Frugalizing Your Family: Money Myths or false promises

By Susan Flynn

Don't be fooled by false promises. There's plenty of misinformation circulating when it comes to effective ways to save money. Don't, for example, kill yourself washing dishes in the sink when it's cheaper to run the dishwasher. Here, frugal living experts debunk some of the more persistent cost-cutting rumors:

  • Myth: Warehouse clubs, such as Costco, Sam's and BJ's, have the best deals.
    Not always. "We are finding cases where the per-unit price at warehouse stores is more expensive than grocery stores," says Gary Foreman of The Dollar Stretcher. Frugal living author and founder Jonni McCoy agrees. People are better off shopping supermarket sales than buying their brand names in bulk, she says.

  • Myth: Unplugging microwaves, toasters and lamps is a big money saver off the electric bill.
    Not really. "We're into inexpensive, but we're not into inconvenient," says Annette Economides of The HomeEconomiser Newsletter. It's best to focus on turning off and unplugging the computer, a big energy drain.

  • Myth: Coupons are always cost-effective.
    Nope. "Double coupons can be helpful, but typically we have found a coupon will take a name brand item and take it down to the same price as a generic," says Foreman.
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  • Myth: Switching the lights on and off throughout the day uses up more electricity than leaving them on and just turning them off when you leave home or retire for the night.
    Actually, it always saves money to turn off any lights not in use. When it comes to heat, however, it's more cost-effective to keep your thermostat set at a consistent temperature for four-hour time spans than to change it whenever you feel a little cool or warm, says McCoy.

Check out more money saving tips below...

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The Frugal Philosophy
Money Myths