It’s common to think you can put yourself ahead financially by saving money. However, did you know there are certain money saving moves that end up hurting you?
Here are a few examples of instances when frugality can end up costing you more money in the long run instead of less.
1. Not Paying for Expertise
There’s a reason leading entrepreneurs and investors pay for top notch professional expertise. It’s because the value they get from attorneys, accountants, and other experienced professionals far outweighs what they cost.
When it comes to highly technical matters, you don’t know what you don’t know.
Think you’ve done enough Googling to get all the information you need? Unfortunately, Google doesn’t give you the experience needed to make important decisions.
You haven’t spent several years studying the subject. You haven’t spent years working in the field day in and day out to learn, think, and experience this topic.
That’s why it’s worthwhile to pay for expertise rather than risk endangering your personal finances, business, or both. There’s no honor, acclaim, or advancement that comes from refusing to get the best representation because of cost.
2. Not Paying for Preventative Services
An ounce of prevention is truly worth a pound of cure.
It might be tempting to forego preventative services such as doctors’ appointments, dentist appointments, and home and car maintenance because of the expense. This will only hurt you in the long run when things go wrong.
The same is true when it comes to preventative actions that protect your personal and business expenses, such as insurance. Don’t leave yourself vulnerable to unforeseen threats. Spend a little money to make sure you’re adequately protected.
3. Damaging Your Health
You don’t need to spend a fortune on groceries and food. That doesn’t mean you should be so miserly your diet only consists of white rice and pasta.
Adding fresh fruits, vegetables, and lean proteins to your diet will cost more than eating simple carbs, but it’s cheaper in the long run.
How? Eating better will reduce your long-term health costs and increase your productivity. It will also enhance the quality of your life and may lengthen your lifespan. You can’t put a price on that.
4. Not Investing in Yourself
Education, both in terms of formal and lifelong learning, is invaluable.
While you should be prudent about the training you select, don’t make the mistake of forgoing it all together. It’s penny wise and pound foolish to skip out on learning, training, and networking opportunities because it’ll save you money.
Have the confidence to invest in yourself and you may see returns that far exceed your initial investment.
5. Skimping on Family
While it’s important to stay within your budget, make family a priority by setting aside money to spend time with them.
You don’t need to go out and do expensive things with them. Sitting around together in the living room and talking, which is free, can be nice enough.
However, this may cost you money in terms of lost income if you have to take time away from work. There’s also potential travel expenses to be aware of if your family is in another state.
These costs, when budgeted for, are okay. Maintaining relationships with family is far more valuable what you’ll pay to see them.
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