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Living frugal is a smart way to maintain your financial health. It keeps you from overspending and helps you keep your hard-earned money in your wallet. I preach it all the time, why waste your money when you don’t have to.
That being said, there are times that being too frugal can actually cost you money in the long run. Here are some ways you might end up paying more later to save today.
Avoiding regular medical visits
Skipping your regular doctor and dentist checkup should not be a way for you to save some money. I know, who wants to pay for visits where they just tell you everything is fine and send you on your way. Detecting and treating problems as early as possible will end up saving you more money in the long run.
Going overboard on your stockpile
Stockpiling goods that you use on a regular basis is a great way to save money. The problem comes in when you go overboard and end up buying so much product that it ends up expiring before you are able to use it. Another scenario is buying items that may be outgrown before being uses such as diapers or baby food.
Putting off car maintenance
You should always stay on top of your routine car maintenance. This is something that most people think that it won’t hurt to put off. While it might seem like a good idea to save a few bucks, you could end up paying major car repair bills down the road.
Don’t get me wrong, I think that couponing is a great way to save money. Couponing becomes a problem when you go overboard and buy a bunch of items that you don’t need or end up going bad because you purchased way more than you could use.
Cutting corners on insurance
Insurance can take a big bite out of our monthly budget, whether it be homeowners, car, health, or any other type of insurance. It could be very tempting to reduce your coverage or increase you deductible to try to save a few bucks. But just think of how this could affect you if you got into an accident, were diagnosed with a major illness or your home burnt down.
Buying cheap big-ticket items
When buying big-ticket items such as appliances, it is best not to go for the cheapest brand or model on the showroom floor. Paying more upfront will end up saving you more money down the road. Look for high quality reputable brands with money-saving features like energy star appliances. The high quality brands will last longer, so if you go for cheap you probably will need to replace it sooner.
Being frugal is a great way to save money and stay on top of your financial health. However sometimes what you think is being frugal can actually hurt in the long run. The thing to remember is to ask yourself “Is paying less right now going to cost me more later on?”
Do you have any other examples of how being frugal ended up costing you more money in the long run? If so, please leave a comment to share with the rest of us.
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