As much as we’re fans of the frugal lifestyle, it’s not always right in every situation. There are a few scenarios where holding back spending could cause you to struggle with your financial goals. Here are six examples of habits you should avoid.
Buying Things on Sale
You should shop with sales in mind. But you shouldn’t buy something ONLY because it’s on sale. Many people pick up lots of things they don’t need because the price is right, thinking they’re saving money. They’re not entirely wrong, but isn’t it even cheaper to walk right past the sale rack, knowing you won’t wear anything off it?
Cutting Back Too Far on What You Enjoy
Another interesting habit that can ruin your financial plans is not allocating funds for what you enjoy. This is mostly because when people are too restrictive and do not allow themselves some of life’s simple pleasures, they come back in full force and spend more. Plus, a healthy budget should always include doing and enjoying the things you love.
Diy’Ing the Wrong Projects
It’s just a little electrical work: how hard can it be? Let’s be realistic. Not everyone is handy, and that’s okay. While you might scoff at the high cost of professional repairs or installations, DIY’ing something you aren’t comfortable with can be expensive and even dangerous.
You might often make the problem worse, meaning you’re still paying for the repairs, and you’re still out whatever time and money it costs to “fix” things yourself.
Driving Around for Deals
Driving for a good sale occasionally is usually fine. But if you make it a habit, you’re probably spending a lot on gas to get to these stores. And if you crunch the numbers, many will realize that the 15% they’re saving on one or two items doesn’t outweigh how much you’re spending on gas.
A considerable discount once or twice is worth the drive, but a weekly visit to save a few dollars is not.
Buying In Bulk When You Won’t Use It
Bulk items are a fantastic way to save money on things you use a lot. That last part is key, however; if there’s no way you’ll go through that case of barbecue sauce or whatever else you bought in a reasonable amount of time, then there’s little reason to buy it in bulk.
Sure, you’re technically saving money compared to buying 24 bottles of sauce a la carte. But when exactly does that ROI come back around to you?
Driving to Save on Gas
Much like driving around for deals, this tip suggests that driving a few towns over just to pinch a few pennies on filling your gas tank doesn’t make much sense. There could be a considerable difference in price between filling up in your hometown versus the one thirty minutes away.
But that’s not taking into account the time sink of driving there just to fill on gas, as well as the cost of wear and tear on your car from all the trips.
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