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But no matter how well-intentioned we are, some of those strategies might actually be working against us.
Below are some more ways we think were saving that experts sayarent actually working to our benefit.
Instead, he recommended focusing on buying only what you need and can consume within a reasonable time frame.
Its more economical and reduces waste, he said.
While these rewards can be beneficial, they often encourage unnecessary spending to earn points, he remarked.
Saving Whats Left After Spending
The mindset of saving whats left after spending is another pitfall.
This often results in minimal savings, said Godur.
He said amore effective habitis to automate savings, treating it as a non-negotiable expense.
By setting up automatic transfers to a savings account, you prioritize saving and adjust your spending accordingly.
Abid Salahi, finance expert and co-founder ofFinlyWealth, agreed that automating savings can be a game-changer.
Relying On Loyalty Programs
Another prevalent yet ineffective money-saving habit is relying on loyalty programs.
While these programs seem appealing, Salahi said they often encourage consumers to spend more to earn rewards.
Waiting For Sales
Many people mistakenly think waiting for sales is asmart saving strategy, said Salahi.
This often leads to impulsive buying behavior when items are discounted.
Amore effective wayof establishing specific savings goals, he advised, is to establish objectives.
Individuals may need help prioritizing their finances, he said.
Godur similarly agreed and noted that whilepopular money-saving tacticsmight seem effective, they often lead to counterproductive results.
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