50 Terrible Ways To Try and Save Money

Closeup front view of a mid 20's man biting on a juicy burger outdoors.
Closeup front view of a mid 20's man biting on a juicy burger outdoors.

Whether you’re trying to save up for a big purchase, are looking to spend less to pay off debt or are just frugal by nature, there are plenty of ways you can save money. However, some money-saving measures are just not worth it.

Find Out: 28 Dumb Ways You Could Lose It All by Trying To Get Rich

If you’re looking to save money, these are the 50 worst ways to do it — so think twice before trying any of these methods.

Last updated: May 3, 2021

Shot of a mature man experiencing back pain while out for a ride on his mountain bike.
Shot of a mature man experiencing back pain while out for a ride on his mountain bike.

Skipping Your Annual Physical

Many times preventive healthcare is completely covered by your insurance, but even if it’s not, paying a co-pay is a small price to pay to make sure your health is on track. Otherwise, you might develop serious health issues that will be more expensive to treat in the long run.

Discover: See the Full List of Money’s Most Influential and More

business man wearing a professional suit
business man wearing a professional suit

Buying an Ill-Fitting Suit Because It's on Sale

Unfortunately, first impressions really do matter. Wearing a suit straight off the sale rack that doesn’t fit right can leave a bad impression at a big meeting or job interview. If you do buy a cheap suit, at least pay for tailoring to get it to fit.

Find Out: Don’t Miss Out on Nominating Your Favorite Small Business To Be Featured on GOBankingRates — Ends May 31

Cropped shot of a young man with his broken down car on the side of a road.
Cropped shot of a young man with his broken down car on the side of a road.

Skipping Your Routine Oil Change

How often you need to get an oil change will depend on your car and the type of oil you use, but cars that use modern lubricants typically need an oil change every 5,000 to 7,500 miles, according to AAA. Skipping this routine service can lead to the need for more costly car repairs down the line.

See: All You Need To Know About the Economy and Your Money

Close-up of athlete's sports shoe during stretching exercises on a road at sunset.
Close-up of athlete's sports shoe during stretching exercises on a road at sunset.

Running Your Sneakers Into the Ground

Yes, running shoes are expensive, but keeping yours too long can lead to injuries.

“A new shoe is always cheaper than a doctor’s visit,” podiatrist and athletic trainer Lisa Schoene told SELF.

Read More: All You Need To Know About the Economy and Your Money

Woman exercising with weights in the gym.
Woman exercising with weights in the gym.

Canceling Your Gym Membership

Your health is invaluable, so canceling your gym membership is not the best way to save a few bucks every month. If you are in a financial pinch, consider temporarily freezing your membership or joining a less expensive gym.

Photo of a stressed man going trough his financials problems,he is sitting in kitchen late at night checking and paying bills.
Photo of a stressed man going trough his financials problems,he is sitting in kitchen late at night checking and paying bills.

Not Contributing To Your 401(k)

It can be painful to part with any percentage of your paycheck, but not contributing to your 401(k) now is hurting your future self. This is an especially bad move if your company offers an employer match — by not contributing, you’re leaving free money on the table.

A man straining and injuring his back lifting a large truck tire improperly.
A man straining and injuring his back lifting a large truck tire improperly.

Opting Out of Health Insurance

You might not think you need health insurance if you’re in good health, but you’ll regret skipping out on the monthly payment if you get hit with an extremely high medical bill in the case of an unexpected health event.

Man changing wheel after a car breakdown.
Man changing wheel after a car breakdown.

Keeping Your Car Too Long

A car is a major investment, so it makes sense that you’d want to hold onto your vehicle as long as possible. However, when it gets to the point that your car is spending more time at the mechanic’s shop than on the road, it’s time to let it go.

girl drinking Starbucks Coffee
girl drinking Starbucks Coffee

Giving Up Your Latte

There’s a lot of financial advice out there that advocates for giving up your daily latte to save money, but if your Starbucks run truly gives you joy, it’s OK to keep this indulgence. After all, it’s just a few bucks and there are other, more efficient ways to save money.

Find Out: 50 Ways You’re Throwing Money Away

Young couple working on reconstruction of their apartment.
Young couple working on reconstruction of their apartment.

DIYing a Major Home Repair

You can probably handle giving your wall a fresh coat of paint or installing a shelf, but major home repairs — especially those that involve plumbing or electricity — should be left to the professionals. Attempting to do these repairs yourself could, in the worst cases, lead to your home flooding or catching fire.

Financial advisor consulting new clients.
Financial advisor consulting new clients.

Not Meeting With a Financial Advisor

Financial advisors can help you set financial goals and create a plan for achieving them, as well as offer invaluable investment advice. Yes, meeting with an advisor costs extra money, but it can really pay off down the line.

Retirement, retired
Retirement, retired

Opting Out of Life Insurance

If you’re young, you probably don’t feel like you need life insurance. But if you have a family, you should invest in life insurance to make sure they’ll be taken care of in case the unexpected happens.

woman grieving in funeral home
woman grieving in funeral home

Not Creating a Will

You can create a will online for under $100, and it will ensure that your assets are distributed as you want them.

man reading magazine on airline
man reading magazine on airline

Flying a Budget Airline

You might save on the upfront ticket cost, but budget airlines tend to nickel-and-dime you for things that would be included in a standard airline ticket, like having an assigned seat or being able to stow a carry-on bag. In the end, you could end up paying more once these extra costs are added in.

A senior African American Man enjoying refreshing water after a workout.
A senior African American Man enjoying refreshing water after a workout.

Not Using a Water Filter

Tap water could contain contaminants that can be bad for your health, so it’s worth investing in a water filter to make your drinking water safe. You can buy a water filter pitcher for less than $40.

Woman is shopping in supermarket and scanning barcode with smartphone.
Woman is shopping in supermarket and scanning barcode with smartphone.

Opting Out of the Extended Warranty on Your Smartphone

Consumer Reports generally advises against purchasing extended warranties but says that smartphones are the exception. That’s because these fragile devices go everywhere with you and could easily break. When your screen cracks, you’ll be happy you sprung for AppleCare or Samsung Premium Care.

Girl changing looks giving herself a with DIY cut.
Girl changing looks giving herself a with DIY cut.

Cutting Your Own Hair

You’re much better off going to an inexpensive salon chain than trying to cut your own hair. The results could be disastrous — and hair takes a long time to grow back.

Man holds cheeseburger with hands.
Man holds cheeseburger with hands.

Eating Fast Food

Ordering off the dollar menu can be tempting when you’re trying to save money, but making fast food a major part of your diet can affect your health in ways that become costly to treat. The long-term health risks that can come with eating a poor quality diet of junk food include a higher risk of digestive issues, heart disease and stroke, type 2 diabetes, cancer, obesity, depression and early death, according to The Washington Post.

Young couple after grocery shopping on parking lot, putting groceries in car trunk.
Young couple after grocery shopping on parking lot, putting groceries in car trunk.

Canceling Your Warehouse Club Membership

When you shop frequently at Costco or Sam’s Club, the savings you get can cancel out the cost of your membership. You could end up spending more if you forgo the annual expense.

Unrecognizable man holds a pill bottle containing prescription medication.
Unrecognizable man holds a pill bottle containing prescription medication.

Not Filling Your Prescriptions

Prescription drugs can be costly — even with health insurance — but if your doctor prescribed something, that means you should take it. Skipping a prescription refill to save money could have long-term effects on your health and simply isn’t worth the risk.

Doctor dentist showing patient's teeth on X-ray.
Doctor dentist showing patient's teeth on X-ray.

Not Going To the Dentist

Most people hate going to the dentist, but skipping your six-month cleaning is a bad way to save money. This could lead to dental issues going unchecked, which can necessitate expensive dental work down the line.

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Male Motorist Involved In Car Accident Taking Picture Of Damage For Insurance Claim.
Male Motorist Involved In Car Accident Taking Picture Of Damage For Insurance Claim.

Not Having Car Insurance

Not all states require auto insurance, but it’s always a good idea to have it. Otherwise, you could personally be on the hook for repairs or medical expenses in the event that you hit another car or injure someone.

Body temperature.
Body temperature.

Using Homemade Remedies When You're Sick

Drinking warm tea, taking a hot bath or eating chicken soup might make you feel better temporarily when you feel ill, but if you have pneumonia or bronchitis, you’ll need actual medicine to get better.

man taking a selfie with his dog
man taking a selfie with his dog

Skipping Your Pet's Vet Visit

Pets typically should be seen by a vet at least once a year depending on their life stage, according to WebMD. Skipping your pet’s checkup could make them vulnerable to developing major health issues that can be costly to treat.

woman checking price on clothing sale
woman checking price on clothing sale

Buying Something Just Because It's on Sale

Finding a good deal on something that you truly need is a great way to save money. But buying something just because it’s majorly discounted means that you’re spending money you wouldn’t have otherwise. Before you buy something off the sale rack or from a flash sale online, take the time to think about whether or not you actually need it or are just giving in to an impulse.

bulk-dried-fruit
bulk-dried-fruit

Buying Perishable Items in Bulk

If you buy something in bulk and end up throwing a lot of it away because it expired, you’re not really getting a deal. Only buy in bulk what you know you will use, or stick to only buying nonperishable items in bulk to be safe.

Beautiful american housewife checking mail box.
Beautiful american housewife checking mail box.

Factoring In a Rebate That You Won't Actually Get

Rebates can be complicated to redeem. If you know you’re someone who won’t actually take the time to print out receipts and proof of purchases, and mail forms in for a rebate, don’t factor the rebate into the cost of an item. Look for an item that’s cheaper without a rebate.

Third party printer cartridge in the hand.
Third party printer cartridge in the hand.

Buying Cheap Products With Necessary Parts Missing

Buying a battery-operated device without batteries included or a printer without ink included might seem like a good deal. However, when you factor in the extra costs of batteries or ink, you might find it’s a better deal to buy the item with the necessary parts included.

Smiling woman doing credit card purchase.
Smiling woman doing credit card purchase.

Applying For a Store Credit Card

Retail workers will often try to tempt you with a big discount if you apply for the store credit card. However, retail credit cards have notoriously high interest rates, so the interest you pay on the card can end up canceling out any initial savings.

Young, stressed woman is calling emergency service  to help her with a broken car.
Young, stressed woman is calling emergency service to help her with a broken car.

Skipping Emergency Fund Contributions

Your emergency fund is there to help you when you face an unexpected life event, such as a job loss or a necessary home repair. If you’ve been skipping out on contributing to this fund, you can be in a vulnerable place if you have a financial emergency. Relying on a loan or credit card to cover unexpected expenses means you’ll have to pay back what you owe plus interest, so the emergency will end up costing you more.

Woman choosing sunscreen lotion.
Woman choosing sunscreen lotion.

Buying Everything at the Dollar Store

A dollar store is a great place to find deals, but for some items — like sunscreen, power strips and meat — quality really does matter, and you’re better off paying more.

pens
pens

Stealing Office Supplies From Your Employer

Swiping pens, paper and other office supplies for your personal use is a good way to land in hot water with your employer. These items are pretty cheap and not worth putting your job at risk.

Young man doing contactless payment for fries.
Young man doing contactless payment for fries.

Skipping Credit Card Payments

If you can’t realistically cover all your bills, try to prioritize the payments that will come with a high interest rate if you don’t pay. This means you should be paying as much of your credit card bill as you can. Skipping a payment can not only lead you to pay more in interest, but it can ding your credit score as well.

Close up of women's hands holding smartphone.
Close up of women's hands holding smartphone.

Not Investing

Many people avoid investing because they deem it too risky. However, this mindset can cause you to miss out on potentially high returns. There are a number of investment options for even the most risk-averse investor, such as a certificate of deposit.

Read: These Are the Best Banks of 2021 – Did Yours Make the Cut?

A young mixed race Indian and Caucasian man, in his 20s, with long black hair, beard and mustache.
A young mixed race Indian and Caucasian man, in his 20s, with long black hair, beard and mustache.

Buying Knockoffs

Some expensive items really are worth the cost. For example, spending $1,000 for a name-brand tablet might seem like a lot, especially when you can find a knockoff for much less. However, this cheaper tablet might not work as well or break easily. If it doesn’t work, you just wasted hundreds of dollars when you could have invested in a quality product instead.

Couple Walking Towards House
Couple Walking Towards House

Paying Your Mortgage Off Early

Before you pay your mortgage off early to avoid paying interest over the whole life of your loan, be sure that your lender does not charge a prepayment penalty, as these fees could add up quickly. You could end up losing money if your lender charges a substantial penalty, according to SmartAsset.

Opened door of hotel room with key in the lock.
Opened door of hotel room with key in the lock.

Staying at a Budget Motel

When it comes to vacation accommodations, many times you really do get what you pay for. Staying at a budget motel you spotted on the side of the road might not be worth it if the rooms include uncomfortable beds, bug infestations or bad odors. A better way to save is to search Priceline or Expedia before your trip to find a good deal on a nicer hotel.

Below view of a young smiling woman refueling gas tank at fuel pump.
Below view of a young smiling woman refueling gas tank at fuel pump.

Using the Wrong Gas for Your Car

Premium gas is always going to cost more than regular gas, but if your car requires premium, don’t skimp out. Using regular with a car that needs premium gas will cause it to become less powerful and fuel-efficient, according to TrueCar. Less fuel efficiency means you could end up having to pay more for gas in the long run.

Attractive brunette woman choosing lettuce to buy in a supermarket.
Attractive brunette woman choosing lettuce to buy in a supermarket.

Never Buying Organic Produce

It’s definitely more expensive to buy organic foods, and sometimes it truly isn’t worth it. But some foods are more prone to carrying pesticides than others, and in these cases, it could be worth the price difference to opt for organic. The EWG has identified the “dirty dozen” foods that have the most pesticides when nonorganic: strawberries, spinach, kale, nectarines, apples, grapes, peaches, cherries, pears, tomatoes, celery and potatoes. Opt for organic when buying these foods whenever possible.

Woman washing hands in kitchen.
Woman washing hands in kitchen.

Buying Cheap Paper Towels

Consumer Reports tested several brands of paper towels for absorbency, scrubbing and wet strength, and found that Bounty paper towels were worth their premium price. The organization noted that Family Dollar and CVS’ house brands both scored poorly in all tests, which means you would need more paper towels to get the job done — so you could end up spending more in the long run.

Rearview shot of an unrecognizable man holding his back in discomfort due to pain inside at home.
Rearview shot of an unrecognizable man holding his back in discomfort due to pain inside at home.

Buying a Cheap Mattress

Sleep has a number of health benefits, so it’s important to invest in a mattress that can provide you with a restful night. Cheap mattresses leave owners less satisfied and have a shorter lifespan than midpriced and high-priced mattresses, mattress review site Sleep Like the Dead found.

Young woman passenger collecting her luggage from conveyor belt.
Young woman passenger collecting her luggage from conveyor belt.

Skimping on Luggage

Travel is stressful enough without having to worry about your luggage falling apart when you’re rushing through the airport. Opt for quality luggage that costs more for the extra peace of mind.

Young multi-ethnic hipster friends relaxing on living room sofa and watching film on TV.
Young multi-ethnic hipster friends relaxing on living room sofa and watching film on TV.

Always Saying 'No' to Plans

Attending every wedding, party, dinner and social event can be costly, and it’s definitely OK to say “no” to save money. But when you find that you’re barely leaving the house in an attempt to not spend, you’ve probably taken it too far.

Find Out: 19 Effective Ways To Tackle Your Budget

Portrait of cheerful man paying for order with credit card in cafe.
Portrait of cheerful man paying for order with credit card in cafe.

Not Leaving a Tip

Many service industry professionals rely on gratuity to get by. Not leaving tips for your server, bartender, hairdresser or other service worker is truly a terrible way to save money.

boring living room interior with furniture
boring living room interior with furniture

Furnishing Your Home With Trash

It’s possible to furnish your home with pieces of furniture that others have discarded and left out on their curbs, but this might not be the best way to save money. You have no idea how sanitary the previous owner was, and you could be bringing in germs — not to mention bedbugs — into your home.

Green tomatoe with Gray Mold disease (Botrytis cinerea) and Phytophtora infestans.
Green tomatoe with Gray Mold disease (Botrytis cinerea) and Phytophtora infestans.

Holding Onto Moldy Food

It can be painful to throw away an entire piece of fruit or jar of sauce because it has started to grow mold, but for the sake of your health, you really should. Mold can cause allergic reactions, respiratory problems or make you sick.

Closeup of unrecognizable woman doing dishes with lots of dirty plates and pots waiting aside.
Closeup of unrecognizable woman doing dishes with lots of dirty plates and pots waiting aside.

Diluting Hand or Dish Soap

Adding water to your hand or dish soap to make it last longer is not a good money-saving solution. Diluting the soap makes it less effective, so you’re better off buying a new soap that will actually do the job it’s meant to do.

Home inspector, repairman, adjuster examines air conditioner units at a customer's home.
Home inspector, repairman, adjuster examines air conditioner units at a customer's home.

Skipping Annual HVAC Checkups

Both your heating and cooling systems should be checked by a contractor once a year to prevent future problems and unwanted costs, according to Energy Star. Skipping this checkup could not only lead to a need for expensive repairs down the line, but could also leave you without heat in the winter or air conditioning in the summer if you end up needing a major repair.

person hand washing laundry
person hand washing laundry

Hand Washing All Your Laundry

You might save a few bucks on your electric bill by forgoing the washer and dryer, but washing everything by hand is far less efficient. Time is money, after all.

Woman giving money to homeless person in an urban passageway.
Woman giving money to homeless person in an urban passageway.

Never Giving Money to Others

Numerous studies have shown that giving makes you happy. Whether you give the barista $5 to cover the next customer’s coffee order or donate to a cause you are passionate about, the emotional reward you get from giving is certainly worth more than the money you give.

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This article originally appeared on GOBankingRates.com: 50 Terrible Ways To Try and Save Money

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