Back in August, I spent $160 on a hotel that was significantly cheaper than the ones surrounding it. I was hoping that I found a deal. Of course, it backfired on me.
In that post, I mentioned the reasons for why we left the hotel just minutes after we checked in (including there being blood splatters in the hotel room) yet they still would not give us a refund. We have since disputed the charge on our credit card, but I’m still not sure how it’s going to turn out.
Many people each and every single day make the mistake of trying to save money, yet end up wasting money in the end.
I’m guilty of doing this. Many times I go the cheap route because I hope it will work out in my favor in the end. Well, I have been wrong on many occasions!
Below are six ways being cheap can cost you money:
1. Buying cheap clothing.
This is a bad habit I just cannot seem to kick. I am guilty of shopping at stores like Forever 21 and buying extremely cheap clothing that won’t last past one year.
Instead, I need to focus on buying clothing that will last longer. It will save me money in that I won’t have to buy the same clothing items over and over again, and I can also save time because I won’t have to go shopping as often.
2. Skipping insurance.
Whether we’re talking about health insurance, life insurance, car insurance, home insurance, or something else, usually it’s a good idea to get insurance. Unless you can self-insure yourself (which most people cannot), then buying insurance can save you money and a lot of stress in the long run.
If something large comes up, then it can ruin your finances and bury you in debt if you do not have the correct form of insurance.
3. Shopping on “deal” websites.
I used to hop on Groupon every single morning. Yep, EVERY single morning.
It was a horrible habit.
I always wanted to see if I could find any deals, and I would hop on any good deal that I could fine. Sad to say, this was a huge waste of money. I ended up buying Groupons just to buy them because of the amount of money I was “saving.” Instead, I was wasting money on things I didn’t even need.
4. Driving a far distance to save pennies on gas.
There are many gas apps and websites out there right now. With how expensive gas costs, that makes sense. However, for the most part, gas usually does not vary by much from gas station to gas station. Yes, it can make sense if you are going to be near the gas station with the best value, however…
I personally know someone who will drive miles and miles to save a few pennies on each gallon on gas, and in the end if this person would actually calculate their savings, they would probably realize that they are wasting time and money by driving to the farther gas stations.
5. Thinking DIY will always save you money.
DIY will not always save you money. This is something many people do not realize. If you do not have the patience or skills to do a DIY project, you may find that you are wasting both time and money.
Related article: DIY Wedding Ideas – Worth It Or A Waste Of Money?
6. Neglecting routine maintenance.
Whether it be for your house, your car, or your health, there might be something that you may be forgetting or neglecting to do. These could include:
- Fixing a clogged drain before it gets out of hand.
- Repairing a leaky pipe.
- Replacing tires on your car.
- Getting oil changes when they need to be done.
- Going to the dentist every six months.
- And much, much more.
With your maintenance, you always want to make sure you do it and that you do not do it cheaply. Yes, you can do things “frugally,” just make sure they are done high quality. You do not want to skip maintenance and have to pay more money later because a major problem could have been prevented, or do a shoddy maintenance job and find out the whole thing needs to be completely redone.
An example would be skipping going to the dentist for years so that you can “save” money. Then, after you finally go, you find out you could have saved money and some of your teeth by visiting the dentist regularly for cleanings.
How has being cheap cost you money?
What was your last money mistake?
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Does anyone have a particular brand or two they think of has being “high value” clothing? I’m guilty of shopping for cheap clothing. On the flip side, I don’t know which companies are worth the extra money.
Thanks!
This is where I often get stuck as well. I really love Jcrew, and I always try to shop there with coupons and whenever they have sales.
These articles may help you as well:
– http://www.stylefox.co/budget-friendly-fashion-8-high-quality-affordable-brands-youll-love/
– http://www.city-data.com/forum/fashion-beauty/1679993-where-buy-womens-clothing-good-quality.html
Awesome – thank you so much!!
Welcome Amanda 🙂
I tend to buy cheap clothes and sometimes they don’t last long. Though some of my more expensive clothes don’t last all that long either. I have to find quality clothes but not sure what brand that would be. I’ve had a problem with Groupon too…the main one being that I sometimes don’t use it and it expires which sucks.
I think a lot of it has to do with properly caring for an item as well. That’s something I fail at too!
Expensive shoes are something I usually don’t do. I often get crazy about every little scuff or rain drop. I need to learn how to take better care of my shoes so that the little things do not drive me nuts.
#5 make me think of the DIY pinterest fails. Sometimes you are just better off spending a little extra money. Routine maintenance certainly should not be overlooked on homes and cars as it will only cost you more in the long run and kill the resale value if not addressed.
Yes, Pinterest fails are a big example of why DIY may not save you money!
Yup – I’m guilty of buying cheap clothes. We don’t have a lot of options here, so I’m a bit stuck, but at the same time, I don’t need to buy clothes from WalMart – but I do! (And they start falling apart after wearing them once…)
There’s been a few times where I bought generic brand groceries and just ended up throwing them out because they were so bad. Not a huge waste of money, but still a waste!
Seems like a lot of us have a problem with cheap clothing! Thanks for stopping by Amanda 🙂
I’ve done it too!! Buying off brand to save but finding out it’s not as good as the brand name. I’m willing to try off brand once and then after that if I find that it’s not as good it’s worth it to spend money on the more expensive one. I just tried out Gain dishwashing liquid because it’s cheaper then Dawn. Never again! I am going back to Dawn. The bubbles with gain are flat! I have also bought cheap clothes only to have them fade or distort in the wash.
We’ve bought cheaper dishwashing soap before and it almost never works out. In fact, we have a whole container left over from the last time we made that mistake.
I think skipping routine maintenance can really come back to haunt you. I don’t even think it’s always simply from being cheap, but from running out of time to do all the maintenance you should. This is a big issue for homeowners in particular because there is such a long list of things you “should” do each year or season.
Yes, I’m guilty of this as well. We have maintenance we need to do to our home. It’s a long list though and it’s stressful just looking at it!
I can relate to the first and last ones. However, I’ve found that my clothes last a pretty long while! I’ve had some for 3-4 years now, so I’m not completely sold on spending a lot (I’d rather just support clothes that are made here). I did neglect to go to the doctor and dentist for a while. It’s easy to do when you feel “just fine,” but there’s a lot of things going on that don’t exhibit symptoms. It’s better to be safe than sorry.
Yes, it’s always best to be safe than sorry. Even if you think everything is fine, there might be something that only doctors can see.
Wow, some really great tips that I haven’t even thought of. Keep up the great work on this blog, I LOVE IT!
Thanks Kaitlyn!
Interesting ideas… I have always thought frugalness is a virtue.
Thanks Michelle!
I’ve never understood #4! I mean, if there’s a cheaper gas station on your way to work or the store, fine. But to go out of your way for it? Makes no sense.
I’m much better about the clothes. I don’t buy super fancy things by any means, but ya know… Ann Taylor over Forever 21. During my first declutter of my closet, I realized all the cheap Forever 21 clothes were in the giveaway pile!
Yeah, I’ll never get it either. Maybe I’m too inpatient but driving out of my way sounds like too much work and too much in gas!
I think there’s a big difference between cheap clothing and inexpensive clothing. You shouldn’t really buy the worst quality clothing, but that doesn’t mean that you should pay a lot for decent quality. Also, there’s a lot of expensive stuff that it’s crappy quality. Kate bought a $70 shirt because she wanted to look nice for an interview and the shirt only lasted like 2 months.
Yes, there is a difference. I should probably do a post about this eventually. Maybe one day when I am better at it 🙂
I definitely have been guilty of b using cheaper clothes and handbags – actively trying to get better at that though 🙂 I do sometimes get frustrated at how expensive office/work clothing can be, but I spend most of my day in it so it has to be good quality 🙂
Luckily I don’t really need office/work clothing. I do need more yoga clothes though! 🙂
Deal sites are so addictive, especially for someone who thrives on a good deal (guilty, gah). I was such a sucker for the restaurant promos but buying the Groupons made me dine out more than I usually would!
Yeah, I had the same problem. I was spending more money than what I usually would!
I have been guilty of a few of those. Neglecting routine maintenance has messed me up a few times. I’ve had serious car issues because I didn’t take the time to get things checked. You live and you learn.
Yes, you learn! 🙂