With the economy still down, consumers everywhere are looking to save money at every turn. Yet it's important that drivers don't lose sight of the fact that savings are the ultimate goal – and they should be careful of spending more money just to save a little.

CBS Moneywatch reports that many consumers actually cost themselves more money in their blind pursuit of savings. A classic example is a driver who will scour up and down just to save a few cents on gas. By the time the driver has found a station, they've likely wasted more money in fuel and time than they're actually saving.

In a similar vein, drivers who pay extra for a high-MPG or hybrid vehicle should sit down and do the math first. If you're paying hundreds for just a few extra MPGs, you likely won't make that back anytime soon.

Another example the news source gives is buying in bulk. It might seem like a great deal to shop at one of the warehouse stores, but shoppers need to keep in mind that food goes bad. If you end up not eating all that you purchased, you've wasted money.

One hassle-free way to save money is to refinance auto loans. This simple and quick process allows drivers to restructure the terms of their loans and lower their monthly payments – leaving them with extra money each month to spend on whatever other expenses they may have.