Saving money sounds simple, but a lot of people unknowingly sabotage their own efforts.
If you’re anything like me, you’ve probably made a few (or all) of these mistakes at some point.
The good news? Once you spot them, they’re pretty easy to fix.
1. Buying just because it’s on sale
A 20% discount sounds like a deal, right? But if you weren’t planning to buy it in the first place, you’re still spending money, not saving it.
Stores love using sales to make you think you’re getting a bargain when you’re actually spending more than you intended.
Buying something when you don’t need it is a classic money saving mistake.
A discount isn’t a deal if it tricks you into spending money you weren’t planning to.
2. Cutting back in the wrong places
Skipping your daily coffee won’t make you rich if you’re still throwing money at unused gym memberships, overpriced bills, or expensive habits.
Instead of cutting out small things you enjoy, focus on reducing major expenses first—things like insurance, subscriptions, and rent.
You can always cut out the coffee later once the big wasters have been taken care of.
3. Ignoring the ‘cost per use’ rule
Buying the cheapest option is a less obvious money saving mistake. A £10 pair of shoes that falls apart in a few months isn’t a bargain if you must keep replacing them.
Sometimes, spending more upfront on something that lasts will save you money in the long run.
I used to buy cheap shoes, thinking I was being smart—until I realized I was replacing them every few months. Then I bought a more expensive pair that lasted years.
Turns out, sometimes spending more upfront actually saves you more in the long run!
4. Sticking with the same service providers forever
Loyalty doesn’t pay when it comes to bills. If you’ve had the same energy provider, broadband company, or insurance for years, chances are you’re overpaying.
Companies count on you not checking. Comparison sites exist for a reason—use them and switch to a better deal.
If you haven’t checked your bills in a while, do it now.
5. Stockpiling deals that go to waste
Buying in bulk can save you money—until half of it expires before you use it.
Whether it’s food, toiletries, or cleaning products, hoarding stuff just because it was on offer can backfire.
If you won’t use it in time, you’re just throwing money (and space) away.
6. Ignoring small repairs until they become big problems
That tiny leak? It could turn into a flood. That weird noise in your car? Might be a huge repair bill waiting to happen.
One time, I ignored a small leak in my bathroom because it didn’t seem urgent. A month later, my floor was warped, and I had to spend hundreds fixing it.
That was the day I learned if something looks like it could turn into a bigger problem, it’s worth dealing with now.
Putting off small fixes can end up costing way more down the line and is a hidden money saving mistake.
If something’s broken, deal with it before it gets worse.
7. Relying on credit cards for emergencies
If your backup plan for unexpected costs is a credit card, you’re setting yourself up for trouble.
Interest piles up fast, and suddenly, a small emergency becomes long-term debt.
Even if you can only save a little each month, having an actual emergency fund is a lifesaver.
8. Letting lifestyle inflation eat your pay rises
Getting a pay rise feels great, but if you immediately start spending more—upgrading your car, eating out more, or moving to a pricier place—you won’t be any better off.
Instead, save a chunk of that extra income before adjusting your lifestyle. Future you will be glad you did.
9. Thinking budgeting is restrictive
Budgets don’t limit your freedom—they give you control. Without one, it’s easy to assume you’re saving, only to wonder where all your money went at the end of the month.
Even a simple budget can help you track spending and cut out unnecessary expenses.
I used to avoid budgeting because it felt like financial dieting—all about cutting things I enjoy.
Once I started tracking my money, I realised it was the opposite.
A budget didn’t take away my freedom, it gave me control. Now I can spend guilt-free because I know exactly what I can afford and what I can’t.
10. Ignoring free money
If someone offered you free cash, you’d take it, right? Yet so many people miss out on workplace pension contributions, cashback deals, and government savings programs.
If there’s money on the table, make sure you’re not leaving it there.
Avoiding these mistakes won’t just stop you from wasting money—it’ll help you build savings faster and feel in control of your finances.
Smart money choices aren’t about extreme sacrifices; they’re about paying attention to where your money goes.
And trust me, once you fix a few of these, you’ll feel way more in control of your finances!
