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Cheapskate Tactics That Just Aren’t Worth It

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Would you consider yourself to be a cheapskate? Do you keep your head down while you walk so you can find those pennies in the parking lot? Do you reuse disposable items to save a couple bucks a month? If you are answering yes to these questions, then you are likely a cheapskate.

Cheapskate Tactics That Just Aren’t Worth It

Since I am often interested in ways to save money and earn money, the show “Extreme Cheapskates” caught my attention when I was scrolling through the various options on Netflix. I consider myself to be different from these people however. Their minds are only focused on saving a few pennies here and there, and they seemingly have no interest in learning how to make more money. Many of their tactics are time consuming and save very little money, even when considered over an entire year.

Turning Two-Ply Toilet Paper into Single-Ply – One individual found out that purchasing two-ply bath tissue was cheaper than buying the same number of sheets in single-ply. So, he buys the two ply, takes it home, separates the sheets on every roll, and then re-rolls the single ply and uses that. This seemingly takes forever, and only saves him about $6 a year.

Hoarding Ketchup Packets to Fill Your Bottle – Some people go out to eat at a fast food restaurant and are very impressed with themselves when they come home with extra ketchup packets. They then cut these packets up and put the contents into their ketchup bottle. This should be a huge savings right? Not in my book. For modest ketchup users, this will likely save you $20 a year, maximum.

Searching for Coins – I honestly used to do this as a kid. My sister and I didn’t have an allowance, so we had to get creative if we wanted some money. I used to check all the pay phones and gumball machines in the area, which would net me a few cents during each outing. On this particular show, a man did this in order to buy himself a “free” dinner. He rode his bicycle around town and after spending much of the day (and travelling 40 miles), he netted himself $7.50.

Is This Really Worth It?

To be honest, these cheapskate tactics are peaking my interest because I have some lofty goals in 2014. But, when I consider the options above, I just shake my head in disbelief. Each one of these money-saving ideas takes hours and hours and pays back less than $1 an hour when you figure out the time/money ratio. For me, I could write one article for another blogger in 15 minutes and get paid $20. It simply isn’t worth my time to spend an entire Saturday looking for $7 worth of coins. My time would be much better used by earning more money. After all, the amount of money a person can earn is limitless, but the amount that can be saved is often very small. In the end, it is far more beneficial to increase your income than to reduce your expenses by $20 per year.

 

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AUTHOR Derek

My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.

7 Comments

  1. I’ve written about the extreme cheapskate techniques and how crazy they are. I would never do any of those things! For me it’s just not worth the effort. I find that my time is worth way more than the savings many of these techniques would achieve.

    • Yep. I am interested in learning more techniques though, in the event that I can use them in this upcoming year. If they are extremely time consuming (like the ones I wrote about), then I will likely ignore them.

  2. Sometimes people do really push it. I doubt its all about the money because one would be better off considering other major financial decisions that would save them more money. Penny wise, pound foolish – not a great mantra to live by 🙂

    • I have to step back sometimes so I don’t become one of those people, especially with my lofty goals of getting out of debt. I have to remind myself that I can better spend my time increasing my income than saving a few pennies here and there.

  3. I saw one episode of that show once. The family they were featuring used reusable toilet paper – essentially rags – that they would throw in a basket next to the toilet when they were done and the mom would wash every couple of days. I suppose their toilets never clogged… at least they make good (kind-of) television.

    • I saw that too… all of the rags has brown streaks on them. It was pretty gross. I think I would have the bath tissue there for guests, just in case they didn’t feel comfortable touching my butt-marked rags… 😉

  4. I admit that the show is pretty outrageous and is pretty much just there for the shock factor. However, I have learned a thing or two from it. I’d say that I learn from about 25% of the things they do. The other 75% is just rediculous or gross.


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