Saving money can be difficult, especially when you’re on a tight budget. While many of the tips we come across in our efforts to save have some merit, some suggestions may end up hurting you in the long run.
As you implement different strategies to cut down on your spending, you must differentiate the smart advice from the misguided suggestions. At first glance, almost all frugal habits seem like they would be beneficial financially. However, these habits can sometimes go too far, so it is important to be critical of any advice you receive. Some of the common pieces of frugal advice you need to avoid include:
1. Planting a garden.
On many levels, planting a garden seems like a good idea. Doing so will get you outside and interacting with the earth, and hopefully, you’ll get a product that you are proud of. However, if you are planting a garden to save money, you need to rethink that strategy.
Getting a garden started involves a lot of upfront costs. This includes soil, fertilizers, and seeds or plants. If you are a skilled gardener, you may end up recouping your investment, but most beginners will not get yields large enough to justify the initial expense. Of course, if you find some free or cheap plants, take advantage. But paying full price will likely translate to spending more on the produce than if you purchased it from a store.
2. Choosing the cheapest options.
Frugality does not dictate that we purchase the cheapest option but rather the option with the greatest value. If you purchase something cheap that breaks after a few weeks, you will need to buy a new one, doubling the initial cost. If you had invested in a better product, however, it may last for years.
If you are buying something that you use frequently, then you should consider spending more. A great example of this is shoes. While cheap shoes are alluring, you will likely need to replace them in a few months. Meanwhile, a high-quality pair can last years, making cost-per-wear lower over time even if the upfront cost is higher. Always do your research and go for quality.
3. Avoiding regular checkups.
When it comes to our health or even automobile maintenance, paying for regular checkups can seem like a waste of money. After all, why should you keep shelling out money when nothing is wrong? This is a bad mindset. Think of checkups as a type of insurance. You are protecting yourself from more serious issues. If you avoid the doctor or the mechanic, you could end up with a much more serious and costly problem. Whether you get admitted to the hospital or your car goes in the shop, you will face significant bills and likely lost income from missing work. Avoid skipping out on checkups to keep yourself protected.
4. Buying things because the deal is good.
One of the reasons that stores have sales or manufacturers issue coupons is to entice people to make a purchase. However, this can work too well on people who are trying to be frugal. Never purchase something because the deal is just too good to resist. Make purchases based on your needs, or even your wants, rather than the savings.
Frugal people use sales and coupons to their advantage to reduce spending on items they would have purchased anyway. If you are spending because of the deal, you are essentially wasting money. Avoid looking at coupons and deals before you shop. Instead, figure out exactly what you want to buy and then spend some time looking for deals, even if that means waiting a while for one to appear.
5. Driving around for a better price.
A trap that people trying to be frugal can fall into is driving around for cheaper prices on gas or other items. While you may think you are saving by going to the cheapest store in town, you may end up spending more to get the lower price due to the travel involved. Consider the time cost, the wear and tear on your vehicle, and the fuel itself.
Always balance these considerations as you decide on a purchase. While it may be painful to spend more on an item you know is cheaper down the street, be sure you are actually saving money if you choose to chase down the deal. For the most part, you are not. Your time is valuable, and you need to consider that in all decisions you make. For many of us, it makes the most sense to find one trusted store that has deals on your most frequently bought items.