Saving money and being practical about your purchases is one of the best things you can do for yourself. However, some practices to save up are just too much that it would actually hurt your wallet more than protect your money. Here are some ways that prove that sometimes frugality is more costly.
1. Buying Into Interest-Free-For-A-While Offers
In an effort to boost market sales, businessmen thought of a great way into luring customers into buying their product: by offering an interest-free-for-a-while promo. While you might think that you are getting the longer end of the stick here, you are actually falling into a trap. By letting you think that you can purchase something now and pay back for it later without interest, companies are able to take advantage of you. According to research, more often than not, people who bought into this kind of deals are unable to save up enough money to pay for the product while it’s still interest free. So they end up in a loop of debt with bigger interest.
2. Ignoring Your Retirement Savings
Another truth is that we all grow old. If you haven’t died yet at the age of retirement, then it’s likely you’ll live the rest of your life after work, trying to find more work. By refusing to set aside money for your future and holding to it now, there is a great possibility that you won’t be able to retire. Don’t you want a comfortable life after labor? Then better save up now or else you’ll end up in the streets instead of the beach.
3. Ignoring Your Health
Health is wealth and if you’re not well then you won’t be able to make money to keep living the life you want. While you’ll save up money by skipping doctor’s consultation, you might actually be spending more if it turns out your illness is something more severe. And worse, if you try to self-medicate with home remedies, you might end up making your condition worse and instead of paying for just a consultation fee, you’ll pay for being brought to an emergency room.
4. Buying Cheap Shoes
“Good shoes take you to good places” And indeed they do. Buying quality shoes early on saves you lots of money. Why? Because you will do a lot of walking and a lot of travelling in them. Your feet will be the one who will be carrying you everyday that’s why it’s best that they are comfortable. Shoes are also something that you use everyday that’s why it must be of high quality. Cheap shoes will only wear out and break quickly. This will cost you more because you’d have to buy more shoes.
5. Foregoing a Will
Accept the truth, you aren’t going to live forever and you don’t know when you will die. Okay, let’s be clear here, you not getting a will wouldn’t cost you anything. Not now and not in the afterlife. However, it will cost your loved ones dearly. Not having a will means that you are letting your estate and assets be handled by the court which could impose fees upon fees which will leave your love ones with little to nothing in terms of inheritance. All of your life-long savings and assets gone just because you can’t be bothered to write a will.
Frugality is an admirable trait for people to have but always remember to think of the long-term effects of such acts because in the end, your frugality may cost you more than money.