Everyone wants to save money where they can. However, family members and friends sometimes offer unsolicited and bad financial advice. So, a Reddit user asked the community what the worst advice they received regarding frugality was. Here are the top twelve common responses.
1. Use a Credit Card to Travel the World
Someone shared that their friend used a credit card to travel the world because they were young and planned to worry about paying it off later. Sadly, they are still paying it off almost ten years later.
2. Buying Cheap Shoes
Cheap is used to relate to lower quality. A user shared that buying cheap and improperly sized shoes is not always a good deal even though they are “on clearance.” They added, “Seriously ruined my feet during my childhood and adolescence, and I pay the price every single day with constant pain. “
3. Don’t Get Rid of Anything
A user shared that their parent’s house is filled with items they don’t use. Sadly, their parents often needed something they knew they had but could not find the item. So, they ended up buying a new one.
4. Renting Furniture
A user shared that their parents recommended renting furniture because they believed the payments would “be cheaper.” So, his parents used those places for all of their furniture back in the 90s because they never had any money saved to buy anything outright.
5. Leasing a Car
One user said he had enough cash to buy a car. However, his relative tried to talk him out of the plan and lease a car instead.
6. Skip Breakfast
Some editorials suggest that people who are “broke” should skip breakfast to save money. A user responded with a shocking “Wow,” pointing out that some people don’t even have a choice.
7. Buying a Cheap Mattress
Another user said buying a cheap mattress can lead to back pains. They shared that their partner hurt their back a few years ago and tried going through doctor visits, acupuncture, and inversion tables. However, after staying at a Las Vegas hotel for the first time, their partner woke up with no pain for the first time.
8. Max Out Your Student Loans
A user said their mom told them to take out the max allowable school loans because “The rate is low, and you’ll be investing in your future. It’ll be the best option in the long run.” The user was glad they didn’t follow their mom’s advice because they would’ve never those off. Instead, they worked a few jobs, took out the minimum, and paid it off two years after graduation.
9. Taking the Train To Save Money
A user said they were often advised to take the train. However, upon looking at train tickets, they were initially shocked to find the time and cost not worth it. They said, “Not only do trains take FOREVER to get anywhere, but they weren’t even that much cheaper than planes.”
10. Working Overtime
Some people don’t want to work overtime because their afraid it will push them into the next tax bracket. Another user said, “My boomer uncle allegedly turned down a raise because it put him in the next tax bracket, and his take-home would be less.”
11. Always Buy The Biggest One
Some people believe you pay the least per pound if you buy the biggest one (or in bulk). A user shared that this plan doesn’t work when things expire and never gets used.
12. Coupons Make Items “Free”
A user said a friend always pushed them to use coupons because they got a deal and were told they were getting the item “basically free.” However, to them, they were still spending money, and it was an item they were never interested in.