8 Shopping Myths That Quietly Drain Your Wallet

“A bad shopping habit

Can drain your wallet,

But You can learn how

To stop it now

And enjoy cash savings benefit.”

According to Wikipedia, A myth, is something widely believed but false. My goals is to destroy the many shopping myths that still exist today, by bringing you facts, based on research my latest research.

Today you’ll learn 8 myths many people believe and do each day that quietly drain their wallets. I say quietly drain because most of the damage done through bad shopping habits happens quietly. And bad habits have a way of causing damage so easily and effortlessly it can often go unnoticed until something breaks down.

Here are the 8 habits that quietly drain people’s wallets. How many do you notice in yourself?

1. Buying the largest package saves more.

This is a myth born out of the days when people had large families. Today, with families shrinking in size, marrying later or never, and seniors who live alone, buying in bulk isn’t always best. The key is will you use the items, especially if they’re perishable. Many people throw away whatever savings they tried to get because the items spoiled forcing them to throw the item away.

2. The cheaper price is always the best buy.

This is often the first reaction of most consumers. Shop for the cheapest price and you can’t go wrong. Right? Wrong. The cheapest price isn’t always the best price if the item breaks down when you need it the most. It’s not the cheapest if you have to replace it over and over again because of cheap materials or craftsmanship. And it’s not the cheapest if it endangers you or your families’ safety or peace of mind.

3. If it cost more it’s a better value.

This is usually what people say who overpay for goods and services. This is a myth that drains more wallets than most of the myths listed here. Enormous amounts of products and services sell each year that’s overpriced because the buyers refused to comparison shop, bargain, or negotiate. The result is almost always paying more.

4. I don’t have to research a product I’ll just ask the salesperson.

This is the credo of the lazy minded shopper. I once thought only rich people had this attitude until I researched, interviewed, and studied them. I found the reason many people were rich is because they took the opposite view. They did their own research before ever talking to a salesperson.

5.The salesperson always has my best interest in mind.

It’s surprising but there’s many people who still believe this. Those are probably the same people who believe in Santa Clause and the Tooth Fairy, but that’s another story. This is not to knock sales people; I’ve sold many products and services myself. But to think sales people always have your best interest in mind is asking to have your wallet drained.

6. The most important thing is the monthly payment.

This statement is like music to a sales persons ears, especially if they sell big-ticket products like homes or cars. When you say that to a car salesman they hear ‘Cha-Ching’ ringing in their ears. Why? Because they know they can sell, add on, and pack the deal to the hilt, as long as they fit it into a small monthly payment.

7. I want it now it may not be here tomorrow

This is a statement most over extended credit card users make. That’s the person who sees something, buys it, then figures out how they’ll pay for it later. It’s hard for the person who has the “I want it now attitude” to save money or ever get the best price on anything.

8. I am bored, depressed, upset I think I’ll go shopping.

The person who goes shopping when emotionally upset is like a person who drinks and goes for a drive. I call this person a recreational shopper. A person who spends money to feel good or for entertainment. Good for retailers bad… for your wallet. If you must go shopping under these emotional conditions leave your credit cards at home. Or shop and Dollar stores or garage sales.

Now that you’ve read the 8 habits that drain quietly drain peoples wallets how many did you notice in yourself? Make a commitment to work on the bad habit -or habits you’ve discovered. Action is the best way to stop your bad shopping habits from draining your money.