These days, a lot of people are very keen on saving money, running after deals and getting the cheapest materials there are. Most of these people take pride in being frugal. However, there are only few people who live a comfortable life among thousands of frugal people out there. Don’t you wonder why is this so? You try to save and save however you cannot seem to gain financial freedom. If frugality is the answer to financial freedom then almost all people today’s should be financially independent. However, this is not the case.
Are you familiar with the saying “Penny Wise, Pound Foolish”? Well, this is one of the reasons why most frugal people don’t seem to have a change in their lifestyle. Regardless of how frugal they are, they can’t still manage to have a wealthy life. By this saying, we mean that people save money on the smallest things but doesn’t care that much when spending huge amounts of money. Another definition of this saying is that people do all the things that they can in order to save money in the present. Sadly, these savings will cost them more as time goes by. This is the most common hindrance to being financially independent. No matter how hard you work or how frugal you are, you can never have a better lifestyle if you are “Penny Wise, Pound Foolish”.
It is my goal to pull you out the financial trap and lead you into the world where finances will never be an issue. After all, isn’t that what most of us are aiming for? To help you with this, I present to you the things that you should never be frugal with. If you do, it will cost you more eventually.
Most people think that it is okay to be frugal when it comes to health matters. They think that they can easily get answers from the Internet. For them, a toothache can go away eventually. A persistent headache can be cured by any OTC drugs that they can get their hands on or a pain in the abdomen is just a common occurrence. Are you one of these people? If you are, then I am telling you right now that this is not the best way to save money. Aside from the fact that you are putting your health at risk, you are also endangering your bank account and medical insurance too.
Why is this so? Well, if you continue to disregard some of the minor symptoms that you are feeling, it will cost you a hefty price if these symptoms go worse. FYI, self medication does not work all the time. Although there are instances when you can find the answer in the Internet, there are bigger chances that these answers are wrong. In order to save money in addressing your health issues, go for a medical loan or a health plan.
Most people would skip paying the parking meters, thinking that they will be back quick, sooner than the parking meter. Well, guess what? No one can be faster than the parking meter. No matter how fast you go shopping or you do your errands, you will not be as lucky. Even if you get lucky on the first few instances, you will eventually be getting a ticket. A parking ticket ,these days, range from $10 to $25. Are you willing to exchange that for the sake of 25 cents?
So you have seen a gas station which sells gas at a lower rate than usual. The problem is, it is far from your house. In fact, it is outside the city. Most people think that it would be wiser to go there every day to avail of the cheaper gas. Do your computations. You will see that the amount of gas you have spent going to the station is more than the amount that you have saved.
These are some of the things that you should take note of. Keep in mind that you should not only be frugal, you should be wise as well.
About the Author:
Patrick is a finance and business blogger based in the Philippines. He is currently working as a part time contributor at Australian Grants Gov Portal, a Website about Australian government funding, funding and loans, Australian grants or community group.