When it comes to extending your buying power, being thrifty and frugal is an important half of the money equation (i.e. the other is income). But as with all things in life, too much of anything can lead to harm. Here are 10 ways you might be unknowingly sabotaging your savings.
- Buying things you don’t need because they’re on sale (i.e. “half off” is still hits your wallet by half)
- Avoiding preventative health visits (this can be super costly)
- Avoiding preventative car maintenance (this can too)
- Buying cheap, non nutritious food and paying for it with your health (you don’t want to pay with that type of currency)
- Buying wholesale or “free shipping” memberships without using them enough to justify the membership cost (do the math)
- Driving longer distances to save pennies on gas (silly)
- Believing that “doing it yourself” will always save money (it doesn’t, by my estimate, using experts half of the time can actually save you money in the long run)
- Failing to notice unit price before making a purchase (this takes five seconds but can have a big impact in the long run)
- Buying cheap products that you use often, which increases replacement costs (I’m guilty of this sometimes, so consider usage before paying for cheaper durability)
- Not buying things that bring you joy (money is a tool to get you things you want, need, and benefit from. It has no value in and off itself, so use it to invest in your daily fulfillment)
That’s just the tip of the iceberg. By all means, spend wisely, but consider the long-term costs before you do.