5 money-saving myths could end up costing you

I'll admit it; sometimes savings aren't worth the headache.

Ever had knock off jewelry irritate your skin? Or bought bargain shoes that quickly fell apart?

According to CPA Crystal Faulkner, trying to squeeze every last penny of savings, could cost you even more in the long run.

"You go into a store, they say open up a credit card, you get 20 percent off, but what many people don't realize is that can absolutely hurt your credit score," said Faulkner.

If credit isn't your thing, how about buying something just because it's on clearance?

Here's something I'm guilty of: buying too much in bulk at a warehouse store.

"It usually goes bad before you can use it. Just because you can get something in large quantities for a few dollars less, doesn't mean it's a good idea," said Faulkner.

Don't assume that you're getting a deal, check conventional competitors to see how much you're really saving.

Other potential money wasting habits include buying some extended warranties on small appliances or televisions.

Sometimes it's cheaper to just replace it.

And for you online shoppers, free shipping doesn't really count as savings if you spent more than you intended just to get it.

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