5 Things Most People Overpay For

5 Things Most People Overpay For

We always try to help you here on the Madison Monroe and Associates blog with ways to save money and better your financial condition.
Do you overpay on any of these five common expenses? Read on to learn a bit more about things you may overpay for.

  • 1. Phone chargers. Phone shops charge a premium price for many of their goods -- which some might argue is justified due to the specialized and technical customer service that these businesses offer. But there is no need to pay for specialized, technical assistance when buying a simple phone charger. Shop online and you will pay 50% the cost for exactly the same product.

  • 2. Groceries. Paying attention at the grocery store can save you quite a bit of money. Many stores use a strategy known as loss leading, for example ‐‐ a practice in which certain items are dramatically underpriced. Stores know they will lose money on these items, but they also know that these sales will bring people through the doors and get them spending. Paying attention to great sales, buying off-brand products, and setting a grocery budget can all make a tremendous difference.

  • 3. Bottled water. Bottled water is not held to a very high standard in terms of purity. Yet a bottle of water costs more than a thousand times more than a glass of tap water! Keeping bottled water on hand for emergencies is smart ‐‐ but don't feel bad about refilling old bottles in order to save money and reduce waste.

  • 4. Medication. Off-brand drugs are required by law to have the same active ingredients as their brand-name counterparts. The only noticeable difference is the tremendous markup in price!

  • 5. Text Books. Most university bookstores charge a premium because they know they are the most convenient option. (Or, frankly, simply because they know they can get away with it.) Buying the same textbooks online through sites such as Amazon can save you hundreds of dollars each semester.

Visit Madison Monroe and Associates online to learn more about how you can avoid common financial mistakes and build a brighter future for you and your family!

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