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Blog Oct 7, 2013

4 Savings Scams to Avoid


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You love to save money – who doesn’t?  But sometimes, what appears to be a great offer isn’t really an opportunity to save it all.

Instead, it’s your chance to line someone else’s pockets.

To protect yourself from that happening, make sure you keep an eye out for these scams:

1. Online coupons

No matter what the promised savings is, you have to be careful. But, be especially careful if you find a coupon offering a particularly high savings of 50% or more. The scammer will have you fill out a form to get your private information, perhaps targeting a password you type in. Then, to top it off, you get redirected to a website that shows you an offer for an unrelated product. You might get the coupon and you might not. If you do, don’t count on it working when you use it later on.

2. Be careful with investment brokers

Okay, so they don’t increase how much you save, but they’re supposed to help you grow what you do save.  However, with investment brokers, make sure you check their credentials are real.  Best of all, go with one that only charges fees.  Commission-based brokers are incentivized only to make a sale, or to take risks with your money that don’t end up working out well.

3. Don’t buy gas-savings devices of any kind

The EPA has tested all varieties of gas-savings devices and not a one of them works notes John Millet, its spokesperson.  Gas may be expensive, but the best way to save on it is by buying a fuel-efficient vehicle.  Those that do provide miniscule gas savings will most likely get you charged with illegal tampering of your vehicle.

4. Buying solar panels

Make no mistake, they do save energy when installed.  However, scamsters have you pay a huge amount up front – often 30-40 years of electricity costs in advance.  Always check the credentials of the contractor providing the service and their reputation with the BBB.  Never pay more than 10% of the project price or more than $1,000 to begin work on such a project.

Stay very aware for these scams.  Many are getting so slick that they appear very real even to a person with very good judgment. Just remember – if something seems unusual, make sure you do your homework before taking any other action.

If you’re looking to save money on electricity, visit paylesspower.com. Offering cheap energy plans to suit both personal and business needs, Payless Power is a company committed to providing people not only with some of the best cheap electricity rates in Texas, but also with helpful customer service. Visit the website to learn more about how to save electricity at home, or connect with the online community on FacebookTwitterYouTube, and Pinterest.

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