Do You Really Need It?

Do You Really Need It?

Do You Really Need It?

It can be difficult to save money. It's even more difficult when we spend our hard earned cash on items that we think will be either good products or somehow good for us. Everyday consumers are inundated with new products and services that they most certainly could live without. Everything from satellite television and frequent buyer cards to movie theater snacks are what many of us would refer to as rip-offs. As consumers we do have to choice to buy or not to buy; but when you're at the movies, where else are you suppose to get your popcorn?Market inefficiencies, as economists refer to them, are when we pay more for something than its value. Many companies rely on consumer naivet and pressure when they push these 'must have' items. While purchasing $100 worth of books you are suddenly offered a book club card for another $20. The discount begins with your next purchase. For those in a hurry or feeling the pressure from the long line of customers behind them, they simply fork over the additional $20. Here are a handful of the more popular, and well known, 'rip-offs':Brace yourself but it's been noted that Americans spend more than a billion dollars a year on travel insurance, which is meant to protect us from stolen luggage and cancelled flights. This is of the kind of travel insurance that is paid to agents. For most of us, this coverage comes with credit cards, so paying for it 'again' is redundant and is also a waste of money. If you're unsure what your insurance or credit card coverage is, check before paying for additional coverage you may not even need.Another household favourite that has been labelled a rip-off are the ready-to-drink baby formulas. The premixed brands cost around $45 for 6-32 oz cans. By purchasing the water-mix powder and doing it yourself, you can make 162 ounces for less than $25. That's an enormous savings with one product costing 23.4 cents an ounce compared to 14.9 cent an ounce. There's a 57 per cent mark-up to have someone add the water and shake it for you.The handy but controversial credit card gift cards have definitely made the consumer rip-off list. It's only recent that consumer protection is coming down hard on these companies and it's suspected this protection will spill over onto gift cards as well. Whether you're buying a $25 or a $5,000 care, American Express charges $3.95 for the card. Companies like Visa charge $3.50 for each card plus an additional $2.50 monthly fee after the first 12 months. Another issue with the cards is that many merchants will reject them if the amount on the card is less than the purchase price of your items, so any remaining balance on the card cannot be used.A little common sense and research will go a long way when it comes to saving more of your money.

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