Okay. So. I love saving money as much as the next gal! I mean, who doesn’t?! I love finding new ways to save money here and there, and getting creative. But the problem is that sometimes people go a little too far when they’re trying to save. Sometimes when you think you’re just being super frugal, you’re actually costing yourself even more.
Today I thought I’d share a list of some ways that being too frugal could possibly end up costing you instead of saving you money. I’m guilty of some of these things myself, but I’m trying to change my ways. 😉 Hopefully this post might give you some insight as well!
Ways being cheap can cost you more money:
Buying Low-Quality Items
Buying cheaper items may sound good in theory, but it isn’t always the best option. I mean, when you see a pair of jeans that cost only $10, of course your tempted to buy them! But in a lot of situations, you really get what you pay for. When you buy cheap, low-quality items, you usually need to replace them more often.
Let’s say that $10 pair of jeans lasts you a year, and then you need to buy another pair – over and over again, year after year. If you had bought the $50 pair, they might have lasted you 10 years! See where I’m going with this? This isn’t the case with every inexpensive item that you buy, but try to make sure that you’re buying stuff that is at least fairly good quality so you won’t need to buy replacements too frequently.
Related reading: How to Save Money on Clothes (or Get Them Free!)
Not Eating Nutritious Food
You might buy a lot of processed food because it’s generally cheaper – or at least, you think it is. But it’s not worth it, trust me! One thing you shouldn’t avoid buying is fresh ingredients and produce. When you have a poor diet, it affects more than just your waistline. It can cost you your health. This can cause a huge amount in medical bills later on. Plus, there are ways that you can make buying healthy foods affordable too!
Shopping At Warehouse Clubs Or Buying In Bulk
Sure, stock piling items that are on sale can save you money in the long run. Do you really need 30 pounds of spaghetti sauce, though? Paper items is one thing, but food is another. What happens if you don’t use it all or it expires before you can use it? Then you just threw a bunch of money down the drain. Be careful what you’re stocking up on, and be sure that you’ll use it all before it goes bad.
So many people have good intentions but poorly executed plans when it comes to budgeting. Don’t underestimate how much you’ll actually spend in a certain category. If you go overboard, you’ll just derail your budget and dip into other areas, causing yourself to overspend. Make sure you’re being realistic about (or even overestimating!) how much money you’ll spend in each area of your budget.
Sure, that product is on sale and you have a coupon, but do you really need it? So many people can’t say no to a great deal, so they end up buying things that they don’t need or won’t use. Even if you will use it, that doesn’t mean you should buy it. If you’re really looking to save money, don’t buy items that you don’t need or don’t regularly use, just because they’re on sale or you have a coupon for them
‘But I don’t have much money, I can’t afford to save!’ Sound familiar? A lot of people think that way. You should think of savings as a necessity, not an option. It’s something that is worth investing in. Even saving $5 or $10 from each paycheck can pay off eventually. It’s a good idea to have an emergency fund so if you have a surprise expense in the future, you can afford to pay for it without having to worry about where you’re going to find the money.
Related reading: 10 Creative Ways to Save Money
Okay, I love DIY and I know it can be super fun. It’s not always the cheaper alternative for everything, though. Another downside is if you’re trying to tackle a project that you can’t handle, you can end up wasting money instead of saving it. If you’re trying to save money on something, make sure that doing it yourself is actually cheaper and make sure that it’s a project you’re equipped to handle.
Questions: Do you feel like you’re wasting money doing any of these things? Are there any other ways you think being cheap can cost more money?