Don’t buy food in bulk, and other counter-intuitive money saving tips
MARK KEGANS, Associated Press
It may be common knowledge that a fool and his money are soon parted, but that doesn't keep savvy consumers from falling into common financial traps.
A video designed to explore misconceptions about saving money was released Thursday morning, and some of its suggestions are quite surprising.
“Everybody likes to save money when they shop,” the video says in its introduction, “but be careful, the deals you hunt can sometimes bite back."
Part of Daily Finance’s “The Savings Experiment,” a video series designed to help consumers save money on everyday expenses, the new video divides its advice into two categories: How to deal with a savvy salesman and how to understand the true value of a sale.
One misconception highlighted in the video is the benefit of buying food items in bulk.
“Buying more can sometimes save you less,” the video’s hostess explains. She cites the Natural Resources Defense Council’s statistic that buying in bulk is one of the leading causes of food waste in America.
According to the video, overbuying food items can cost a family of four up to $2,275 in unneeded expenses per year.
This advice goes against a common belief that buying in bulk will save money in the long run, since the price per ounce is usually far cheaper in bulk items. But as the video points out, perishable bulk items often spoil and go to waste.
To help keep spending down, the video suggests to instead buy food items that are used often and don’t spoil quickly.
Watch the video on DailyFinance.com.
- Does it really matter if you grew up rich and...
- Win or lose, discrimination suit is having an...
- What 'The Office' teaches us about job...
- Balancing act: 'Soft skills' are important at...
- Dave Ramsey says: Tips for handling a child's...
- Embracing change: Utah County leaders examine...
- Looking for a job near home? Good luck, it's...
- In rare deal, Boehner, Pelosi tout wins for...
- Why you should begin planning for... 9
- In rare deal, Boehner, Pelosi tout wins... 5
- Economy is recovering despite wage... 5
- Does it really matter if you grew up... 4
- The middle class has had a rough couple... 2
- 2015 mortgage rate trends: What house... 1
- For business, more women in charge... 1
- Win or lose, discrimination suit is... 1