It can be smart to be frugal but sometimes your attempts to save money can have financial consequences that costs more money in the long term. Here are some ways you shouldn’t cut corners.
- Miserly Maintenance. Spending a little on regular maintenance usually helps avoid big bills for major repairs later.
- Unrealistic Budgets. Sometimes people discover they can’t adjust their lifestyle to fit the plan they’ve prepared and abandon the plan altogether.
- Avoiding the Doctor or Dentist. Putting off a visit to your doctor or dentist when you have a health issue can be dangerous and might cost you in the long run.
- Senseless Shopping. Don’t be so quick to purchase something just because you have a coupon for it or it happens to be on sale.
- Raiding the Retirement Account. When retirement funds are raided to pay off debt, people most often find themselves back in an equally deep debt hole after just 30 months.
- Snubbing Savings. You shouldn’t view your emergency saving account as an investment — it’s there for the purpose of anticipating problems before they happen.
You always want to be a smart shopper who gets the most value for your hard-earned money. But always remember to ask yourself whether you really need the deal, and whether the short-term savings you’re pursuing might make you pay more in the long run.