don't save money by spending money, but you have money by not spending money.
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