overpriced

Best Money Tips: How to Save on 5 Overpriced Items

Amy Lu — Wed, 27 Sep 2017 08:30:12 +0000

Welcome to Wise Bread's Best Money Tips Roundup! Today we found articles on how to save on the most overpriced items, easy ways to get clear skin fast, and battery hacks that will save you hundreds.

Best Money Tips: 19 Outrageously Overpriced Products

Amy Lu — Wed, 30 Aug 2017 08:30:10 +0000

Welcome to Wise Bread's Best Money Tips Roundup! Today we found articles on the most overpriced products out there, tips for camping in the fall and winter, and things to consider before ordering groceries online.

The 7 Most Outrageously Expensive Whole Foods Products

Damian Davila — Wed, 09 Sep 2015 11:00:57 +0000

When it rains, it pours.

Not only is Whole Foods losing ground to other major grocery chains with cheaper organic and socially conscious offerings, but Whole Foods has also been slammed twice (first by California authorities and then by New York authorities) for overcharging its customers.

The CEOs of Whole Foods have openly admitted that some of their stores overcharged their customers in New York City and California for certain items. So to help you avoid spending your "Whole Paycheck," here are seven of the most outrageously expensive Whole Foods products to be wary of next time you're strolling their aisles.

1. Chicken Tenders

You may be thinking, "Come on, good ol' chicken tenders are neither exotic nor fancy! How can they be that expensive at Whole Foods?" And at $9.99 per pound of chicken tenders, this Whole Food product may seem harmless.

However, an investigation of the Department of Consumer Affairs (DCA) in New York City found that customers were overcharged by $4.13, on average. From its sample, one package of chicken tenders was overpriced by $4.85. Now that's some expensive "air!"

2. Air Plants

Air can be very expensive indeed at Whole Foods. Take for example, these air plants that cost $69.99 each at their store in Atlanta, Georgia. The main selling point of these southeast succulents is that they are grown locally. However, you could find similar local plants at a nearby Pike Nursery for just a few dollars.

3. Morel Mushrooms

Let's talk about the Cadillac of mushrooms. Morel mushrooms command a premium because they are hard to cultivate (only grow on decaying organic material, mostly in forests after a fire), to pick (some states require a permit to pick morel mushrooms in national forests), and to distribute (very perishable).

There are premiums and there is the Whole Foods premium. Depending on type of morel mushroom, availability, location, and quality, you could expect to pay between $249.99 per pound and $421.99 per pound of morel mushrooms at Whole Foods! For example, this cook found morel mushrooms at $320 per pound at Whole Foods Del Mar in San Diego.

4. Emu Eggs

If you think that the most expensive type of egg that you can you find at Whole Foods is the one laid by a free-range chicken that has access to a pasture environment, eats organic feed, receives a diet supplement with omega-3 essential fatty acids, and is raised with roosters… then you haven't heard of emu eggs.

Local emu eggs to be more exact. Shoppers have spotted these green, prehistoric-looking eggs at Whole Foods starting at $29.99 per unit and reaching $34.99 per unit.

5. Saffron

At $65 for the highest quality crop, saffron can demand a higher price than that for gold. Some Iranian saffron producers report prices of $2,000 per kilo (roughly 2.2 pounds).

At some Whole Foods stores, you can find this expensive spice at $3,196 per pound. This means that $7.99 would get you only 0.0025 pounds of saffron!

6. Anything With Kale

People often taunt Whole Foods about its ridiculous products. The most cited example is anything that is born out of the kale craze. While fresh kale has an average retail price of $2.81 per pound, anything kale-ified at Whole Foods gets a hefty premium.

Here are some examples of Kale-steins that are 100% real:

Chicken lemon kale sausage at $6.59 per pound;
California ornamental kale at $5.99 per bunch; and
Kaleamole at $7.99 per pound.

7. Asparagus Water

A cartoon about a probiotic asparagus at $17.99 per bunch may have been too prophetic. In a true case of life imitating art, a Whole Foods store in California recently came up with "asparagus water" (three stalks of asparagus in a bottle of water) and decided to charge $5.99 per 16 fl. oz. bottle.

People on social media were quick to call out Whole Foods about this outrageous idea, and a spokesperson explained that the product was made incorrectly and has since been pulled from shelves.

Now to be fair: certain foods are actually cheaper at Whole Foods. Just make sure you're not washing them down with asparagus water.

What outrageously priced products from Whole Foods have you spotted?

This article is from Damian Davila of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

Best Money Tips: 10 Things You Pay Too Much For

Amy Lu — Mon, 03 Aug 2015 19:00:14 +0000

Welcome to Wise Bread's Best Money Tips Roundup! Today we found some great articles on things you probably pay too much for, ways to reuse plastic bottles, and easy tips for cutting down on daily expenses.

The 9 Everyday Products With the Biggest Markups

Kyle James — Thu, 28 May 2015 11:30:09 +0000

Products with ridiculously high markups exist because somebody, somewhere, is willing to pay that price. Whether it's because of convenience, perceived value, or simple ignorance, is up for debate. The good news is that with a little forethought, most of these markups can be avoided, or at the very least lessened. Here are nine of the biggest, along with some common sense solutions and workarounds.

1. Bottled Water

If you're buying designer bottled water brands like AquaDeco or Fine, you're getting nailed by an unbelievable 280,000% markup. Although, if you're reading Wise Bread, I'm guessing you probably don't buy designer brand water. But you probably do buy bottled water from the grocery store or warehouse club on occasion, in which case you're paying a 4,000% markup compared to tap water.

Solution: Buy a Brita Water Filter Pitcher from Amazon and filter your tap water from home. You can then take the filtered water with you when you're on-the-go by using a reusable BPA-free water bottle.

2. Pre-Cut Vegetables/Fruit

Veggies and fruit that are cut up and ready to go are definitely convenient, especially for busy families. But did you know that you're easily paying a hefty 40% markup on the pre-cut varieties?

Solution: Shop your local farmer's market and grocery store for deals on fresh vegetables and fruit. Solve the convenience aspect by cutting them all up at once and store them in Ziploc bags. This is a great way to save money and have healthy snacks ready to go for school lunches and quickly-thrown-together family meals.

3. College Textbooks

According to CollegeData, the average student spent over $1,000 on textbooks and supplies for the 2014–2015 school year with markups hovering around 200% for brand new textbooks.

Solution: If you plan on reselling your textbooks at the end of the semester, you should consider renting, instead of buying, from websites like Chegg an TextbookRentals. Also, if you plan on buying them, always ask for used textbooks at the college bookstore, or buy them in gently used condition from websites like AbeBooks.com and Half.com. (See also: 20 Places to Buy or Rent Textbooks)

4. Designer Handbags

The average name brand handbag carries a markup of well over 100%. Brands like Coach, Dooney & Bourke, Kate Spade, and Michael Kors have built a luxury brand reputation based solely on consumer perception.

Solution: Always buy handbags on sale. Because of the 100% markup, you'll often see 50% off sales on handbags at department stores. Also, shop at discount stores like TJ Maxx and Marshalls for name brand handbags at heavily discounted prices. You might not find Coach or Louis Vuitton, but you'll still find very high quality brands at good prices.

5. Designer Jeans

According to the Wall Street Journal, designer jeans often come with a markup in the 260% range. For example, the fact that someone would spend $208 on a pair of jeans from 7ForAllMankind, tells me that for some people, being fashionable at any price is the number one priority when it comes to covering your legs with denim.

Solution: Shop discount clothing stores and thrift shops for denim. On several occasions I have found designer denim on the rack at thrift stores for pennies on the dollar. Sure, they were a little worn, but most of the designer jeans bought brand new are quite worn, or even have holes in them. Some even have paint all over them like these $575 jeans from Neiman Marcus.

6. Prescription Drugs

Prescription drugs can be incredibly expensive, especially if you have sub-par health insurance and get stuck footing most of the bill. According to AHIP Coverage, the price markup on prescription drugs is at a whopping 443%.

Solution: Ask for free samples while at the doctor's office. A few years ago I was prescribed Lamisil, an expensive prescription drug, which at the time cost $30 a pill and had no generic equivalents. On a whim, I asked the nurse on the way out of the office it they had any free samples. She went and looked and returned with a bag full of Lamisil samples. She told me to come back when I ran out as she didn't have enough for a full treatment plan. Simply by politely asking she saved me over $500 on prescription drug costs.

Also, when approaching the pharmacy window, always ask about generic alternatives to your prescription. Often times the doctor will unknowingly prescribe the name brand drug, and by switching to the generic, you can save significant money.

7. Eyeglass Frames

Eyeglass frames have a ridiculously high markup in the 500% range. I recently discovered this when I needed a new pair of glasses and decided to buy them directly from the optometrist as my vision insurance was going to pay for them. But after looking through my choices, and the hefty price tags, I quickly realized that you'd be crazy to buy directly from the doctor if you have little or poor insurance. The frames I eventually chose were close to $350, and after doing some research, I could have gotten them online for $125.

Solution: To avoid the markup as much as possible, always shop eyeglass frames and lenses online as well as warehouse clubs like Costco and BJ's Wholesale.

8. Coffee and Tea

When you hit the Starbucks or local coffee shop, know that you're getting hit by a markup in the 250% to 400% range. Sure it's a nice treat from time to time, but visiting everyday can really be a budget buster.

Solution: Start brewing at home and take your morning cup of joe with you.

9. Furniture

According to CBS Money Watch, most furniture stores markup their prices in the 80% range. This is especially true at boutique shops and high-end department stores like Macy's and Nordstrom.

Solution: Because of the high markups you should always try to negotiate a deal, even if the price is already discounted, as the majority of furniture stores have plenty of room to come down in price and still make a profit. This is especially true if you're paying with cash as the store won't have to pay credit card fees.

By knowing what products have the highest markups, you can learn to avoid them whenever possible. Sure, you'll get stuck buying a $5 bottle of water on occasion, or splurge on a $4 cup of coffee, but by developing smart long-term spending habits you can really save significant money. Money that can serve you much better by paying down debt, building that emergency fund, or saving for retirement.

What product markups drive you crazy and how do you avoid them?

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This article is from Kyle James of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

8 Terrible Restaurant Values You Should Avoid

Mikey Rox — Thu, 26 Mar 2015 15:00:09 +0000

If you're like millions of Americans, you probably dine out at least once a week. For many, it's a favorite pastime — a time to relax with friends or family and experiment with different cuisines. So, it probably comes as no surprise that restaurant meals can cost significantly more than preparing meals at home (there's no shortage of articles underscoring this on Wise Bread).

But if you're trying to save money when eating out, there are a few restaurant items you should consider skipping. These items feature unnecessarily high mark-ups that make them a poor choice for folks on a budget. Here's a breakdown of some of these worst restaurant values. (See also: Are You Eating the 10 Most Over-Priced Menu Items?)

1. Salads

Whether you're trying to eat clean or simply reduce your calorie intake, you might choose a salad over a less-healthy menu item. This may be good for your physical health, but usually not your financial health. I've very stupidly paid up to $22 for a nothing-special salad, and according to Restaurant.com, it only costs a restaurant an average of $1.60 to make one. You're better off going to the grocery store and buying your own lettuce and vegetables.

"Salads can be prepared with minimal time at home and with ease," says Natasha M. Campbell, founder and CEO of Lifestyle Success Unlimited. "Take the time to prep the night before and pay yourself for your time and effort versus the restaurant."

2. Tea, Soda, and Alcohol

Many patrons prefer flavored drinks, such as alcohol, soda, or tea over a glass of free, filtered tap water. The cost of beverages might seem like a small price to pay, especially since you can order soda or tea for under $3 and receive free refills. But when you take into account that restaurants only pay about $0.35 per teabag and how fountain drinks are mostly tap water, chances are you're not getting your money's worth. Alcoholic beverages aren't any better.

"Bottles of wine are usually marked up 100%, and a glass of wine can be as much as five times over what the restaurant paid," says Kate Krader, restaurant editor at Food & Wine magazine. Ouch.

3. Appetizers

Appetizers are one of the biggest mind tricks in the restaurant game. These items are purposely priced slightly cheaper than entrees to make it look like you're getting a bargain. But if you examine appetizers and entrees with similar ingredients and compare prices for each, you might find that appetizers — although a smaller portion — are the victim of price inflation.

According to Jody Pennette, the founder of CB5 Restaurant Group, "Restaurants have been raising the prices of appetizers disproportionately to the increase in food costs over the past 15 years."

4. Kid's Meals

Even though many restaurants have a kid's menu, children can be picky eaters. If you go to a restaurant and order two or three kid's meals, you could end up spending money on food your kid doesn't finish. The portions are smaller and the prices cheaper, so you assume you're getting a deal, even if your kid doesn't clean their plate. But why waste money if you don't have to? There are plenty of restaurants that offer a free kid's meal for each paying adult — and that's where you should be eating.

5. Desserts

Many people can't wait to finish off their meal with a decadent dessert (myself included), but it'll cost you — and I'm talking more than calories. Restaurant desserts are notoriously overpriced. On average, we might pay $6 or $7 for a single slice of cake or pie, yet we can buy a whole cake at a grocery store or bakery for about the same price. Or, we can prepare the dessert ourselves for much less at home. A good trick to avoid this trap is to put a piece of candy or two in your pocket or purse before dinner. A couple Hershey's kisses at the end of the meal will quell those chocolate cravings and save you some dough.

6. Restaurant Specials

Don't fall for the daily or nightly specials. It may sound like a mouth-watering treat, but it can also be the chef's way of getting rid of leftovers in the kitchen, and charging customers a premium for no reason.

"Specials are just an expensive way for the chef to clean out his or her kitchen of leftovers," says Sarah Zorn, editorial director of the blog Restaurant Girl.

7. Pasta

A box of dried pasta at the grocery store costs pennies per serving, and tomato and other pasta sauces are also cheap to prepare. On average, it doesn't take too much time or a lot of ingredients for a restaurant to prepare a basic pasta dish, yet many dishes have a markup between six and 10 times the cost. It's easier for us to justify higher pricing for dishes that take longer to prepare, but if you can whip up a simple pasta dish in your kitchen in no time and at a seriously low cost, it's financially beneficial to prepare it yourself.

8. Breakfast and Brunch

A fancy brunch or breakfast outside the house can get the morning off to an enjoyable start. But since breakfast food is incredibly inexpensive and quick to prepare, you're probably getting duped financially. A restaurant can purchase eggs, bacon, potatoes, pancakes, milk, and other breakfast items in bulk for cheap. Eggs retail for about $0.10 each, and it costs a restaurant practically nothing to prepare pancakes, hash browns, and toast. However, I've seen restaurants charge as much as $10 or $12 for a simple breakfast plate with these items. Don't get me wrong — I worship at the cathedral of brunch — but I participate much more sparingly than I used to.

What dishes do you avoid because of the cost when dining out?

This article is from Mikey Rox of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

Best Money Tips: Overpriced Grocery Items to Skip

Ashley Jacobs — Wed, 21 Aug 2013 10:00:32 +0000

Welcome to Wise Bread's Best Money Tips Roundup! Today we found some great articles on overpriced grocery items to skip, reasons to become a cheapskate, and a personal finance cheat sheet for new parents.

8 Overpriced Grocery Items to Skip

POPSUGAR Smart Living — Mon, 05 Dec 2011 11:36:11 +0000

Although it is convenient to grab everything at the grocery store, sometimes it's best to only buy certain items and shop for the rest at other locations such as specialty stores or the dollar store. One of the best ways to save money at the grocery store is to keep away from the items that are marked up. I talked to consumer savings expert Andrea Woroch, who shared eight items you shouldn't put in your grocery cart.

Cubed or Presliced Meat

"Meat markup is up to 60% and much more for precut or precubed meats. Since meat has a refrigerated shelf life of just five days and must then be thrown out, most meat departments in grocery stores aim for a minimum 30% markup, and often much higher, to make up for losses.

Steaks, for instance, are marked up 40% to 50%; some cheaper cuts, such as round and chuck meat, are marked up as much as 60%. Lesser cuts of meat, those typically cut into pieces for stir-fries or stews are marked up as much as 300%, should never be bought at full price because they're always discounted at some point (look for markdowns on meats that near their sell-by date or hit up bulk stores like Costco for savings of up to 30% off larger slabs of meat. You can refrigerate that which you don't use for later)."

Name-Brand Spices

"Name-brand spices are marked up close to 97%. Smart shoppers can buy spices at a natural food store to save you up to 97% on the basic spices people buy regularly. For instance, a $3.52 jar of bay leaves at the grocery store will cost you only 12 cents for the same amount at a natural foods store. Drugstores and discount stores also sell spices cheaper than at a grocery store. You may have to bring your own bottles to fill but the savings make up for this."

Bakery Goods

"Bakery items are marked up nearly 100% as you’re paying for convenience. For instance, $20 supermarket cake can be made from scratch or out of a box at home for just $5 (or less by purchasing sale items and using coupons for the boxed goods).

Bread can also be baked inexpensively at home. Since most people won't bake bread at home, look for buy-one-get-one-free deals and freeze one loaf or buy when bread is marked down. Savvy shoppers will ask store managers when bread gets marked down — usually nearing the expiration date or end of the day."

Brand Name Cereal

"Establishing product differentiation and aggressive brand promotion are key aspects of cereal markups. Production costs and retailer share make up about 36% and 20% of the retail price of cereal, the rest (44%) is average manufacturer gross margin.

One of the most basic cereals, Kellogg's Corn Flakes, had the highest average retail markup of 43.5%. At the low end was an average 18.2% markup. Buying generic is a smart means of saving money, nearly 50%. Compare ingredients of name brand with generic — if the ingredients are the same, you won't taste much of a difference. In fact, most store labels (generic) are actually produced by the big-name brands. They just happen to use different packaging — packaging that didn't cost a lot in marketing dollars to attract customers. However, this difference in packaging results in prices that are as much as 50% cheaper!

Compare the nutritional information and ingredient order of a favorite brand and a store label. Chances are, they will be identical and if so, you will be satisfied with it while saving a ton of money. Note: most stores offer a money-back guarantee on their own brands, so keep the receipt just in case."

Batteries

"[Batteries] are marked up as much as 60%. Stay away from batteries at the grocery store and instead throw them in your online cart next time you're browsing Target or Walmart's website. Better yet, hop on over to a warehouse store like Sam's Club or Costco where you can find double the quantity of batteries for the same cost as your local supermarket. Since batteries have no expiration date, buying in large quantities is A-OK!"

Presliced Produce

"Produce that has been presliced, prechopped, or diced for the consumer will cost on average 35% more than the whole vegetable or fruit. Shoppers are paying for convenience but a task that takes no more than five minutes, isn't worth paying more for.

Opt to shop for produce at a local farmers market and buy only what's "in season" to enjoy the lowest prices. Better yet, pop by a street vendor for the least expensive fruit and veggies."

Detergent

"Though warehouse stores offer unbeatable prices on bulk laundry detergent and other household cleaning supplies for that matter, you could skip the special visit to the store altogether by purchasing online at stores like Walmart and Target. With various free shipping deals and online coupons ($5 off $50 at Target from CouponSherpa.com), you could stock up on bulk detergent and avoid lugging to and from your car. And, since laundry is one of those never-ending chores, the bulk stuff won't get wasted."

Personal Care Products

"From body lotion to shampoo and toothpaste, unless it's on sale, skip it. The best deals are offered at various drug stores like CVS (with coupons), Walmart, and even cheapest at dollar stores (makeup applicators, cotton swabs, shampoo, etc)."

Getting everything you need at the grocery store is convenient. But if you're buying these eight items, you're definitely overpaying.

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This article is from POPSUGAR Smart Living of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

Hobby Lobby, Who Exactly Are You Trying To Fool?

Paul Michael — Mon, 04 Apr 2011 09:48:05 +0000

Anyone who reads Wise Bread regularly knows that I love a deal. I’m a deal hound — I sniff them out and save a lot of money every year. (See also: Get a Deal Every Time You Shop)

So, when I was strolling through a local Hobby Lobby today looking for a new sketch pad and some empty boxes, I happened upon this sign:

Wow, 90% off home accents, including pillows. Sweet! Our current pillows have begun to fray and have definitely seen better days. This was serendipitous. I abandoned my search for a sketch pad in favor of some pillow hunting instead.

With most accent pillows being between $20 and $40, I figured I would find something that suited our home for between $2–$4. Hey, maybe less if they had originally been $10-$15, like the ones Target often sells. The plethora of pillows that greeted me was great. I knew I’d find something.

Within a minute, I had found several that I liked. I picked up one, checked the price tag, and felt my jaw drop to the cold floor. After I picked it up, I checked the price again.

Here’s the cause of my nasty surprise:

Yes, you read that right. These pillows had an “original price” of between $90 and $120! Did I walk into the wrong store? Was I actually in an upscale boutique in New York.

No, I was in the clearance aisle of a Hobby Lobby in Colorado.

What was the explanation?

Well, perhaps the pillows were made of exotic fabrics, hand-woven by monks who ate only elderberries. A peek at the label showed that the exotic fabrics included polyester, rayon, and sometimes, cotton.

Maybe the brand was something I had never heard of. One that stands for very high quality. Borgata. Sounds pretty fancy. I did a web search and found plenty of Borgata pillows at prices ranging from $30-$55. Most were around $40.

I have to ask myself, were these pillows ever sold for the original price? Did they even get close to it? Or was this some ploy to bring people into the clearance aisle to grab pillows, only to give them sticker shock and have a good laugh. I would have asked a store clerk, but it was lunch time and the only two that were around were dealing with lines 6-people deep. No one had any pillows by the way.

I’m not saying $9-$12 is a lot to pay for a pillow. Not at all — it’s decent. That’s not the point. It’s the whole “90% OFF” thing that bothers me. Look again, and you'll notice the full sign reads "90% Off Our Everyday Low Prices." Really? $120 for a throw pillow is an everyday low price? Maybe for the Sultan of Brunei, but for an average family on an average income, it's not even in the same ballpark.

It’s almost a bait and switch, because people have a good idea of what pillows cost, and what 90% off that price is. If I said “90% off cappuccinos!” and then you discovered that my sale prices were $2-$4, you'd feel cheated. And rightly so. 90% off cappuccinos would mean 50 cents, tops (unless you're usually buying $18-$36 coffees, in which case, seek help immediately).

Is Hobby Lobby just blissfully unaware of how insane the original prices are for very ordinary pillows? Are they fooling anyone? And have you had similar experiences of vastly inflated prices to keep the sales prices high? Please, share your stories.

This article is from Paul Michael of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

overpriced

Best Money Tips: How to Save on 5 Overpriced Items

Top 5 Articles

Other Essential Reading

Best Money Tips: 19 Outrageously Overpriced Products

Top 5 Articles

Other Essential Reading

The 7 Most Outrageously Expensive Whole Foods Products

1. Chicken Tenders

2. Air Plants

3. Morel Mushrooms

4. Emu Eggs

5. Saffron

6. Anything With Kale

7. Asparagus Water

Best Money Tips: 10 Things You Pay Too Much For

Top 5 Articles

Other Essential Reading

The 9 Everyday Products With the Biggest Markups

1. Bottled Water

2. Pre-Cut Vegetables/Fruit

3. College Textbooks

4. Designer Handbags

5. Designer Jeans

6. Prescription Drugs

7. Eyeglass Frames

8. Coffee and Tea

9. Furniture

Like this article? Pin it!

8 Terrible Restaurant Values You Should Avoid

1. Salads

2. Tea, Soda, and Alcohol

3. Appetizers

4. Kid's Meals

5. Desserts

6. Restaurant Specials

7. Pasta

8. Breakfast and Brunch

Best Money Tips: Overpriced Grocery Items to Skip

Top 5 Articles

Other Essential Reading

8 Overpriced Grocery Items to Skip

Cubed or Presliced Meat

Name-Brand Spices

Bakery Goods

Brand Name Cereal

Batteries

Presliced Produce

Detergent

Personal Care Products

Hobby Lobby, Who Exactly Are You Trying To Fool?