Saving has become an important part of life. In order to earn a pitcher of pennies, people like you often try to use such techniques that force people like you to overspend. Every person tries to cut every corner of their spending whenever possible. There are tons of techniques that seem to be designed to lure you or are designed for your saving, but actually are going opposite to that.


Here are some saving practices that potentially backfire the people when they are not alert and careful:


Saving Money due to wrong product

Purchasing Real Estate

Going Beyond Tax Savings

Buying Low Premium Health Insurance

Avoiding Taking term Plan

BY avoiding expert advice

Not Writing Will

Financial Planning

But it yourself Strategy

Cheaper Consumption Options

Right Footwear

Cheap Vacation Packages

Self Medicating



  1. Saving money by choosing a wrong product


  • Purchasing a real estate: Most of the people do not hire a financial consultant before buying a real’s estate. This is because they do not want to give any extra fees to that consultant. However these consultants can give  the right advice that can help you in drawing your money in the wrong way.
  • Go Beyond Tax Savings: Tax Saving is the most interesting feature when it comes to buy a financial product. Sometimes people end up saving in wrong products that do not reap anything financially to us. So try to choose a scheme tat gives your better returns and can have better savings.
  • Choosing funds with cheaper Expense ratio:Most of the people choose the Mutual Funds that have cheaper expense ratio. It is not only the deciding factor to choose a mutual fund. Saving money by going for cheaper variants
  • Buying Health Insurance of Low premium: In order to save a penny every time, people often go for the cheapest Health Insurance without caring about the health of the person. Thus, it is advised to go for the best insurance scheme and try to add some wonderful riders.
  • Avoiding Term Plans: Most of the people tend to avoid Term Insurance as it doesn’t reap any benefits to the person in case he is living. However, a person does not know that in case, of your uneven death, this is the plan that will help your near and dear ones financially.


  1. Saving money by avoiding an expert.
  • Not Writing the Will:  If a person do no writes his will, it means your near and dear ones do not have access to your wealth. You probably want to bestow them. In such period of time, your closed ones will be left in an intermediate state. It is all because you may not want to hire an expert that can run your will in place.
  • Financial Planning: Financial planning is one of the most fundamental parts of our lives. It is generally ignored. Most of people like you choose the financial advisors on their own. As the future strikes, your investments have to suffer a lot due to wrong financial moves and inexperience.
  • Buy it yourself: It is advisable to hire a professional person to take advice while purchasing a financial product. Many times investment decisions can go wrong due to “Do it yourself approach” and in the absence of expert views.


  1. Saving money by choosing cheaper consumption options


  • Right Footwear: People often try to buy the mediocre footwear that cause a lot of foot problems. These problems can cause a lot of medical problems and can increase the expenses of medical expenses. Thus, right saving, habit can lead you to overspending.
  • Going for attractive and cheap vacation packages: Most of the travelers got hit with these cheap vacation packages. A man must go through all of the packages, popularity of the travel agency.