When Being Frugal Doesn’t Pay
Written on February 20, 2010 – 7:19 am | by admin
Whether you are frugal by nature or have adapted your lifestyle to deal with the changing economy, frugal living is certainly experiencing a boost in popularity. Living a more frugal lifestyle can take a bit of getting used to, especially if you have never paid close attention to your spending in the past. The key is understanding the difference between being frugal and being cheap. When it comes to managing money, like everything else in life, moderation is key. You must be able to find the balance to ensure you are not skimping on areas where you would have been better off spending a few more bucks. The following scenarios show why sometimes it’s better to spend than save.
Safety
There simply is no price too high to ensure your personal safety and the safety of those you love. Whenever you are faced with a decision to pay more to increase safety, those dollars are well worth the benefits. Consider this when making decisions about child care, maintaining your home or car and buying adequate insurance.
Time
Some people take living a frugal lifestyle to the extreme. Yes, there are benefits to cutting coupons and taking the time to shop for the best prices, however not if it consumes your day. Few people have the luxury of plenty of excess time on their hands these days. We live in a fast paced society where work, family and social obligations consumer every hour of the day, therefore your time is valuable. It is important to balance the time you spend in being thrifty with the savings you actually receive. You might find some efforts really aren’t worth the time.
Quality
Saving money by purchasing inferior quality products is often penny-wise and pound-foolish (to borrow a cliche). If you have to buy a poorly made item three times over to get the same value of paying a bit more the first time, you probably aren’t seeing any real savings. When you get into bigger ticket items like used cars or home renovations, being frugal can be downright expensive when you end up paying for repairs or other expenses that could have been avoided. Some things are simply worth paying more for.
At the end of the day it is more important to know that you spent your money wisely than how much money you saved. By paying close attention to where you can shave costs and lower expenses you can adopt a more frugal lifestyle without sacrificing quality. Save where you can and spend where you should and you will likely be more successful in adjusting to a simpler way of life.
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