Frugal living and sticking to your budget are admirable traits. Each is to be commended. To be a doomsayer, there are ways that you can be so frugal that you actually hurt your wallet and yourself. Here are a few.
- Free promotions often have hidden costs. Buy two get one free offers often lead people to pay more for a name brand item just to get the third when three of the off brand would have been cheaper.
- Driving too far for the best price on an item. Have you chased the lowest gas price and driven 10 miles to get it? Do you drive to three or four different stores just to get the best sale price? How much money are you wasting on gas by doing all of that driving?
- Dollar store items are often poorly made. Items like electrical cords are often not made to the same standards as they are at other stores.
- Eating out, even on the value menu, is not worth it for health reasons. Many of these foods are full of saturated fats and loaded with calories that your body will never use.
- DIY projects you are not qualified for. Is it really worth the savings to install your new flooring only to have it come up and need replaced the following year? Why do your own taxes and take a chance that you may miss a deduction.
Frugal living and common sense have to go hand in hand or you will end up losing money. Hopefully these tips help you keep a few of your hard earned dollars in your pocket.