5 More Frugal Things That End Up Costing You More Money
We all love saving money, but sometimes you have to consider the long term effects before getting short term savings. Last week I wrote about 5 frugal things people do that end up costing more money in the long run – here are another 5 ways saving money now can end up costing you more later.
6. Buying Too Much
There’s no doubt that buying certain products in bulk means a huge savings over purchasing them individually, especially with food. But if you end up buying too much and throwing some away, your frugal strategy ends up costing more. To avoid this mistake, think carefully about your consumption and decide whether you should really buy strawberries or canned green beans in bulk.
7. All-You-Can-Eat When You’re a Light Eater
If you’re a heavy eater, an all-you-can-eat deal is a great idea – but if you’re a light eater or only slightly hungry, it’s often more expensive than ordering regular entrees. Most deals like this don’t allow you to take home leftovers, so you’re choices are to overstuff or to pay more money for less food.
8. Spending Hours to Save a Few Bucks
For those of us with a limited amount of free time, it’s not worth the time and effort to save only a few bucks. Spending hours standing in line or clipping coupons might not be in your best interest if it takes away from something else, such as working or a fun hobby. This varies by person and you’ll need to personally decide how much time you’re willing to spend on money-saving activities.
9. BOGO When You Only Need One
BOGO or even Buy 3, Get 2 Free deals are hard to pass up, but if you only need one, don’t spend the extra money. Spending more money now to save later isn’t always a good idea, especially when products have limited life spans. Before taking advantage of the BOGO deal, think about whether you need the items and if the savings is worth it.
10. Skipping Car Maintenance
While it’s true you can wait longer than 3 months for an oil change on most cars (read your manual instead of listening to the oil change place!), you shouldn’t skip regular maintenance. Getting your tires rotated, checking your alignment, getting a tune-up – these are all things we need to do regularly to ensure our car is in good condition. Skipping maintenance to save a few bucks now often means spending a lot more later when something goes seriously wrong.
Also remember to wash your car often if you live in a salty climate.
In regard to #8, spending hours to save a few bucks, I usually try to calculate the dollar value of the time spent. For example, if it takes me 15 minutes to cut coupons that discount my groceries by $40, then doing so essentially earns me $160 an hour!