In tough times, most people try to find ways to save money. But, there are some things that many people unknowingly pay too much for. The following is a list of products and services that people often overpay for. The list comes from LenPenzo.com, an award winning personal finance blog
High-octane fuels are not necessary unless your owner's manual calls for it. The pricey fuel is for a small group of cars that run on it.
Whether your leaving an overly-generous tip or a moderate tip for bad service, both aren't practical.
Many non-organics are grown with lower amounts of pesticide, making organic foods not worth the markups. Save money by purchasing non-organic food and wash them thoroughly.
The U.S. Food and Drug Administration says generic medicines are just as good as name brands, according to the blog post.
The FDA tests and analyzes generics for their effectiveness.
"Believe it or not, here in Southern California, where water is supposedly in short supply, I still pay one-half cent per gallon for the water that comes out of my tap," Penzo said in his post. "Despite that incredible bargain, I recently bought 20 gallons of bottled water that was approximately 200 times more expensive."
The key to financial responsibility is patience, according to the post.
Overnight shipping is much more expensive than if you wait another one to three days.
First-class seats can often cost two or three times as much as economy class. If you're too uncomfortable in coach, then consider premium economy class, which is a cheaper alternative to first-class.
Because new vehicles tend to lose more than half their original value over the first three years, buying a used car from a private owner is an economic alternative.
Whole life insurance isn't as cost-effective as term life insurance because of the fees associated. Buyers end up spending money on fees associated with investment products associated with the policy.