Another trap that people fall into is when they but brand name groceries. Brand name groceries can usually have the exact same ingredients as the off brand. What few people know is that often the brand name and off brand come out of the same “factory.” This is true of pet foods as well as food for human consumption. But, the main point is that you will often spend double (or more) just to cover the advertising that makes a brand name a brand name.
i.e.: a nine ounce box of “Rice Krispies” brand cereal will set you back about $4.79 a box, while the comparable off brand will cost $1.99 for 12 ounces. That is a $2.80 cent difference and a more dramatic difference when you look at the cost per ounce.
The price difference across all brands and their generic counterparts is most often between 10 and 50%. But, if you still want to hold on to your name brands, then the key is to go to discounters such as Save-a-Lot; Big Lots; Aldi’s; or even Wal-Mart or shop in bulk at a Sam’s Club or similar “big box” store.
How about unused gym memberships. This is another trap many people fall into. Starting usually as a “new years resolution” to “finally” lose weight people buy a membership to a local gym then never “get around to” using it. Those gym “no shows” are throwing away several hundred dollars a year and, at bigger gyms in some cities that maybe throwing away several hundred dollars a month.
We have to consider when we make these commitments are we going to be able to make the time commitment to justify the money we spend, or would we be just better off buying an exercise bike for our home.
And if you missed my previous blog on the matter of financial pitfalls to avoid you can find it at… http://michael-conway.blogspot.com/2011/05/two-economic-sinkholes.html
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