Asked on 16 Nov 2018
Spending more money to save money. Buying things in bulk when you don’t really need it but because they are cheap. Afterwards will throw them away cuz past expiry date.
Not having a plan. Without a plan, you’re planning to fail.
Not including some debts(credit/home/etc) into their own financial statement as they are too embarrassed/self conscious about it.
I know someone who travelled all the way from Jurong to Eunos to buy 50 Otaks for a BBQ gathering because the unit price was cheaper (not sure how much cheaper). Then have to throw many of the otak away because can't finish them at the end of BBQ.
Thinking buying something extra (such as drinks/upsizing meals) is just a few cents extra. it adds up
Failing to do budgeting and end up overspending especially if they have/use a credit card.
Thinking mobile plan is cheaper than sim only + buying phone elsewhere.
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Being enticed into purchases by these wordings...
TODAY ONLY!!/LIMITED TIME!!!
ADD ONLY $XX/$0.XX FOR XXX!!!
YOU WILL NOT REGRET!!! (Actually you will lol)
Instead, hold your cash back and return a week later if you really need to buy.
(1) IF you need to, you'd buy regardless because you can't wait.
(2) IF you can wait, you can wait for the next sales.
(3) IF the next sales doesn't happen; (1) will happen. IF (1) doesn't happen, it means (2) can happen. Repeat the process and you'd notice you actually don't need it at all = save money (hooray!)
Can boil down to FOMO for me, say coupons are expiring and they are enticing me to apply it before a certain date. They even extend the deadline for the coupon. Book depository has been doing this to me and a major part of my library is all thanks to this..
Spending to save.
Buying endowment plans / topping up srs / topping up cpf / any other similar forced savings when it would have done better in a multiplier bank account or when you are unsure if you will ever see that money when you really need it.
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