5 Money-Saving Tips That Could Cost You More According to a Financial Expert

0One of the most important things we can do in our youth is set ourselves up for a strong financial future. There are the wider financial choices like savings accounts, 401(k) plans and investment portfolios, but there are also the everyday little financial decisions we make, such as signing up for vitamin subscriptions and deciding between paying cash or credit.

That being said, the things that can help us save money and ultimately build financial wealth have changed a lot over the years. In fact, some of the tips and tricks that used to help customers save money just a few years ago can actually cost more money today.

To learn more, we spoke with financial expert Bob Wheeler, CPA, founding partner of Wheeler and Bi CPA, author of The Money Nerve and host of the “Money You Should Ask” podcast.

“These days, I find that for myself and for clients, the game is how to strategize against ourselves so we don’t self-sabotage our savings and investments,” he tells Parade.

Below, he shares five things that used to save money but don’t anymore, as well as four of his best general money-saving tips. Keep reading for his insights.

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“Consumer trust has been lost,” Wheeler says. “We used to be able to trust the pricing and the terms to which we’ve agreed.”

However, things have changed a lot in the past few years.

“Marketing and use of specific words get us to buy things that sound like a good deal, but aren’t once you read the small print,” he explains. “At this point, not reading the fine print, not doing the math and not asking questions is what ends up costing us more. Most people want the simple answer or the quickest way to buy and move on. And companies count on us not reading small print or asking questions.”

Because of this, Wheeler—a Certified Public Accountant—always takes the extra time to do the research.

“I’ve learned to ask questions even if it slows up the line or it takes me an extra 30 minutes to make the purchase,” he says. “I don’t worry if I’m slowing down the line; I make sure that I am advocating for myself.”

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“In the past, loyalty was rewarded,” Wheeler states. “Companies wanted to give incentives to long-term customers. Now it seems that phone companies, insurance companies and other big brands offer their best deals to new customers.”

He does not foresee companies reverting to previous models of rewarding brand loyalty anytime soon—but he has a tip to get good deals with companies that provide phone, insurance, internet, etc.

“Start playing companies against each other to get the best deal,” he advises. For example, get quotes from multiple companies, and then use the cheapest deal as leverage when negotiating with a rep from the service you actually want to use.

“In the past, if you bought in bulk, the overall price came down,” shares Wheeler. “But it seems these days, many people just buy without thinking or doing the math—so when people see they can buy in bulk, they assume it will be cheaper. Now, even at the big bulk stores, you have to actually do the math to see if you are paying more or less.”

As a CPA, Wheeler doesn’t hesitate to whip out his calculator in the grocery store.

“I’ve discovered that sometimes buying more costs me more,” he says. “I actually do the math on my phone to see which is the better deal, even with the online purchasing.”

He also notes that often when people buy in bulk, they “end up throwing away spoiled food or not using all of the product,” which is the opposite of saving!

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“It used to be that the big banks or your local bank was where you would go to put money in savings,” says Wheeler. But nowadays, “there are many federally insured online banks that don’t have overhead or large staff, that are able to offer higher interest rates than more traditional bank[s].”

That said, interest rates vary from bank to bank, so he recommends researching all different types of banks before joining one, reading the fine print and asking about special offers.

These days, there are subscriptions for pretty much everything, from toilet paper and vitamins to iPhone apps and TV streamers.

“Subscription plans used to instill loyalty and better pricing,” Wheeler notes. But nowadays, “everyone seems to be charging monthly subscriptions,” which can lead to customers accidentally signing up for subscriptions.

“Sometimes you sign up for a one-time purchase only to find out you have been paying a monthly fee that you signed up for unintentionally,” he states.

He checks his credit card statement regularly to see what subscriptions he’s paying for.

Back in the day, companies commonly gave discounts to customers who made purchases in cash, since it meant they could avoid credit card processing fees—but not anymore. For instance, Wheeler recently purchased a camper and told the salesperson he was going to pay cash, assuming he might be able to save a few pennies.

“The salesperson told me that I was better off buying it on credit and then paying off the loan in three to six months, because the manufacturers and the lenders gave better deals when purchased on credit,” he explains. “Now I ask before I buy if paying cash makes a difference. Sometimes it does, but I was surprised that in some instances, cash cost me more.”

Why is this? Wheeler has a theory: “Many companies want you putting it on credit because they know most folks won’t pay it off and they make a killing on the interest and finance charges.”

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Wheeler shares four of his top tips for saving money in the present day.

Wheeler recommends setting up your checking account to automatically transfer small amounts of money into your savings account one to three times per week.

“I find that doing several small amounts throughout the week is easier than trying to do one big payment per month,” he says. “It’s easier on cash flow, and you hardly notice the small amounts going out.”

Twice a week (or even nightly, if you use cash often), Wheeler recommends that you “take out all $5 bills and/or $10 bills and put them in a physical piggy bank or a container that isn’t easy to open.”

The reason? It’s “a fun way to save money,” he reveals. Once the piggy bank is full, you’ll have found money you might have forgotten about.

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According to Wheeler, the “majority of your savings accounts should not be directly tied to your checking account.”

If the accounts are linked, you’ll be able to transfer money from your savings into your checking account in seconds, which could tempt you to spend money you didn’t intend to spend yet.

“I use online banks or apps so that it takes effort to get money back out of my savings accounts,” he says. “I don’t want to make it easy for myself to pull out money.”

Before making a purchase, Wheeler recommends asking yourself if you “really need it.”

“Take a moment and feel into whether this is an impulse buy, a real want or a real need,” he states. “Sleep on it for major purchases. In other words, see if you still feel the need to spend the next morning. Often, after the excitement of the moment has passed, we realize we didn’t need to spend the money and we ended up saving more because we didn’t.”

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Bob Wheeler, CPA, is the founding partner of Wheeler and Bi CPA, author of The Money Nerve and host of the “Money You Should Ask” podcast.

This story was originally published by Parade on Oct 22, 2026, where it first appeared in the Life section. Add Parade as a Preferred Source by clicking here.