5 Frugal Living Tactics Are Actually Poor Habits Worth Ditching
We all want (and in some cases need) to save more money. But like everything else in life, it helps to be intentional with your savings.
Watch out for the frugality pitfalls below as you look for new ways to save. Many can cost you more money in the long term than not saving at all.
Frugal Couple: This Is Our Top Hack for Saving at Restaurants
Explore Next: 5 Signs You’re Losing Money Every Month — and How To Find the Leaks
1. Driving Further To Save Pennies
Imagine driving 15 minutes out of your way to save a few cents per gallon on gas or to save a dollar on your grocery bill.
You probably just spent more on unnecessary gas usage than you saved. Which says nothing about environmental impact or the value of your time.
2. Unnecessary Bulk Buying
Yes, some things make sense to buy in bulk. Toilet paper, paper towels and a few staple nonperishable foods come to mind.
When you fill entire closets, rooms or the basement with bulk products, however, you often forget what you already have, and may even end up buying more the next time you're out just in case.
3. Skipping Splurges That Make Your Day
Some small purchases provide a high "return on happiness."
These vary from person to person, however. For you, that daily $3 Dunkin Donuts flavored coffee might make your day, while your coworker is just wasting on money when she'd be just as happy with the office brew.
Get clear and intentional on which purchases truly light up your life -- and which represent money better saved or spent elsewhere.
4. Side Gigs That Make You Miserable
There's nothing wrong with working a side hustle you enjoy to bring in extra cash. The problems arise when you work long extra hours for short pay doing something you hate.
The solution: Either find a more enjoyable and better-paying side gig or level up your career skills and find a better full-time job.
5. Focusing on Price Instead of Value
The difference between "frugal" and "cheap" lies in finding value. A cheap person just buys the least expensive shoes on the rack that nominally fit their needs. A frugal person finds the best value pair. That pair might cost twice as much, but if they last four times as long, they represent a good investment.
The problem is that people often bend this logic to justify overspending. Again, get clear on your goals, budget and prioritize to find that sweet spot.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
More From MoneyLion: