Beware of Recession Opportunists

With economic woes receiving a lot of publicity, I've noticed a lot of self-proclaimed experts emerging with solutions that can pump up your finances.

Some are for your typical get rich quick schemes, which rarely work. Put these in the "too good to be true file." Others provide tips on saving money. These can also be a slippery slope. For instance, coupons can save you money but in many cases people end up buying more than normal because they have a coupon.

Another example I heard on the radio. It was a advertisement for a bank which contained a financial tip. The announcer talked about how you can save big bucks by bringing your lunch to work every day. The savings was estimated at $5 a day which over a year would become $1,200. That's a nice amount. Or is it?

My problem with the ad is that it doesn't take into account that brining a lunch from home isn't cost free. You still have to pay for the food you bring. Sure, it will most likely be less than eating out but unless you give up eating lunch, you still have to spend some money on the food. So while brown bagging can save you money (and help you control calories) it's not a free lunch.

Instead of making me appreciate the bank's advice, I'm a bit suspicious of an institution that can't properly estimate something as simple as the savings you'll have if you bring your lunch from home. Needless to say, I'm not opening an account there.