Like most of the people, you must have also learned about the basic principles of budget planning and house maintenance from elder people. However, things have changed now. Time and people have changed. So, some age old traditional financial wisdom may not help you save dollars any more. Rather, you may end up wasting money by following the wisdom. This in turn can create damage to your financial health.
Traditional wisdom may not help you save dollars
Go through the following lines to know how traditional wisdom can make you lose money in the 21st century.
1. There is no need to turn off the fan in a vacant room.
It can't be denied that ceiling fan is a cheaper alternative to air conditioners. It helps you save on your utility bill. However, ceiling fan won't help you save extra bucks by keeping it on, in an empty room. Keep it in mind that ceiling fan helps to cool people and not the room. So, if you leave the ceiling fan on, and think that your room will become cool, then you're mistaken. Ceiling fan is not an air conditioner, which helps to drop the temperature in a room. It only creates air movement which makes your skin feel cool.
2. Always try to think global instead of local.
There is not a single person who hates to take vacation. However, transportation cost and hotel bookings can put a hole into your pocket. You don't have to go to an exotic location for having a great vacation. In fact, you can just have a wonderful vacation in a nearby location. This will enable you save both time and money.
3. You need to change oil after driving 3000 miles.
You must have seen your parents to change oil of the car after every 3000 miles during childhood. Your parents must have told you hundred times to change car oil at an interval of 3000 miles. You might have acted as per their advice also. However, do you know that this age old advice does not work any more?
Most experts are of the opinion that this wisdom is completely outdated. This is because the engines and oil quality of the modern vehicles are quite advanced. Car engines and oils are made with modern technology, which allows you to drive up to 10,000 miles without changing anything.
Usually, you don't need to change oil after driving 3000 miles. However, make sure you go through the car manual to know about the type of oil and the time gap between changes.
Lastly, you must have heard that bottled water is better than the tap water, but not necessarily so. The truth is, the quality of the bottled water is sometimes worse than that of the tap water. The Environmental Protection Agency monitors the quality of water from time to time. On the other hand, the Food and Drug Administration checks the quality of bottled water. The catch is the quality of tap water is more regularly checked than the bottled water.